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Brim Financial credit card: no forex fee
February 11, 2018
5:02 pm
Peter
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Thought I'd spin off a separate thread about Brim Financial since it was brought up in the discussion about the cancelled Amazon Visa.

https://brimfinancial.com/

Main details:

  • No foreign exchange fee (which is usually 2.5% on top of the exchange rate itself)
  • 3 different Mastercards: no annual fee (1 point per $1), $99 annual fee (1.5 points per $1), $120 annual fee (2 points per $1)
  • Taking applications now, but not actually processing them or sending out cards until March
  • Relatively unknown company
February 11, 2018
5:02 pm
Peter
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To be noted that their site is currently completely down and has been for at least 3 hours:

February 11, 2018
5:37 pm
Rick
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Peter said
To be noted that their site is currently completely down and has been for at least 3

Kind of an ominous sign for a new player. Doesn't inspire a lot of confidence right out of the gate.

February 11, 2018
10:30 pm
Loonie
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If this is really a good company to deal with, there will be opportunities later. Does anyone know who is behind it?
Why expose yourself to a hard credit check until you know it's worth it?

February 12, 2018
3:25 pm
Peseta
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Their site is up, and there is some public info about them:

https://www.ic.gc.ca/app/scr/cc/CorporationsCanada/fdrlCrpDtls.html?corpId=9369155

Looks pretty legit to me, and its nice to see new entrants in the Canadian no-forex credit card market. The card design isn't bad either, but they're still in the "coming soon" mode, so who knows when they might be ready to start issuing cards.

I've been pretty happy with Fido MC so far.

February 22, 2018
11:51 am
gicjunkie
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Home Trust Preferred Visa still looks like the best bet for me with no forex fee.

From their website:

Introducing the Home Trust Preferred Visa* with 1% CashBack
• No annual fee

• 1% CashBack with no limits to your total rewards

• No restrictions on where you earn your rewards1

• Roadside Assist membership at no extra charge

• No foreign currency conversion surcharges2

It doesn't stop there.
The benefits of a Home Trust Preferred Visa include a range of other features that add great value all year round - whether you're shopping, travelling or looking for special offers.

• Purchase Security Insurance, so you can shop with peace of mind3

• Visa Auto Rental Collision/Loss Damage Insurance4

• Emergency card and cash replacement

• Guaranteed hotel reservations

• The Visa Zero Liability Policy for protection against fraud5

• Verified by Visa for enhanced online shopping safety and security

Check it out.

March 2, 2018
12:20 pm
-bsv-
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gicjunkie said
Home Trust Preferred Visa still looks like the best bet for me with no forex fee.
 

It would be muuuch better without this, though:
The Home Trust Secured Visa Card is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $500, or as much as $10,000.

March 2, 2018
12:23 pm
Rick
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-bsv- said

gicjunkie said
Home Trust Preferred Visa still looks like the best bet for me with no forex fee.
 

It would be muuuch better without this, though:
The Home Trust Secured Visa Card is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $500, or as much as $10,000.  

The "Secured Visa" is different than the Preferred Visa. No deposit required on the preferred.

March 3, 2018
7:43 am
gicjunkie
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Rick said

The "Secured Visa" is different than the Preferred Visa. No deposit required on the preferred.  

Plus, the features of the "Preferred" card are totally different. The "Secured" card does not appear to offer any of the perks listed above, in entry 7, that the "Preferred" card does.

March 20, 2024
7:19 pm
Hmm
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As of May 18, 2024 Brim will be charging 1.5% FX fee and rewards will devalue from $1:1 to $1 for every two dollars you spend.

March 21, 2024
12:37 pm
RetirEd
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"Secured" cards are for people with no valid credit. The cardholder deposits funds on the card and then spends them. It's a really bad deal - there is NO interest paid on the security deposit, and the card (if it's like the ones I've been solicited for) still charges interest on owed amounts even if they already have the client's money. I don't know if they charge an fee for bouncing off the deposit limit.

Generally, secured cards have no perqs, because they are for the desperate. Having a secured card can help people who have destroyed their credit to re-establish it after a few years.

I wonder if we should even call secured cards "credit cards" since they involve no credit.

Capital Direct is constantly sending out mass mailings offering "guaranteed approval" on their cards - but those guarantees will usually be for secured cards!

RetirEd

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