Have a look at these Canadian credit cards with insurance coverage, cashback options, and low-interest rate.
Key Comparisons
| Brim World Elite Mastercard | BMO CashBack® World Elite®* Mastercard®* | |
| Estimated Credit Score | 660 | 660 |
| Annual Fees | $199 | $120 |
| Interest Rate | 19.99% | 20.99% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Earn 2% cash back on everything for the first $25,000 you spend in a year. After that, it’s an unlimited 1% on everything. 2. Any purchase over $500 qualifies for the Brim Installment plan, which lets you spread out your payments over 12 or 24 months. 3. Free membership to Mastercard Travel Pass provided by Dragon Pass, which gives you access to over 1,000 lounges worldwide. | 1. Medical protection coverage with additional benefits of international medical facilities for up to 8 days (up to $2 million). 2. 24-hour access to experienced concierge staff. 3. Airport lounge access with complimentary membership in Mastercard Airport Experiences provided by Loungekey. Lounge access fees are $32 USD per person, per visit. |
| Cons | 1. $50 fee for additional members and family cards. 2. A $25,000 annual spending cap will result in 1% cash back on all purchases until the year resets. 3. High income requirements ($80,000 personal or $150,000 household) and spending cap. | 1. $500 per billing cycle limit on 5% cash back on groceries. 2. Requires that you either earn $80,000 a year, or that your whole household has $150,000 in annual income. 3. Cashback is rewarded on an annual basis, while other banks offer rebates more regularly during a year. |
Key Benefits of Brim World Elite Mastercard
Rewards
This card has numerous benefits. For your first $25,000 in annual purchases, you will receive 2 points for every $1 spent. After spending $25,000, you will receive 1 point for every dollar spent. With each point being worth one penny, you would receive 2% back on your first $25,000 of annual expenditure, which is among the highest flat cash back earn rates available. What about using your rewards? When you decide to utilize them, you have complete control. Use your points as a credit against your statement balance or to help pay for any purchases made with the card. There is also a ridiculously low threshold of points required for a redemption to be worth $1. You can use this card to redeem at any time. There’s more, though. You can receive somewhere between 3% and 30% back in points when you shop online at more than 250 retailers, who collectively have thousands of locations across the world. Such impressive returns! Just keep in mind that you forfeit the card’s standard earn rates when you shop online with Brim’s partners. But when you consider what you get in return, that really isn’t a huge problem.
Bonus and Fees
If you apply with a referral, you will receive a welcome bonus of 1,000 points, which is worth $10, upon acceptance. For the first year, the $199 yearly fee is not charged. With the option to downgrade to the no-fee version if you’d prefer, you may test out the card without spending any money before committing long-term. $50 is the cost of each additional card.
Insurance Coverage
This card provides complete insurance at a higher level than the other Brim cards because it is the premium card in the Brim lineup. There are a few benefits that distinguish the Brim World Elite Mastercard, including generous coverage for trip cancellation or interruption, car rental insurance up to $85,000 MSRP, and hotel burglary protection. Brim is notable for providing event ticket protection insurance, a special provision not seen on any other credit cards. You will receive a reimbursement of up to $1,000 for the price of your event tickets if you are unable to attend an event due to one of the covered causes (such as an emergency medical situation or a common carrier accident). You will also receive loss, theft, or damage protection for your mobile device.
Key Benefits of BMO CashBack® World Elite®* Mastercard®*
Roadside Assistance
If you own a car, you can obtain free roadside assistance to help you out if it breaks down. Or just to obtain a little assistance in case your battery fails or you lock yourself out of your car. This coverage is worth at least $69 annually, according to their estimation.
Insurance Package
The insurance package is very great, especially for a credit card that offers cash back. The Personal Effects insurance is the highlight. Many cards include delayed, lost, or stolen baggage coverage, as well as personal effects coverage for hotels and rental cars, but those are separate. They only provide coverage while you are in a rental car, an airplane, or a hotel. Your entire journey is covered by the BMO personal effects coverage. Cell phones and laptops aren’t protected, but the majority of stuff are, including jewelry and camera gear. You’re insured up to $750 per person with a $2,000 total maximum* if any of your personal items are lost, stolen, or damaged.
Welcome Bonus
One of the best sign-up incentives in Canada is offered by the BMO CashBack® World Elite®* Mastercard®, albeit its structure is unnecessarily complicated. New applicants can receive up to $260 in cash back. The primary cardholder’s annual fee will be waived ($120 value) for new cardholders who apply by December 6, 2022. Additionally, new cardholders will receive 10% cash back on their first $2,600 in purchases for the first three months.