 Hello everyone, this is Amit Dan and on this channel you'll find financial travel and more videos. If you like what you see, please do the thumbs up and consider subscribing. Thank you. Hello everyone, this is AmitDan of AmitDan.com. Today I'll be presenting another unboxing and review video, and I'll be presenting the Brim World Elite MasterCard. Before I start that, let me introduce myself. If you are watching this channel for the first time, congratulations, if on me. On this channel I do financial travel and other videos, and I'm a financial author, travel expert. And using travel points and miles, I travel the world for free or paying very little, mainly on business class. And I document my travel and you'll be able to see these travel videos on this channel. And on this channel I do credit card reviews and most likely this is the only channel and on my website. AmitDan.com, you'll find non-affiliated, unbiased and honest credit card reviews. There are so many websites, you'll find online that doing credit card reviews. But the problem is that they are all working for the credit card companies because they're giving you affiliated links for those credit cards and they accept money from the credit card companies. So the opinions and reviews you're going to get from those other places, they're not going to be honest and unbiased because you know it's their best interest not to give you the honest opinion and best information. So that's why my channel is different than anything else because here there's no affiliated link, no accepting money from the credit card companies and everything you see are non-affiliated, unbiased and honest. Before I start going to the actual unboxing, the Bream credit card created a heavy buzz on the Canadian credit card market because this is the first time a non-bank is offering a mastercard. Now I applied for this card in February so it took almost five months or slightly more than five months for me to receive this card. And in between there are so many things happened with the Bream financial. Some people thought this is a scam, the companies just collecting people's information to scam them at a later date. Some people thought that they will not be able to come up with this credit card and even we heard that some of the people who were placing their or putting their opinions online they're being blocked by Bream on their Twitter or Facebook accounts and also we heard that for some of the applicants Bream also asking for identity verification by a lawyer or a doctor which I have never heard before in Canada. So there are so many things happened with this company and now finally I got my credit card and there's so much to talk about and I will go through those as I start the unboxing. So let me take you to the unboxing and then we'll go from there. Thank you for watching. I'll see you shortly. So we have our Bream credit card package right here which just came in the mail about two weeks ago. So let's take a look at the envelope first. So the envelope is made of thick material. This is not like your everyday envelope and they have some address over here which I'll show it to you. So let's open the envelope. So when you open it the whole information folder including the credit card is going to come out. Okay so this is the full information folder full package and the envelope is empty. So I'll just set it aside here. So this is what you will get. This is the whole folder and once you open it just before I open this there is a nice information folder and this kind of raised Bream word written on it. So you can feel it if you move your finger over it and it looks also nice the material. So once you open it and then here actually is the Bream credit card which I'm covering it right now. I'll show it to you once I finish talking about everything else and then here's the picture of the app and here's another picture. So here the first piece is introductory letter or welcome letter and we're going to open it. So this side is blank and once you open it. So it comes like this. So here's just says that you know this is to welcome you to the Bream community and activate your card and to get your pin actually to set up your pin you have to go to Breamfinancial.com and then you can download the Bream mobile app on the App Store Google Play Store and then you have here in order to pay bill you have to add Breamfinancial as a bill pay at your bank or use Interac online to make payments through Bream portal. And then there's the redeem rewards. You can redeem your rewards anytime or use them as a cashback unlimited or uncapped rewards. Visit Bream Marketplace for offer 0% foreign transaction fee shop bird and installment pay family credit cards. And if you have any questions you can follow these numbers. Okay so let's go through the information folder like you know the manual then I'll talk about some of the points here which are which look very good but you know there's secrets behind it. So you know I'll reveal those secrets for you. So I'll just put it here for now and let's see what they have in here. So it looks like here's the whole booklet. So right now this one actually is empty. So there's nothing in it and I'll just set it aside and start from here. So Bream offers three. Oh actually I'm sorry there's something here. I'm not sure what's the purpose of this Bream logo but maybe you could put it on your computer laptop or somewhere. Maybe that's the purpose so I'll just leave this here. Okay so Bream has actually three different versions. This is the regular MasterCard and this is the Bream World MasterCard and this is the Bream World MasterCard. And here are some definitions and eligibility and Bream rewards. So basically you're earning 1.4 every dollar based on what type of card you have for Bream World MasterCard. The spending limit is $25,000. So right here you see that they're saying the spending limit is $25,000 and here they're saying that unlimited and uncapped rewards. So that's a flaw right there so they're not giving the truth. So you can see that they're just hiding it and in the booklet they're saying it's not unlimited but here they're saying unlimited and uncapped. So that's a lie. So that's the first thing I noticed when I was going through the booklet. So the cap is actually $25,000 from Bream World MasterCard and you get 1.5 