Many Canadians rely on credit cards for their travels and everyday shopping. Recently, Brim announced big updates to their popular Mastercard offerings. If you hold a Brim Mastercard or Brim World Elite Mastercard, it’s crucial to understand these changes so you can plan ahead.

Key Dates and Updates

Starting May 18, Brim will introduce a foreign currency transaction fee. This impacts anyone using their cards abroad or making international purchases. Previously, Brim’s Mastercard told us we paid no extra for foreign exchanges. Now, a 1.5% fee will apply on each transaction outside Canada. This shift could add up quickly for frequent travelers or online shoppers from overseas.

Original benefits of Brim Mastercard

Brim gained popularity because it charged no foreign transaction fees. Many Canadians picked it for cheaper international spending. For travelers, this simplified paying in foreign currencies without extra costs. It made budgeting easier and saved money compared to other cards with hidden or added fees.

New foreign currency fees

With the new 1.5% fee, every overseas purchase now costs more. For example, a $100 transaction will cost an extra $1.50. Over time, this can become quite costly, especially if you shop often online or travel frequently. The old deal of no foreign transaction fee is gone, meaning higher costs for international expenses.

How will cardholders react?

Many customers will likely cancel or switch cards. Paying an extra 1.5% isn’t attractive when competitors offer lower or no fees. Brim might lose customers who want affordable travel options. This change reflects a broader trend where credit card companies add fees to stay competitive.

The Evolution of Brim World Elite Mastercard

Past benefits and costs

Originally, the Brim World Elite had a $150 annual fee, which later increased to $199. Despite the high fee, benefits were scarce. No lounge access, no travel credits, just a card with premium branding but few perks. Many users found it wasn’t worth the price.

What’s changing now?

Starting soon, the annual fee drops to $89. A big cut, but the foreign transaction fee jumps to 1.5%. So, while you pay less upfront, international spending still costs more. The reason? Brim is likely trying to attract more users with lower fees, but the added foreign transaction fee may limit the benefits.

Is it still worth keeping?

If you primarily use the card for insurance benefits or travel perks, it might still hold value. But if you don’t take advantage of those, paying $89 for a card with minimal benefits and added costs could be a bad deal. Many will see better options elsewhere.

Final Thoughts

Brim is making big moves, but not always in a good way for consumers. The removal of zero foreign transaction fees and lowering of annual fees make their cards less attractive for international users. If you’re looking to save money on overseas spending, consider alternatives like the Scotia Passport Visa Infinite or Amazon Mastercard.

Review your current cards and see if you can switch to a better deal that suits your travel and shopping habits. The goal is to stay informed, avoid extra fees, and get the most value out of your credit cards.