A major shakeup is coming to all Brim Mastercards starting on May 18, 2024.
On that date, Brim cards will no longer be true no foreign exchange fee cards as the company will start charging a 1.5% fee on foreign currency purchases. The lack of foreign exchange fees was a big draw for customers to get the cards in the first place.
But that's not all – they're also cutting the rewards in half. It’s a monstrous devaluation and many Brim cardholders will start looking for alternatives.
With that in mind, we’re giving you a rundown of what's changing with all 3 Brim Mastercards and some alternative credit cards you can consider.
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Brim Mastercard changes
All Brim credit cards will charge you a 1.5% fee on foreign currency purchases. It's lower than the typical 2.5% charged by many other cards, but it's still a fee.
The rewards have also been pared back on all 3 Brim Mastercards. Here's a comparison of what you earn now vs. what you’ll earn as of May 18, 2024:
| Brim card | Current rewards | New rewards |
|---|---|---|
| Brim Mastercard | 1% back on all purchases | 0.5% back on all purchases |
| Brim World Mastercard | * 1.5% cash back on first $25,000 in annual purchases * 1% cash back afterwards | 0.5% back on all purchases |
| Brim World Elite Mastercard | * 2% cash back on first $25,000 in annual purchases * 1% cash back afterwards | 1% back on all purchases |
No one wants to see a cut in rewards – especially when they're this steep.
There is one piece of good news: The annual fee for the World Elite Mastercard is being lowered from $199 to $89.
But the bottom line is that a lot is being taken away and not much is being returned.
Read more: Brim Financial changes to the Brim Mastercard
Your true no foreign exchange fee alternatives
With Brim on the way out, credit cards that charge no foreign exchange fees are getting harder to come by.
Here are your major options:
| Credit card | Welcome bonus | Earn rates | Annual fee and income requirements | Apply |
|---|---|---|---|---|
| Scotiabank Passport Visa Infinite Card |  $30 GeniusCash + 35,000 bonus points (terms) | * 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit * 1 Scene+ point per $1 on all other purchases | * $150 * $60K personal/$100K household | Apply now |
| Scotiabank Gold American Express Card | $60 GeniusCash + Up to 50,000 bonus points, first year free (terms) | * 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 5 Scene+ points per $1 spent on groceries, dining, and entertainment * 3 Scene+ points per $1 spent on gas, select streaming services, and transit * 1 Scene+ point per $1 spent on foreign currency purchases * 1 Scene+ point per $1 spent on all other purchases | * $120 * $12K personal | Apply now |
| Scotiabank American Express Platinum Card | $175 GeniusCash + Up to 60,000 80,000 bonus points (terms) | * 2 Scene+ points per $1 spent on all purchases | * $399 * $12K personal | Apply now |
| Home Trust Preferred Visa | None | * 1% cash back on all purchases | * $0 * $15K personal | Apply now |
Scotiabank
Scotiabank is the leader when it comes to issuing no foreign exchange fee credit cards. They offer 3 – and all of them belong to the Scene+ Rewards program. You can use your rewards towards travel and most purchases at Sobeys, Safeway, Cineplex, and Home Hardware.
Here are their details:
Scotiabank Passport Visa Infinite Card
For many, the primary option as a replacement is going to be the Scotiabank Passport Visa Infinite Card as it has similar acceptance to Brim cards, except for Costco warehouses in Canada.
Here's what this card earns for rewards on purchases:
- 3 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 2 Scene+ points per $1 spent on groceries, restaurants, entertainment, and daily transit
- 1 Scene+ point per $1 on all other purchases
If you spend $2,000 per month, that works out to an average return of 1.35%.
This card also includes free airport lounge access. You'll get a Visa Airport Companion membership along with 6 free passes. It's topped off with 11 types of insurance and no foreign exchange fees.
With an annual fee of $150, it’s an excellent, well-rounded travel credit card.
Plus, we're offering $30 in GeniusCash when you get approved through our offers page.
