Brim Credit Cards Discontinue No Foreign Transaction Fee

Brim Credit Cards Start Charging 1.5% Foreign Exchange Fee

I was one of the very first people to receive a Brim Credit Card when it launched. I cancelled my Brim World Elite Mastercard after the annual fee jumped to $199 (Brim now reduced it to $89). I saw no value in keeping it and switched to the free version of the Brim Credit Card just to have a MasterCard that does not charge any FX fee.

Fast forward to today, received a notice from Brim that starting May 18, 2024 all Brim credit cards will start charging a 1.5% foreign exchange fee (from 0%). This means there will be 2 less credit cards in Canada that charge zero foreign currency transaction fees.

My primary no foreign currency fee card is my Scotia Passport Visa Infinite, which is a VISA card. I always travel with a backup MasterCard, in case one card malfunctions or VISA’s network is down. This is where the free Brim Credit Card comes in as my backup card.

However, it is time to abandon this card. Both their free and World Elite Brim Credit Cards provide no value. No lounge access, no annual travel credit, no nothing. This is one of the reasons Brim was forced to reduce the annual fee from $199 to $89, as no one wanted to pay $199 for nothing.

The only other no foreign currency fee MasterCard in Canada available as an Amazon Prime member is the no annual fee Amazon Rewards Mastercard. Amazon Prime members earn 2.5% in Amazon points in any foreign currency purchase made with the Amazon.ca Mastercard, effectively offsetting the foreign transaction fee. Non-Prime members earn 1.5% in Amazon points in any foreign currency purchase.

Canada recently lost one of the best zero foreign currency fee MasterCards, which was the HSBC World Elite MasterCard. And now another free zero foreign currency fee card, MasterCard Brim, is gone.

HSBC World Elite Mastercard Canada – Get Canada’s Best Travel Credit Card Before It’s Too late

Best Travel Credit Card in Canada - HSBC World Elite Mastercard Canada

All the so-called “best travel credit cards in Canada” promoted by travel sites on the Internet have some things in common. Most of these cards do not provide zero foreign currency transaction fees and offer very low rewards on travel spending.

The HSBC World Elite Mastercard is one of the few travel credit cards in Canada that offers no FX fee on foreign currency transactions and a whopping 6 points per dollar spent on travel purchases. These points also are hybrid points that can be converted to airline points.

However, this not-so-well-known travel credit card is coming to an end due to the RBC buying HSBC’s Canadian portfolio. RBC does not offer any no foreign currency transaction fee and other benefits like the HSBC World Elite Mastercard offers. One of them is very extended travel medical insurance and even travel medical insurance for seniors beyond 65.

As of the writing this article, HSBC is still accepting applications for this card and I think you should get one right now as the window of opportunity is closing any time now.

No one knows at this point what RBC will do after acquiring the HSBC World Elite Mastercard. They may let existing account holders keep all the perks and features and stop issuing this card. They could also convert the HSBC World Elite Mastercard into an RBC World Elite MasterCard, cutting all the benefits. Another option, which is very unlikely, is that RBC may rebrand this card and keep issuing the same benefits and features under the RBC name.

Whatever the outcome is, it’s wise to get a HSBC World Elite Mastercard now and wait and see what happens. I just got mine last week and couldn’t be happier receiving it.

I Put Canada’s Only No Foreign Transaction Fees Bank Card to the Test at Foreign ATM

EQ Bank’s Debit Card Is the Only No Foreign Exchange Fees Bank Card

If you are using a traditional bank card to withdraw cash from ATMs in foreign countries, you will be charged:

- Foreign currency transaction fees

- International ATM withdrawal fees

- ATM fees imposed by your own bank

- ATM fees imposed by the local ATM

You can avoid the first 3 by using a bank card that does not charge these fees. The 4th one, ATM fees imposed by the local ATM, is not controlled by your bank card and this is something you can’t avoid.

It seems to be that the EQ Bank Debit Card is the only card that does not charge foreign currency transaction fees or its own ATM fees for using it in a foreign country.

