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 mission is to help Canadians access financial tools that simplify saving and spending while collecting rewards on expenditures made.
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 Financial also powers the Hudson’s Bay credit card and Tim Hortons credit card in Canada.
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:
- Up to 4% on gas and groceries.
- Up to 1% on everything else.
- Up to 15% with 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.
Welcome Offer
Neo is offering new customers the opportunity to try Premium free for 1 month. Apply for a Neo Mastercard®, upgrade to Premium, and get your first month free.
Neo Premium Upgrade
If you’re looking for higher cash back, you can upgrade your card plan to Neo Premium for $9.99. When you do, you’ll earn 3% cashback on all gas and groceries and a 0.5% minimum monthly cashback on all purchases. Moreover, you’ll earn 1% more in all other categories from the base plan.
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
- Earn up to 4% cash back on gas and groceries
- Earn up to 1% on everything else
- Earn up to 15% cash back with Neo partners
- 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 three 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, cash back, 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 dollar spent on all purchases, plus the opportunity to earn additional bonuses from 3% to 30% based on the merchant they shop with. There are also no foreign transaction fees to pay.
You can redeem as little as 100 points (or $1 worth of rewards), so there’s no need to wait to accumulate a stack of points before you can enjoy the fruits of your spending.
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. You will, however, have to pay a one-time charge of 7% on the purchase price, plus an additional 0.475% of the purchase price each month until the loan amount is fully repaid.
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. You will need a minimum income of $15,000 to qualify for the Brim Mastercard.
Brim World Mastercard
This credit card is a step up from the basic Brim Mastercard and offers higher rewards. You will earn 1.5 points for each dollar you spend on the first $25,000 in yearly expenditures, then 1 point for each dollar you spend after that.
Though there’s a $99 annual fee you’ll need to pay in exchange for these additional earning opportunities, there are other perks that you can enjoy as well, such as a complimentary LoungeKey membership, free Boingo Wi-Fi access, and more in-depth insurance offerings, including everything that comes with the basic Mastercard, as well as:
- Emergency medical term coverage
- In-flight and baggage delay coverage
- Hotel burglary coverage
- Rental car theft, damage, and accident coverage
Like the Brim Mastercard, no foreign exchange fees are charged. A minimum $60,000 income is required to be eligible for the Brim World Mastercard, or $100,000 for a household.
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 World Mastercard, plus other perks.
You’ll not only get free Boingo Wi-Fi access, 0% foreign exchange fees, and complimentary LoungeKey membership as you would with the lower-level card, but you can also earn 2% in rewards for each dollar spent on any purchase on the initial $25,000 you spend the first year. Following that, you will earn 1 point for every dollar spent.
The insurance package is even more comprehensive than the Brim World Mastercard and includes additional features, including emergency medical over 65 and trip interruption coverage.
There’s a $199 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
- 0% foreign transaction fees
- Free Boingo Wi-Fi
- Complimentary LoungeKey membership
- Installment payment options
- Mobile payments
- Redemption flexibility
- Up to 30% in points + merchant offers
- Comprehensive insurance offerings
- Tracking tools
Brim Financial vs. Neo Financial Overview
| Brim Mastercard | Brim World Mastercard | Brim World Elite Mastercard | Neo Mastercard® | |
| Annual Fee | $0 | $99 | $199 | $0 |
| APR | – | – | – | 19.99% – 29.99% 19.99% – 24.99% (QC residents) |
| Points Earn Rate | 1 point per $1 spent | 1.5 points per $1 spent | 2 points per $1 spent | – Up to 4% on gas and groceries. – Up to 1% on everything else. – Up to 15% with Neo partners. |
| Welcome Offer | Up to $200 | Up to $300 | Up to $500 | – Get Neo Premium for free for 1 month. |
| Foreign Transaction Fees | 0% | 0% | 0% | 0% |
| Purchase Security Insurance | Yes | Yes | Yes | None specified |
| Travel Insurance | Yes (travel accident only) | Yes | Yes | Yes (optional travel perk for $7.99 a month) |
| Car rental collision Insurance | No | Yes | Yes | Yes (optional travel perk for $7.99 a month) |
| Mobile Device Insurance | Yes | Yes | Yes | Yes (optional mobile and personal protection perk for $9.99 / 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 Credit 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.
1Average based on current offers at select partners. Cashback varies per plan, offer and partner.
