Brim Mastercard - No-Fee Foreign Exchange Card!

I received an e-mail from Brim saying they've updated their terms and disclosure documents. Upon inspection, under foreign-exchange: "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)"

This looks like Brim will NOT use Mastercard's exchange rate, does this mean there could actually be a "hidden" FOREX fee if Brim rips you off on the exchange rate? Sketchy...

https://brimfinancial.com/legal

HoleinSocks wrote: ↑ I received an e-mail from Brim saying they've updated their terms and disclosure documents. Upon inspection, under foreign-exchange: "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)"

This looks like Brim will NOT use Mastercard's exchange rate, does this mean there could actually be a "hidden" FOREX fee if Brim rips you off on the exchange rate? Sketchy...

And there goes the only feature most of us wanted in the first place. Silently hidden in the T&Cs.

HoleinSocks wrote: ↑I received an e-mail from Brim saying they've updated their terms and disclosure documents. Upon inspection, under foreign-exchange: "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)"

This looks like Brim will NOT use Mastercard's exchange rate, does this mean there could actually be a "hidden" FOREX fee if Brim rips you off on the exchange rate? Sketchy...

Rishi wrote: ↑ And there goes the only feature most of us wanted in the first place. Silently hidden in the T&Cs.

Nice find!
This could be another huge disappointment.
From what I heard the mastercard rate is usually better than the visa rate so this was a big reason to get this card.
The negatives on this card keep mounting!

It looks like they are reading this thread and adjusting the benefits to make it less attractive to the RFD crowds. I expect more adjustments in the future.

Rishi wrote: ↑ And there goes the only feature most of us wanted in the first place. Silently hidden in the T&Cs.

If they go this route, they are the dumbest credit card issuer on Earth. The 5 big banks just recently settled a class action about hiding exchange rate fees.

HoleinSocks wrote: ↑ 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)"

Kiraly wrote: ↑

This is the credit card revolution. Understand?

thetipster wrote: ↑ Nice find!
This could be another huge disappointment.
From what I heard the mastercard rate is usually better than the visa rate so this was a big reason to get this card.
The negatives on this card keep mounting!

Negatives are all that’s mounting with this company.
I’d hate to deal with these people when they do get off the ground.
I won’t.

emilio911 wrote: ↑ If they go this route, they are the dumbest credit card issuer on Earth.

They’ve taken that title long ago

Troydabes wrote: ↑ What number to call to canel your application? Is that rven possible? These guys are goddamn annoying

I think is better to let them incur the expense of issuing the card and just don't activate the account.

coolintheshade wrote: ↑ They’ve taken that title long ago

Wouldn't that require them to actually issue cards?

Rishi wrote: ↑ Wouldn't that require them to actually issue cards?

Good point!

Rishi wrote: ↑ And there goes the only feature most of us wanted in the first place. Silently hidden in the T&Cs.

It may not have a markup but given their history, I wouldn't bet on it.

Based on this, I have requested cancellation of my application. I hope they don't issue a card anyway.

So after months of delays and now being "around the corner" what I'm hearing is that people are going to get even MORE hosed than what we had originally signed up for.

Thank jeebus I got the Home Trust Visa.

Brim needs to have the forex rate pretty damn close to what Mastercard has, otherwise what was the point of them even launching? They're better off closing shop now. :/

Apparently Amazon doesn't know anything about Brim and haven't done any research. Choosing Brim over Scotia as their partner is a big mistake.