GC: $30
Scotiabank Gold American Express Card
The other cards from Scotiabank are part of the American Express network, and that may turn a few people away. Though Amex acceptance is growing, it’s not always a safe bet when travelling outside of Canada and the U.S.
If you’re ok with an Amex, the Scotiabank Gold American Express Card is our top-rated credit card with no foreign exchange fee. It offers tons of rewards at these rates:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
That works out to an average return of 2.45%.
Other than 12 types of insurance, it lacks perks – but if you want the most rewards possible, this is the no fx fee card for you.
We're offering GeniusCash on this card, too – $60.
×1 Award winner GC: $60
1x Award winner Scotiabank American Express Platinum Card
The last Scotiabank card is the Scotiabank American Express Platinum Card. It's a premium card with a premium annual fee of $399.
It offers a flat earn rate on purchases – 2 Scene+ points per $1 spent on all purchases, which works out to a 2% return on purchases.
Here's the list of perks you'll also get:
- 10 free airport lounge passes per year with Priority Pass (4 more if you add another card to the account)
- 12 types of insurance
- Hertz #1 Club Gold Membership
- Low interest rates of 9.99%
GC: $175
Home Trust Preferred Visa
If you want a no fee, no fx fee card, your only option is the Home Trust Preferred Visa. And there's a catch with this card.
Yes, it charges no foreign exchange fees and offers 1% cash back on all purchases – but you won’t earn rewards when you make purchases in a foreign currency, so it’s really a hidden fee of 1%.
That said, if you're set on swapping out a Brim Mastercard for another no fee card, this is your only option.
Prepaid card options
If you only make occasional purchases in a foreign currency, a prepaid card can help you save on the exchange fee. These accounts offer interest on your prepaid balance so your money will be growing in your account while it waits to be used.
Wealthsimple Prepaid Mastercard
The Wealthsimple Prepaid Mastercard is an excellent no fee prepaid card. You'll earn up to 2.5% on your balance.
EQ Bank Card
Next up we have the EQ Bank Card. This card earns 0.5% cash back on all purchases and will get you 3.3% interest on your savings account balance.
KOHO prepaid cards
KOHO's premium prepaid cards charge no foreign exchange fees. These cards also offer interest on your prepaid balance – but to get it, you'll have to set up a direct deposit on your KOHO account.
First, there's the KOHO Extra Mastercard. For a monthly fee of $12, here's what you'll get for cash back on purchases:
- 1.5% cash back on groceries, restaurants, and transportation
- 0.25% cash back on all other purchases
You'll also receive 2.5% on your balance.
There's also the KOHO Everything Mastercard. You'll get increased rewards for a monthly fee of $14.75 and a high interest earn at 3.5%.
- 2% cash back on groceries, restaurants, and transportation
- 0.5% cash back on all other purchases
Costco card alternatives
The venn diagram of cards that are both Mastercards (and thus accepted at Costco) and have no foreign exchange fees is limited to the prepaid cards we listed above.
If you're after a replacement Costco Mastercard, we've got a few choices for you. To qualify, a card needs to have a high rate of return on all purchases – and sadly, this list is also small.
| Credit card | Welcome bonus | Earn rates | Annual fee and income requirements | Apply |
|---|---|---|---|---|
| Rogers Red Mastercard | None | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn 1% unlimited cash back on eligible non-U.S. dollar purchases * Earn 2% unlimited cash back on all eligible purchases made in U.S. dollars | * $0 * None | Apply now |
| Rogers Red World Elite Mastercard | None | * Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw * Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases * Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars | * $0 * $80K personal/$150K household | Apply now |
| RBC Cash Back Preferred World Elite Mastercard | None | * 1.5% cash back on the first $25,000 spent annually * 1% cash back after $25,000 spent annually | * $99 * $80K personal/$150K household | Apply now |
| WestJet RBC World Elite Mastercard | 45,000 WestJet points (terms) | * 2 WestJet points per $1 spent on WestJet or WestJet Vacations purchases * 1.5 WestJet point per $1 spent on all other everyday purchases | * $119 * $80K personal/$150K household | Apply now |
Rogers Mastercards
Rogers Mastercards make for excellent credit cards when shopping at Costco – and doubly so if you have a Rogers service of some kind. They're also good if you shop frequently in USD as you'll get extra rewards on those purchases.
