Brim Financial is offering its own spin on Mastercards, both with unique features and perks that you’d be hard-pressed to find elsewhere in the world of credit cards.
Brim’s credit cards are flexible, they reward you with points, and they offer a slew of insurance products so you can avoid having to take out separate policies in many cases.
Let’s take a closer look into what Brim Financial has to offer in terms of its Mastercards.
Key Points
- Brim Financial offers two credit cards: the Brim Mastercard and the Brim World Elite Mastercard.
- Both cards come with cash back rewards, robust security features, installment payment features, and some level of insurance coverage plans.
- The basic Brim Mastercard comes with no annual fee, while the World Elite Mastercard comes with an $80 annual fee.
Brim Mastercard vs. Brim World Elite Mastercard: Snapshot
| Brim Mastercard | Brim World Elite Mastercard | |
| Annual Fee | $0 | $89 |
| Points Earn Rate | 1 point per $2 spent | 1 point per $1 spent |
| Foreign Transaction Fees | 1.5% | 1.5% |
| Extra Perks | Extended warrantyMobile device insuranceInstallment PayLimited carrier insurance | Extended warrantyMobile device insuranceInstallment PayComprehensive travel insurance |
Brim Mastercard
The Brim Mastercard is the credit card issuer’s no-fee card offering that allows users to earn unlimited rewards with purchases. It offers innovative security features, including instant card locking and real-time transaction alerts. Plus, you’ll benefit from free global Wi-Fi, flexible installment payments, and various types of insurance coverage.
Brim Mastercard Features
The Brim Mastercard comes with the following:
- Installment Pay: Break up your big purchases over $500 and spread out your installment payments over 12 to 24 months (a $4.75 processing fee per $1,000 will apply).
- No annual fee: Enjoy the benefits of the Brim Mastercard without paying yearly fees.
- Rewards Program: Earn 1 point per $2 spent on all purchases, with higher rewards earning potential up to 30% back at select retailers.
- Free Global Wi-Fi: Access over 1 million Boingo Wi-Fi hotspots across the globe for free.
- Insurance Benefits: Get coverage for your mobile device, event tickets, and common carrier accident insurance.
- Budgeting tool: Get access to an interactive budgeting tool to help you keep tabs on your spending.
- Security features: Quickly lock your card and block transactions if your card has been lost, stolen, or compromised.
Brim World Elite Mastercard
The Brim World Elite Mastercard is the company’s premium credit card offering, and comes with an annual fee of $89. In addition to the features that come with the World Mastercard – such as free Boingo Wi-Fi, Installment Pay, and security features – you’ll have the benefit of a higher earning rate and more comprehensive insurance package, among others.
Brim World Elite Mastercard Features
The Brim World Elite Mastercard comes with all the features of the no-fee card, but with the additional perks like the following:
- Rewards Program: Earn 1 point per $1 spent on all purchases, with no category restrictions.
- Travel Insurance: Get comprehensive coverage when you travel, including:
- Out-of-province emergency travel medical insurance
- Flight delay insurance
- Baggage delay/loss/theft coverage
- Hotel burglary insurance
- Trip cancellation/interruption insurance
- Car rental collision coverage
The Brim World Elite Mastercard requires a minimum annual income requirement of $80,000 (or $150,000 for a household).
Learn more: Best Credit Cards With Travel Insurance
The Brim Reward System
How exactly does Brim’s reward system work? This is something you’ll want to fully understand, as rewards are often the biggest feature of credit cards.
Brim Rewards Value
With the Brim system, each point collected is worth 1 cent. You can then use your accumulated points to be redeemed toward the cost of the transaction you make on your credit card.
| Points value: 1 point = $0.01 |
Brim Points Redemption
There’s also no need to wait until you’ve saved up thousands of points before being able to use them. Instead, you can redeem as little as $1 worth of points (or 100 points).
| Redemption threshold: 100 points (worth $1) |
To redeem your points, simply access your Brim App, choose any transaction, and decide how many points you’d like to redeem.
Brim Open Rewards
In addition to the base points you can earn, you’ll also have access to the Brim Open Rewards program. This serves as Brim’s loyalty platform that allows you to earn extra points on purchases made. When you shop with specific retailers, you can earn points faster.
