BRIM financial

[isabellea]

A few months ago DH registered for the BRIM financial MasterCard (no forex fees) to replace our Amazon Visa card and he just received an e-mail saying he was accepted and that we should receive our cards within a week.

 

[cdnSpinalTap]

We just received the email as well. I'm interested to see how this card plays out now that MBNA has devalued their card - I'm on the hunt for a new daily use card. I'm also interested to see what F/X rate Brim sets.

I was surprised at the lower credit limit they gave me. Much lower than any other credit card I have.

 

[isabellea]

They gave DH an okay limit. High enough for our needs while on vacation!

 

[von Monster]

I'm not seeing the point vs the Scotia Passport Infinite or the HSBC WE Mastercard. Higher Annual fee, unknown FX exchange rate (they set their own vs using the processors), and various other shenanigans well documented on RFD.

 

[FigmentSpark]

I heard that while BRIM doesn't charge a FOREX fee, they also don't use the MasterCard rate to convert currencies. ie: they build a fee into their rate.

Check out this article:

https://www.moneywehave.com/what-the-f-is-going-on-with-brim-financial/

About halfway down, it says this:

What happened to no foreign exchange fees?
In late June, Brim sent an email to all applicants stating that they’ve updated their terms and disclosure documents. One sharp-eyed user on Redflagdeals.com pointed out something very suspicious.

“For foreign currency transactions, the rate will be the exchange rate posted by Brim on its Website on each business day and applied at the time of the posting of the Transaction (Mastercard exchange rates will be used for currencies for which the exchange rates are not posted by Brim on its Website)”

In plain English, that means that they will NOT use Mastercard’s exchange rate. By posting their own exchange rate, they can effectively hide any fees. If this is truly a no-fee card, why is there any need at all to use anything besides Mastercard’s exchange rate?​

If you want to check your exchange rate to the MasterCard rate, use this site for the MasterCard rate and compare:

https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html

I hope I'm wrong, because that sounds pretty sneaky.

 

[cdnSpinalTap]

Yeah, agreed - that's why I mentioned I was interested in the F/X rate they were going to set. I applied for it when it was being advertised as no F/X fee. I got the $0 card, so I thought I would just let it come and see what happens. I use the Rogers W/E MasterCard now for all my US transactions and couldn't be happier with the 1.5% net back on F/X transactions. I know others like the insurance benefits with other cards (Scotia, etc), but since my insurance is covered elsewhere, it's all about cash back for me.

 

[cdnSpinalTap]

I received my card in the mail today and activated it. I called Brim and asked what F/X rate I would pay if I processed a foreign transaction and they said I would be charged the MasterCard rate with no F/X fee. However, he did indicate that could change in the future and that rates would be posted on their website. So as of today, it is a no F/X fee card, but we will have to see what the future holds.

 

[isabellea]

Maybe we should keep a tally on this thread of what they post on their website and what is MasterCard rate whenever someone checks?!?

 

[Tksolomom]

Maybe we should keep a tally on this thread of what they post on their website and what is MasterCard rate whenever someone checks?!?

I have been using it to purchase tickets (After Hours and MVMCP). The rates have been the same as MC. I don’t like that you don’t see the exchange rate in the transaction but only the Canadian price. I knew the US price though and did the conversion and it was the same for my 4 purchases.

 

[isabellea]

I have been using it to purchase tickets (After Hours and MVMCP). The rates have been the same as MC. I don’t like that you don’t see the exchange rate in the transaction but only the Canadian price. I knew the US price though and did the conversion and it was the same for my 4 purchases.

Thanks for the update. We received our cards and need to activating them. Hopefully they keep using the MasterCard posted rate without a forex fee.