Both Rogers cards have no annual fee. If you meet World Elite Mastercard income requirements of $80,000 personal or $150,000 household, you can get the World Elite card. If not, you’ll need to opt for the regular card.
Rogers Red Mastercard
The entry-level card is the Rogers Red Mastercard. Here's what it earns for cash back on purchases:
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw
- Earn 1% unlimited cash back on eligible non-U.S. dollar purchases
- Earn 2% unlimited cash back on all eligible purchases made in U.S. dollars
If you have a Rogers service and link your accounts, your rewards are supercharged to 2% back everywhere.
If you redeem your cash back towards your Rogers service, you'll get a 50% bonus on your redemption, essentially giving you 3% cash back everywhere.
As a bonus, if you have a Rogers wireless plan, you'll get 5 free Roam Like Home days (not available to Fido customers).
What counts as a Rogers service? Basically anything from Rogers, Fido, and Shaw, except pre-paid plans.
It lacks other features but has the rewards part nailed.
Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard increases the rewards for non-Rogers customers while adding a couple of benefits.
Here are the rewards that everyone will earn:
- Earn 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have 1 qualifying service with Rogers, Fido, Comwave, or Shaw
- Earn 1.5% unlimited cash back on eligible non-U.S. dollar purchases
- Earn 3% unlimited cash back on all eligible purchases made in U.S. dollars
If you have a qualifying Rogers service, you'll get the same deal as the Rogers Red Mastercard: 2% back everywhere and 3% back if you redeem rewards towards Rogers bills. These perks come to the card on April 9, 2024.
This card offers 3 extras over the base version:
- Access all standard World Elite Mastercard benefits
- 6 types of insurance
It may not seem like much but it's quite good for a card with no annual fees.
RBC
RBC has 2 different cards to consider.
RBC Cash Back Preferred World Elite Mastercard
The RBC Cash Back Preferred World Elite Mastercard earns the following:
- 1.5% cash back on the first $25,000 spent annually
- 1% cash back after $25,000 spent annually
Other than your typical World Elite benefits, this card doesn't offer much – but it does have a lower annual fee of $99.
WestJet RBC World Elite Mastercard
For the frequent WestJetter, the WestJet RBC World Elite Mastercard is good for Costco and saves you money when you travel with WestJet.
Here's what you'll earn back in WestJet Dollars on purchases:
- 2 WestJet points per $1 spent on WestJet or WestJet Vacations purchases
- 1.5 WestJet point per $1 spent on all other everyday purchases
On top of that, you'll also get an annual companion voucher for reduced ticket prices and free first checked bags for the cardholder and up to 8 others travelling on the same reservation.
This all comes with an annual fee of $119.
What will you do with your Brim Mastercard?
Our question goes out to anyone with a Brim Mastercard. We're pretty certain you're not going to like what you saw here today.
Are you going to keep your Brim Mastercard? Are you going to replace it – and if so, with what?
Let us know in the comments below.
FAQ
What changes are coming to Brim Mastercards?
2 major changes are coming to Brim Mastercards on May 18, 2024: all cards will start charging a 1.5% foreign exchange fee and earn reduced rewards on purchases.
What are some top no foreign exchange fee replacements for Brim Mastercards?
If you're looking for a new credit card for no foreign exchange fees, your top options include the Scotiabank Passport Visa Infinite Card, Scotiabank Gold American Express Card, Home Trust Preferred Visa, and Wealthsimple Prepaid Mastercard.
I'm looking for a new Costco Mastercard. What are my best options?
If you're looking for a new Mastercard for shopping at Costco, your best options are the Rogers Red Mastercard, Rogers Red World Elite Mastercard, RBC Cash Back Preferred World Elite Mastercard, or WestJet RBC World Elite Mastercard.
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