Credit cards offer a lot more than just an easy and convenient way to make purchases without having to carry cash around with you.
They also allow you to earn points on every dollar you spend and reward you with cashback and perks as a result. Credit cards also offer other benefits, such as travel insurance, complimentary access to VIP airport lounges and free Wi-Fi in many cases.
Today, you have your pick of the litter when it comes to credit cards. And the newest offerings come from Neo Financial and Brim Financial.
Let’s take a closer look at each credit card issuer to help you make a more informed decision about what type of credit card to take out.
Brim Financial Credit Card vs. Neo Mastercard
How do you differentiate between Neo Mastercard® and the Brim Financial Credit Card? Both are very new and offer a unique spin on credit cards, but how are they different?
Neo Financial
Neo Financial’s aim is to make rewards credit cards more accessible to those who may not have the robust income needed for some of the more comprehensive rewards credit cards. The credit card issuer also makes it easy for consumers to collect points when they shop at their favourite merchants, making collecting points even simpler.
Neo Mastercard
With the no-annual-fee Neo Mastercard, you can earn cash back rewards with every purchase you make and redeem them with retailers you frequently shop with. Thousands of partnered merchants are affiliated with Neo Financial, so there’s a ton to choose from in terms of where and how to redeem your accumulated points. Currently, you can earn:
- Earn up to 4% on gas and groceries¹
- Earn up to 1% on everything else¹
- Extra cash back Neo partners
But what’s even better about this card is that there are no annual fees to pay. This is a unique benefit offered by Neo Mastercard, as most other rewards cards typically come with an annual fee of at least $99 or more.
Neo Premium Upgrade
If you’re looking for higher cash back, you can upgrade your card plan to Neo Premium for $9.99.
Neo Perks
Neo Mastercard holders can customize their cards by adding perks. Neo perks are stackable and reward you for spending by boosting cashback offers for different categories. Neo perks are flexible and come with no commitment. You can easily add a perk to your card via the Neo app and cancel at any time.
Available Perks
- Travel perks: $7.99 a month (not available in QC).
- Mind & Body perks: $9.99 a month.
- Food & Drink perks: $1.99 a month.
- Mobile & Personal Protection perks: $9.99 a month.
Neo Mastercard Benefits
- No annual fees
- No over-limit fees
- No inactive fees
- Quick and easy application process
- Less stringent qualification requirements
- Opportunity to grow your credit
- Money-saving and budgeting tools, such as spending insights and alerts
- Only take 3 minutes to apply (if approved, use your card immediately via Apple Play or Google Pay)
Brim Financial
Brim Financial offers two unique Mastercards that come with a wide variety of perks and benefits which help them stand out from most other credit cards on the market.
Brim invites consumers into an exclusive world where you can take advantage of rewards and travel benefits all from one credit card.
Brim Mastercard
Brim Financial offers a new spin on Mastercards that offer flexibility, rewards with every purchase you make, and a long list of insurance products that are so comprehensive that you won’t need to take out other policies in many circumstances.
The basic-level Mastercard from Brim Financial allows cardholders to earn unlimited rewards without having to pay any annual fees. Users will earn 1 point for every $2 dollars spent on all purchases.
You can take advantage of Brim’s Installment Pay option when you spend at least $500 on a purchase. You’ll have a choice of how long you’d like to have to repay the loan, up to 24 months.
The Brim Mastercard also offers 5 types of insurance, including an extended warranty, purchase protection, mobile device insurance, event ticket cancellation, and travel accident coverage.
Brim World Elite Mastercard
Brim’s premium credit card offering is the Brim World Elite Mastercard which comes with all the bells and whistles of the Brim Mastercard, plus other perks.
With this card, you’ll earn 1 point for each dollar spent. The insurance package is more comprehensive than the Brim Mastercard and includes additional features, including emergency medical, trip delay coverage, rental car insurance and trip cancellation insurance.
There’s a $89 annual fee that comes with the Brim World Elite Mastercard, and you’ll need a minimum income of $80,000 to be eligible for this card, or $150,000 for a household.
Brim Financial Credit Card Benefits
- No annual fees on basic Brim Mastercard
- Free Boingo Wi-Fi
- Installment payment options
- Mobile payments
- Redemption flexibility
- Comprehensive insurance offerings
- Tracking tools
Brim Financial vs. Neo Financial Overview
| Brim Mastercard | Brim World Elite Mastercard | Neo Mastercard® | |
| Annual Fee | $0 | $89 | $0 |
| APR | 19.99% – 24.99% | 19.99% – 24.99% | 19.99% – 29.99% 19.99% – 24.99% (QC residents) |
| Points Earn Rate | 1 point per $2 spent | 1 points per $2 spent | – Up to 4% on gas and groceries¹ – Up to 1% on everything else¹ |
| Welcome Offer | Up to $200 | Up to $500 | N/A |
| Foreign Transaction Fees | 1.5% | 1.5% | 0% |
| Purchase Security Insurance | Yes | Yes | None specified |
| Travel Insurance | Yes (travel accident only) | Yes | Yes (optional travel perk for $7.99 a month) |
| Car rental collision Insurance | No | Yes | Yes (optional travel perk for $7.99 a month) |
| Mobile Device Insurance | Yes | Yes | Yes (optional mobile and personal protection perk for $9.99 a month) |
Should You Get Neo Or Brim?
The choice between Neo Financial and Brim Financial credit cards is a tough one to make considering all the perks that come with each. That said, if you’re looking for a card that offers a comprehensive insurance plan – including mobile and travel insurance – then the Brim Mastercard is a keeper.
Plus, you can earn points with every purchase you make, benefit from more insurance offerings with the more premium Mastercards, and can take advantage of the installment payment plan on larger purchases.
On the other hand, if your credit score is lower than you would like it to be and you’re looking for an affordable credit card that can help you improve your credit score while earning points with purchases, then Neo Mastercard may be worth considering.
Final Thoughts
Depending on where you’re at in your financial life, both the Brim and Neo credit cards offer unique perks for you to take advantage of. Be sure to carefully consider your financial health, credit score, income, and how you plan to use your credit card prior to deciding which route to take between Neo and Brim Financial.
Neo Credit and Neo Secured Credit cards are issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
¹Minimum balance in a Neo Everyday account required to earn the highest rate. Cashback earn subject to monthly maximum spend limits. Cashback may be limited and varies by perks, offer, and partner. There may be monthly limits for boosted cashback offers.
