Think about these Canadian credit cards, which have no annual charge yet offer rewards and reliable insurance.
Key Comparisons
| Brim Mastercard | Tangerine Money-Back Credit Card | |
| Estimated Credit Score | 660 | 660 |
| Annual Fees | N/A | N/A |
| Interest Rate | 19.99% | 19.95% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. It lets you earn 1% unlimited rewards back on all your spending. 2. You’ll enjoy 0% foreign transaction fees, saving the typical 2.5% fee. 3. It includes five types of complimentary credit card insurance, which are: extended warranty; purchase protection; mobile device; event ticket cancellation; and travel accident coverage. 4. Earn up to $200 back in first-time bonuses when shopping with Brim retail partners. 5. Free WiFi – receive free internet around the world. | 1. Choose the spending categories where you want to earn the most cash back. 2. Unlimited cash back—no maximum spending limit for any purchase category. 3. Cashback is paid out monthly rather than annually. 4. Periodically includes a special welcome offer where you can get extra cashback. 5. 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies). |
| Cons | 1. Low Reward Rates – cardholders earn a maximum of 1% in points on all purchases. 2. Limited Insurance – Brim Mastercard offers few insurance perks, lacking more than ten insurance types. 3. Low return on points compared to cards with annual fees. | 1. Regular cash back rates are still lower than what you can get from a card with an annual fee. 2. Limited extra perks or benefits beyond the cash back and balance transfer promotion. 3. Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart. 4. Tangerine does not have any physical bank branches. |
Key Benefits of Brim Mastercard
Earn Rates
When it comes to obtaining rewards for your purchases, Brim has made things simple. For every $1 you spend using the card, you’ll receive one point. No need to bother about tiers, categories, or caps. Since each point is worth one penny, you will receive a simple return of one percent. You have complete control over the process of redeeming your prizes. Redeem your points to cover any charge made on your card. And to redeem, you only need $1 worth of incentives (100 points). An excellent return for a card with no fees is 1%. However, earning incentives is still something you can do.
Bonuses
There are thousands of locations worldwide where Brim Rewards has over 250 partners, both online and in-store, where you may earn even more bonus rewards. In fact, depending on the partner, you might make anywhere from 3% to 30% back on your purchases. You got some really good returns from your online purchases. It’s important to keep in mind that if you shop with one of these partners, you won’t receive your standard earn rate (which is fine because you dwarf that rate anyhow). The card comes with a generous welcome bonus as well. You can receive up to $200 in first-time benefits when you use your card for the first time at selected partners.
Insurance Coverage and Top-notch Security
Brim cards provide 5 forms of insurance that are not found on other cards, including event ticket reimbursement. Brim Mastercards don’t skimp on security Some of the key security features available include the ability to not only lock your card instantly but lock it just for online or foreign currency purchases; set spending limits on authorized users, and receive instant purchase notifications. If you have a sporting, theater, or concert ticket, you can be reimbursed the cost of your ticket if you have to cancel for a covered reason.
Key Benefits of Tangerine Money-Back Credit Card
Balance Transfer Offer
Transferring a balance from a credit card with a higher interest rate to a Tangerine Money-Back Credit Card will result in you paying a low promotional interest rate of 1.95% for the first six months (and 19.95% for any unpaid amounts after that). To take advantage of this incentive, you must complete the Balance Transfer request within 30 days of the account being approved and activate your card within 45 days of the account being approved. Each transferred amount will be subject to a 1% balance transfer fee from Tangerine (the price is waived if you are a Quebec resident).
Money-Back Rewards
Earn 2% Money-Back Rewards on regular purchases in two of your choice’s 2% Money-Back Categories, and 0.50% Money-Back Rewards on all other transactions. Money-Back Rewards are sent into your Account each month, and there is no cap on how much you can make on regular purchases. You can change the money-back categories at any time to match your shopping preferences. You choose the Categories, such as groceries, furniture, and entertainment, that are most practical for you. There are ten choices available.
Purchase Assurance and Extended Warranty
With your Tangerine Money-Back Credit Card, you may receive a lifetime maximum of up to $60,000 for the following: Purchase Assurance, which automatically covers loss, theft, or damage on the majority of new insured items for 90 days following the date of purchase; and Extended Warranty, which may extend the time for repair services to a maximum of one year.