Brim Mastercard once stood tall as a favored choice for Canadians, especially those seeking to make purchases in foreign currencies. Its appeal lay in the competitive cash back offers and the absence of foreign transaction fees. But recent changes have left many cardholders questioning its value.
The Big Changes: What Went Wrong?
The Brim Mastercard, along with the World Elite version, underwent significant changes that transformed its standing in the market. Previously, the cards offered a 1% cash back on all purchases for the regular version and 2% for the World Elite, with a notable benefit of no foreign transaction fees.
However, the recent updates have drastically altered these benefits. The regular Brim Mastercard now offers only a 0.5% cash back, and a 1.5% foreign transaction fee has been introduced. This means instead of gaining 1% on foreign purchases, users are now losing 1%, marking a 2% net decrease.
World Elite’s Decline
The World Elite Mastercard, once a strong contender due to its 2% cash back and no foreign transaction fees, has also seen a downgrade. The cash back has been halved to 1%, and the same 1.5% foreign transaction fee applies, leading to a 2.5% nerf on foreign transactions.
These changes have rendered both cards less attractive, especially for those whose primary use was foreign purchases.
Comparing the Competition
With these updates, the Brim Mastercard’s value proposition has been significantly undermined. Comparable cards, like the Home Trust Preferred Visa, offer 1% cash back with no foreign transaction fees, making them more appealing. Moreover, the Home Trust card doesn’t incur losses on foreign transactions, unlike the updated Brim versions.
For those seeking premium options, Scotiabank Passport Visa Infinite and Scotiabank Gold American Express present viable alternatives, although acceptance of American Express can be limited in certain regions like Asia.
Reassessing the Rankings
Previously, the Brim Mastercard held a respectable B ranking in the realm of popular Canadian credit cards. However, with the recent downgrades, the World Elite version now warrants an F, while the regular Brim Mastercard, being free, could be considered a D.
These changes are seen as some of the most significant nerfs by a bank in the credit card sector, effectively dismantling the primary advantage of foreign purchase benefits.
The Emotional Farewell
For many, the decision to cut up their Brim Mastercard was not an easy one. The memories tied to the card, from international travel to everyday use, made the act of physically cutting the card a poignant moment.
Yet, with the diminished benefits, continuing to use the card no longer made financial sense for those who relied on its previous perks.
Exploring Alternatives
For those still in need of a card for foreign transactions, several alternatives exist:
- Home Trust Preferred Visa: Offers 1% cash back and no foreign transaction fees.
- Rogers Mastercard: Provides up to 3% cash back on U.S. purchases, beneficial for those with Rogers services.
- Wealthsimple Cash Card: Offers 1% cash back on purchases with no foreign transaction fees, although it’s not a credit card.
These options provide similar or better benefits without the drawbacks introduced by the recent Brim Mastercard changes.
Conclusion: A Lesson in Financial Adaptation
The Brim Mastercard’s recent changes serve as a reminder of the fluid nature of financial products. While the card once offered significant advantages, the landscape has shifted, prompting users to reassess their options.
For those affected, exploring alternative cards that align with their financial goals and spending habits is crucial. As always, staying informed and adaptable in the face of changes ensures the best financial outcomes.
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