I tested the EQ Bank Card by withdrawing from 2 different bank ATMs in Manila and Boracay in the Philippines. Each time, I paid only 250 Peso (about 6 CAD) in charges by the local bank. I walked out with cash with a very good currency exchange rate without paying any other fees.

It is very important to have a travel-friendly card in your wallet. As of writing this article, the EQ Bank Debit Card is the only card that I am aware of that offers this type of service.

So next time you travel, make sure you pack a card that offers no FX fees, no International ATM withdrawal fees or ATM fees imposed by your own bank and have a happy and smart trip.

I have documented my experience with my EQ Bank Debit Card here in this video:

I Tested Canada's Only No Foreign Transaction Fees EQ Bank Card to Withdraw Money At Foreign ATM

Canada’s Best Credit Card Travel Insurance for Seniors

Best Travel Insurance Credit Cards for Seniors

If you are a 65+ Canadian it’s difficult to find a travel credit card with emergency travel medical insurance. Of course, you will find some travel credit cards that provide 3 to 4 days of travel medical insurance after for those over the age of 65.

But if you are looking for more than a week, it’s something almost impossible to come by. Even the higher end $799 annual fee American Express card provides no travel medical insurance after the age of 65. What’s more, the emergency travel insurance benefits totally stop after age 75.   

In search of the best travel insurance credit for seniors in Canada, I came up with one that seems to be beating every other credit card on the market. The best senior-friendly travel credit card in Canada is:

 
HSBC World Elite Mastercard

With the HSBC World Elite Mastercard, those 65 years and older get an unmatched 21 days of emergency travel medical insurance and it also does not stop once you are 75.

There are some other credit cards I found that offer 7 to 15 days emergency travel medical insurance as mentioned below, but these do not provide anything after 75.

National Bank World Elite Mastercard (15 days)

National Bank World Mastercard (15 days)

Meridian Visa Infinite Travel Rewards Card (15 Days)

Desjardins Odyssey World Elite (15 Days)

CIBC Aerogold Visa Infinite Privilege (10 days)

National Bank Platinum Mastercard (10 Days)

Scotiabank Passport Visa Infinite (10 Days – May provide coverage after age 75, but read the pre-existing conditions terms and rules)

RBC Avion Visa Infinite Privilege (7 Days)

RBC British Airways Visa Infinite (7 Days)

As you can see, there are some emergency medical travel options for those over 65. However, before deciding on any cards, do your research and be mindful of the annual fees, terms and conditions, pre-existing conditions, and all other fine print.  

Canada’s Best 3 Cash-Back Credit Cards to Offset Sky-high Grocery Prices

Top 3 Cash Back Credit Cards in Canada

Grocery prices are skyrocketing and there is no sign they will come down anytime soon. To offset high grocery prices, I will give you the best 3 cash-back credit cards in Canada. Although these credit cards won’t lower grocery prices directly, the cash you will receive back will be significant and help you to cope with higher grocery costs.

I will concentrate only on the grocery cash back return in this article.

CIBC Dividend Visa Infinite – Provides 4% cash back. Annual fee is $120. This is the only card that offers cash-back redemptions anytime once you reach $25. If not redeemed monthly, cash back will be provided annually.

Scotia momentum Visa Infinite - Provides 4% cash back. Annual fee is $120. There is only an annual option to redeem your cash back.

American Express SimplyCash Preferred – Fees are charged monthly, but come close to $120 annually when you add them up. 4% cash back on groceries, but on everything else (except gas and groceries) the cash-back rate is 2% with no limit, making it the only card in Canada to provide this type of cash back.

Honorary Mention – BMO World Elite MasterCard - Provides 5% cash back on groceries (the highest in Canada), however the problem with this card is that there is a $500 monthly limit on groceries for 5% cash back.

I have a video on this topic which can be viewed here: How to Beat High Grocery Prices with These 3 Canada’s Best Cash Back Credit Cards