Canada: Credit card startup Brim officially launches

Brim Financial has officially launched in Canada, promising a fresh approach to consumer credit in a crowded market dominated by major banks and retailers. Brim’s core products include three Mastercard credit cards, including a no annual fee card, offering a range of attractive benefits and rewards in an effort to differentiate from existing products.

The new cards come with no foreign transaction fees, loyalty points that can be redeemed at any merchant either online or in store, free access to over 1 million Boingo WiFi hotspots worldwide, and the ability to lock certain types of purchases through a mobile app for fraud prevention.

Brim will also offer instalment financing on purchases of $500 or more from any retailer through its app. According to Brim, thousands of customers have pre-registered for early access to their cards, but the company will also rely on merchants to promote its cards and services to their customers.

In addition to Mastercard, Brim has announced partnerships with Amazon.com, Uber Eats and Foodora, with the company also in talks with other businesses, from auto manufacturers to gyms and coffee shops, to grow their customer base.

According to RFi Group data, 44% of Canadian credit cardholders considered the rewards point program crucial when deciding to apply for their card, 40% claimed the annual fee was of central importance, and 31% valued the security features on the card.

This suggests a sizeable opportunity for Brim to attract new customers, with three of the core benefits of its cards key to future uptake.

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