Credit Cards

Brim Mastercard - No-Fee Foreign Exchange Card!

  • Last Updated:
  • Jan 16th, 2019 6:57 pm
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Newbie
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Jan 1, 2015
44 posts
154 upvotes
Old Socks
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
Last edited by HoleinSocks on Jun 30th, 2018 7:12 pm, edited 1 time in total.
Deal Addict
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Jul 22, 2008
1549 posts
212 upvotes
Toronto
HoleinSocks wrote:
Jun 30th, 2018 1:58 pm
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.
Deal Addict
Dec 13, 2010
1321 posts
457 upvotes
ON
HoleinSocks wrote:
Jun 30th, 2018 1:58 pm
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:
Jun 30th, 2018 2:06 pm
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!
Member
Jul 11, 2004
231 posts
44 upvotes
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.
Member
Jul 13, 2016
265 posts
143 upvotes
Rishi wrote:
Jun 30th, 2018 2:06 pm
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.
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Jan 9, 2011
3417 posts
2985 upvotes
Vancouver
HoleinSocks wrote:
Jun 30th, 2018 1:58 pm
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)"
Image
18% = GTA residents as a proportion of Canada's total population
97% = chance that an RFDer lives in the GTA when he posts something location specific, without giving a location

Were you hit with surprise customs/import fees on an Amazon.ca purchase?
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Apr 24, 2017
3708 posts
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Kiraly wrote:
Jun 30th, 2018 3:58 pm
Image
This is the credit card revolution. Understand? :rolleyes:
😎 "How do you like to pay?" "American Express!" 😄
Penalty Box
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Aug 24, 2016
5169 posts
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We’re all a little s…
thetipster wrote:
Jun 30th, 2018 2:17 pm
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.
Penalty Box
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Aug 24, 2016
5169 posts
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emilio911 wrote:
Jun 30th, 2018 3:53 pm
If they go this route, they are the dumbest credit card issuer on Earth.
They’ve taken that title long ago
Deal Addict
Sep 19, 2009
1163 posts
255 upvotes
Toronto
Troydabes wrote:
Jun 29th, 2018 11:04 pm
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.
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Jul 22, 2008
1549 posts
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coolintheshade wrote:
Jun 30th, 2018 4:13 pm
They’ve taken that title long ago
Wouldn't that require them to actually issue cards?
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Aug 24, 2016
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Rishi wrote:
Jun 30th, 2018 4:21 pm
Wouldn't that require them to actually issue cards?
Good point! :lol:
Deal Addict
Dec 16, 2005
3969 posts
1719 upvotes
Rishi wrote:
Jun 30th, 2018 2:06 pm
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.
Newbie
Apr 20, 2012
28 posts
14 upvotes
Montreal, Quebec
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. :/
Deal Addict
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Apr 24, 2017
3708 posts
2071 upvotes
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.
😎 "How do you like to pay?" "American Express!" 😄

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