Brim World Elite Mastercard Review 2024: Earn Points On Your Everyday Spending

• 2 points per dollar spent (up to a $25,000 maximum spend per year).
• $199 annual fee waived for the first year.
• No foreign exchange fees.
• Includes airport lounge access at a discounted rate.
• Travel insurance coverage, including out-of-province emergency medical, trip cancellation/interruption, lost or stolen baggage, flight delay, baggage delay and hotel burglary insurance.
• Includes car rental collision/loss damage insurance.
• Extended warranty and purchase security
• Mobile device insurance and event ticket protector insurance.
• Access to free global Wi-Fi with Boingo.
• Installment payment options for purchases over $500.

The Brim World Elite Mastercard is a competitive rewards credit card that benefits travellers in particular.

Cardholders will earn 2 points for every dollar they spend, which can be redeemed for cash back as soon as they reach 100 points. Plus, this card uses the Brim Open Rewards Program, which means you can earn an accelerated rate of 3 points per dollar with participating partner brands. Points can be earned on all purchases. However, the accelerated spend is only valid to a maximum spend of $25,000 per year. After this, points will be earned at a base value of 1 point per dollar.

The hefty $199 annual fee is a bit of a drawback. However, the fee is waived for the first year of  card membership. The annual fee also factors in a number of perks and benefits that may come in handy for travellers. Extensive travel insurance, lounge access, free internet with Boingo and, most notably, no foreign exchange fees. This makes it a smart choice for frequent fliers who meet the income qualification requirements.

• Cardholders will earn 2 points per dollar up to a maximum annual spend of $25,000 per year, after which the earn rate is 1 point per dollar.
• Brands that are part of the Brim Open Rewards Program will allow you to earn points at an accelerated speed.
• Annual fee of $199 (waived for the first year).
• Comprehensive travel benefits including no foreign exchange fees, lounge access, global Wi-Fi and travel insurance coverage.
• Includes car rental collision/loss damage insurance and mobile device insurance.

Earning rewards

Earning points with the Brim World Elite Mastercard is easy since you don’t need to be mindful of specific categories. You will earn 2 points per every dollar. However, this accelerated rate is only valid for a maximum spend of $25,000 per year, after which the earn rate drops to 1 point per dollar. Cardholders can also shop with the Brim Open Rewards, a loyalty program where shopping with participating brands can earn you up to 3 points per dollar.

Redeeming Rewards

Points are valued at a rate of $0.01 per point and you can cash them out as soon as you reach 100 points (equivalent to a dollar in value). There are no restrictions on what you can redeem your cash back rewards for. Travel, groceries, gas and paying off your statement are all options.

Rewards Potential

To calculate the return on the Brim World Elite Mastercard rewards, Forbes Advisor used data from multiple government agencies to determine baseline income and credit card spending averages across various categories. Based on this information, the average Canadian spends $30,965.70 in annual credit card charges.

This card earns 2 points per dollar on the first $25,000 per year, meaning cardholders can earn $50,000 points at that rate. For the remaining $5965.70 in annual spending, cardholders will earn 1 point per dollar. The rest of the annual spending would fall into other spending categories which earn 1 point per dollar, meaning they can earn 5965.70 in points. This prints the total to 55,965.70 points per year, approximately $559.65 in value. 

When you factor in the $199 annual fee, that becomes a return of $360.765.

• Comprehensive travel insurance coverage, including out-of-province emergency medical, trip cancellation insurance (up to $2,000 per trip to a maximum of $5,000 per trip for all those insured) and trip interruption insurance (up to $5,000 per insured per trip to a maximum of $25,000 per trip for all those insured).
• No foreign exchange fees, which means savings of at least 2.5% when you use your credit card abroad or shop online at a site that originates in a different country. The Brim app offers handy budgeting tools to help track your spending.
• The Brim Open Rewards Program allows you to shop with partnering brands and earn rewards at an accelerated rate.

Interest Rates

• Regular APR Min: 19.99%
• Regular APR Max: 24.99%

Fees

• Cash Advance: 21.50% APR
• Foreign Transaction Fee: 0%
• Annual Fee: $199
• Any Other Fees: Additional cards are $50 each.

Brim World Elite Mastercard vs. Neo Financial Mastercard

With cash back on all purchases and no monthly or annual fees, the Neo Financial Mastercard makes it easy to earn cash back. You can earn an average of 5% cash back at thousands of Neo Financial partners which can be redeemed at any time. However, while the cash back earn rate is impressive, the Neo card lacks the travel perks and benefits that come with the Brim World Elite Mastercard. That said, it’s a good choice if you shop and stay in Canada. However, if you are an international traveller looking for a more comprehensive credit card, this isn’t a good pick.

Brim World Elite Mastercard vs. Stack Mastercard

Another fintech company breaking into the Canadian credit card scene is Stack, which offers a no-annual-fee prepaid credit card called the Stack Mastercard. Like the Brim World Elite Mastercard, the Stack Mastercard charges no foreign exchange fees. However, it doesn’t have the insurance package and doesn’t offer traditional cash-back or points-based rewards. Instead the Stack reward program provides a variety of different offers and discounts that cardholders can redeem. While not as rewarding as the Brim World Elite Mastercard, it’s also much easier to qualify for, since it’s not technically a credit card and has no annual income requirement.

Brim World Elite Mastercard vs. MBNA Rewards World Elite Mastercard

Coming in at $120 per year, the MBNA Rewards World Elite Mastercard is a little easier on the budget. Select categories will allow you to earn 5 points per dollar spent (eligible restaurants, grocery, digital media, membership, and household utility purchases). There is a maximum spend, but it is double that of the Brim World Elite Mastercard at $50,000 per year. After this, rewards are earned at a base rate of 1 point per dollar. Add in a birthday bonus and flexible rewards redemption and this is a very competitive rewards card. The insurance package isn’t as thorough and foreign exchange fees aren’t waived, but in terms of earning rewards, the MBNA World Elite Mastercard does come out on top.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With the Brim World Elite Mastercard , the scoring model used takes into account factors such as, but not limited to, earn rates and categories, fees, the welcome bonus, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

The Brim World Elite Mastercard sets out to be a high-end card in a competitive market, but shines more in regards to its perks and benefits, rather than the rewards program. Considering the hefty annual fee, the rewards potential is somewhat disappointing. There are a number of Canadian rewards credit cards that allow cardholders to earn more.

That being said, what the Brim World Elite Mastercard lacks in terms of rewards potential, it more than makes up for when it comes to travel perks and benefits. The lack of foreign exchange fees alone is a huge draw for travellers and is a rare feature to find in a Canadian credit card. Plus, the insurance package is among the best offered by any credit card in Canada.

The Brim World Elite Mastercard is a good option for frequent travellers since they are the most well positioned to turn its perks and benefits into savings.

Related: Best Credit Cards for Canada