There is no limit on how many cash back points you can earn with Open Rewards, plus you can take advantage of redemption multipliers with certain merchants. For instance, 1 point can increase to 3 cents in value at some retailers, compared to the typical 1 point per 1 cent rate.
New Account Points Bonus
As a new member, you’ll have a chance to earn at least $500 in first-time bonus points when you use the card at select merchants.
Brim Benefits
Not only does each Brim Mastercard offer the chance to earn rewards with every dollar you spend, but there are a handful of other financial perks that you can benefit from:
Low Foreign Exchange Fees
The Brim Mastercards come with a foreign exchange rate of 1.5%. This can translate into plenty of savings when you compare the average 2.5% foreign transaction fee that most other credit cards charge.
Free Boingo Wi-Fi
If you find yourself out and about quite often but still need to stay plugged-in for work, then having free Wi-Fi at your disposal can prove to be very convenient. There are currently over 1 million Boingo hotspots across the globe, so they’re relatively easy to come across no matter where you happen to be. That means you can even access Wi-Fi while on a plane, train, taxi, or hotel.
Installment Plan
You can spread the cost of big expenditures with Brim’s installment plans over $500. Once the purchase has been charged to your credit card, you can choose the purchase you want to set up an installment payment plan for, as well as the duration to make your payments within, such as 12, 16, 20 or 24 months.
This service comes with a processing fee of 0.475% of the original amount.
Insurance Coverage
No matter which Brim Mastercard you use, you’ll have access to various forms of insurance coverage so you don’t have to purchase separate policies. Both provide coverage for mobile devices, event tickets, and common carrier accident insurance. But the Brim World Elite Mastercard comes with more comprehensive insurance, including travel insurance, rental car coverage, and medical insurance abroad.
Mobile Wallets
Rather than carrying your credit card around with you, you can simply pay using your mobile device via a mobile wallet feature tied to your Brim account, such as Google Pay, Apple Pay, FitBit Pay, Samsung Pay, and Garmin Pay.
Budgeting App
To help you stay within a spending limit and budget appropriately, you can use Brim’s free budgeting app to help you track your spending, set budgets, and track the types of stores you’re making purchases in.
How Do You Apply for a Brim Financial Credit Card?
To apply for any one of Brim’s Mastercards, follow these steps:
Step 1: Complete The Online Application
Click “Get Brim” on the Brim Financial website to access the online application. Complete the application, which should only take a minute or two to complete. You’ll need to provide certain pieces of personal information, including:
- Your full name
- Email address
- Phone number
Step 2: Choose Your Card
Choose between the Brim Mastercard or Brim World Elite Mastercard, ensuring that you select the one that you’re eligible for and best fits your needs.
Once you’ve reviewed the application for accuracy, submit it and wait for approval.
Step 3: Wait For Approval
Brim will review your application after you submit it. If you meet the criteria for approval, you should receive notification of approval shortly after, though approval times may vary.
Step 4: Receive The Card
Once approved, you’ll receive your physical card in the mail (arrival times will vary). Otherwise, you can start using your virtual card immediately.
Things You Should Know Before Applying
There are many great features that all three Brim Mastercard offer, but there may be some potential drawbacks of these credit cards that you should know about before you apply:
- Minimum Income Requirement: If you’re thinking of applying for the Brim World Elite Mastercard, you’ll need to meet the $80,000 minimum income requirement (or $150,000 household income). If your income falls under this threshold, you may consider the no-fee Brim Mastercard instead.
- Non-Bank Credit Card Issuer: Brim Financial is a non-bank credit card issuer, so it’s not affiliated with a bank. That means you won’t be able to link any current bank accounts you may have to your Brim Financial account.
- Annual Fee: The $89 annual fee for the Brim World Elite Mastercard may be a lot for some Canadians. If you don’t make full use of the benefits to offset these costs, this added cost may not be worth it.
Final Thoughts
There are plenty of perks associated with Brim Financial’s Mastercards, like the easily-accumulated points system to the vast insurance offerings. If you can’t afford the annual fees, the basic Brim Mastercard is still a sound option, offering decent points with purchases and various types of insurance coverage.
