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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 and 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 Credit

How do you differentiate between Neo Credit 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 credit card

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 Credit

With the no-fee Neo Financial credit card, you can earn cashback rewards with every purchase you make and redeem them with retailers you frequently shop with. Hundreds 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. 

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 Credit, as most other rewards cards typically come with an annual fee of at least $99 or more.

$25 Welcome Bonus

Neo is offering new customers a $25 welcome bonus, sign up by clicking the button below and receive your $25.

When you use the Neo Financial card responsibly, you can establish and build good credit, which can prove useful when you apply for financial products in the future. You’ll be sent reminders before payments are due so you never miss a payment. That way, you’ll be on your way to a better credit score and more access to financial products as a result. Neo accepts a broad range of credit scores, which sets the company apart from most other credit card issuers.  

Neo Credit

Neo Credit 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 it at any time.

Everyday Essential Perks 

Valued at over $170 a year, Everyday Essentials perks can be added to your Neo Credit card for a low fee of $8.99 a month. With it, users can earn 1.5x more cash back when they shop at participating grocery stores and gas stations.

  • 1.5x more cashback at grocery and wholesale stores like Costco and Walmart
  • 1.5x more cashback at specialty food and liquor store partners
  • 1.5x more cashback at gas station partners
  • Access to exclusive offers from grocery stores and gas stations 
  • Have your card balance covered with life insurance protection

Travel Perks 

Neo Travel perks cost $4.99 a month and have a value of over $360 a year. Users who travel regularly will benefit from the added perks.

  • 1.5x cashback boost at all airline, hotel, and car rental travel partners
  • 2% cashback on all foreign transactions
  • Comprehensive travel insurance
  • Priority Pass airport lounge access 

Premium Access Perks 

Premium Access perks is a great option for all Neo Credit holders, as the price tag is so affordable at $0.99 a month with a value of over $100 a year.

  • Up to 20% cashback on first-time purchases
  • Exclusive monthly cashback bonus offers
  • Priority phone line with customer support
  • Purchase protection with extended warranty

Neo Credit Benefits

  • No annual fees
  • No over-limit fees
  • No inactive fees
  • Earn an average 5%+1 cashback at thousands of partners
  • Earn up to 15%1 cashback on your first purchase 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)
  • Discounts, such as the following:
neo secured card banner
RestaurantsUp to 15%
E-commerceUp to 15%
CafesUp to 20%
ShoppingUp to 15%
GroceryUp to 10%
EntertainmentUp to 15%
GasUp to 5%
FitnessUp to 20%

Brim Financial

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 MastercardBrim World MastercardBrim World Elite MastercardNeo Financial
Annual Fee$0$99$199$0
APRVaries depending on the cardholder
Points Earn Rate1 point per $1 spent1.5 points per $1 spent2 points per $1 spentUp to 5% cash back
Welcome OfferUp to $200Up to $300Up to $500None specified
Foreign Transaction Fees0%0%0%0%
Purchase Security InsuranceYesYesYesNone specified
Travel InsuranceYes (travel accident only)YesYesNone specified
Car rental collision InsuranceNoYesYesNone specified
Mobile Device InsuranceYesYesYesNone specified

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.

Card issued by ATB Financial pursuant to license by Mastercard International Inc.

1Average based on current offers at select partners. Cashback varies per plan, offer and partner.

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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