points for every dollar. And after that you're going to get 1 point for every dollar. So 1 point actually is 1 cent so it's like 1% or 1.5%. So Bream World MasterCard, same cap, $25,000 which is right here. But only you're getting 2 points instead of 5 points here up to $25,000. And then after $25,000 you're getting 1 point for every dollar. So basically for Bream World you're getting the same after $25,000. Actually, sorry I missed it. Bream Regular MasterCard is 1 point for every dollar and there's no cap here it looks like. So it looks like this is like a flat 1% on everything. So this is 1.5% up to 25 and beyond that 1%. And from the Bream World MasterCard, 2% up to $25,000 and beyond that 1%. Now Bream has a contract with some of the merchants for which you get like 2% from some of the online stores. For example from Amazon, Netflix, Spotify, so which they haven't mentioned here but it's on Bream website. So let's take a look here. Open Rewards, okay I think that's what they're trying to say here. Bream Rewards account earns either per $1 of eligible purchase at a specified merchant partner as a multiple of your usual base viewers. I think that's what they're trying to say here that for some of the merchants you get actually more points than referral bonus redeeming viewers. So redeeming viewers should be easy it's 1% per point so you can redeem it anytime using your app or you can just call them. So that should be straightforward. And Tax, let's see what we have here, Termination of Program, Miss Lanias and I don't see anything else to mention here. Okay so this booklet doesn't provide much information, I'll leave it here. And Card Holder Agreement, let's take a look here. So this looks like just you know all the agreements and terms and conditions, great limit. There's nothing to look at here. We are for installment plan, okay actually I'll talk about this installment plan, what they have. Let me just go over these first. Okay so here I don't see anything interesting. Okay so I'll leave this here and we have initial disclosure agreement. So this is just like you know interest rate and stuff. I don't think there's something interesting here. Okay actually I see what's going on here. Okay here is something I'd like to talk about. So if you take a look here, annual membership fee, $0 for the regular one and the Bream World MasterCard is $99 and Bream World Elite MasterCard is $199. Now when I applied for this card in February, the annual membership fees for this card was $120, not $199. So what happened here that they increased it to $199 even before I received my credit card. So now it's $120, I mean now it's $199 but when I applied it was $120. So this is something very unusual. I have never heard any institution increasing their annual fee even before the cards reaching to the account holders. So this is something unacceptable but what they're saying that if you applied at the early stages for example in February you're going to pay $120 for the first year and after that it's going to be $199. But that's not a good reasoning, that's still unacceptable and for this card in terms of what the future it has $199 doesn't make any sense because it doesn't come with the launch passes. Although it gives you just launch access which is the MasterCard World Experience VIA Launch Key Program. So it's just a membership they're giving you, they're not giving you any free passes. But if you pay let's say $120 with the BMO World Elite MasterCard you get two launch passes, if you pay $150 annual fee for the BMO World Elite MasterCard you get four passes. If you pay $139 for the Scotia Passport Visa Infinite credit card you get six launch passes. So you're paying so much little with those cards and you're getting launch access and here you're paying much more but you're not getting any launch passes, you're just getting the launch membership. So for that reason I don't see keeping this card and paying $199 every month year after year. I'll talk about this a little bit later again, so let's say this is at here. Now we have here the insurance manual, let's take a look at that. Okay, so here is the insurance brochure. So this credit card comes with good travel insurances and for example they have medical emergency, trip cancellation, trip interruption and they have flight delay and baggage delay, lost or stolen baggage, insurance, hotel motel, burglary, car rent out. They have good insurances and the other good thing I'd like to talk is that the provider. So whenever you're having a credit card or an elite credit card or annual fee credit card for insurance always look for the provider. Some credit cards on the Canadian market they have good insurance, the provider is not good and it's very hard to get anything out of it when it comes to claiming with the insurance company. So for example if you look at Scotia Passport Visa Infinite or if you look at so many other credit cards where the insurance provider is American Banker Association of Florida, I believe that's the full name, they're giving all the insurances but people have really hard time getting anything out of this insurance company. You'll see online there's so many reviews and stuff so although they're saying they're giving a lot but it makes no sense or it has no meaning if you cannot claim anything in terms of need. But with this card the good thing is that the insurance provider is RSA which is the Royal & Sun Alliance Insurance Company of Canada and this is one of the Canadian companies which I prefer or I like. Some of the insurance companies I would go for would be like you know TD, RBC and let's say CIBC I think they have one too. So I would go for like a big and reputable company. So this is another company I like. So that's a good thing about this that you know if you need to claim your insurances you're not going to have hard time getting anything out of the insurance company if the insurance provider is a good and reputable one like this one. So that's a good thing but the bad thing is that they're charging $199 for all these insurances and so many other credit cards on the Canadian market. You can get similar or better quality insurances. For example you can look at RBC, Avion, Visa Infinite, $120 and all fee. Insurance provider is RBC. You can have TD, Visa Infinite, Cashback, TD Visa Infinite, Aeroplan or anything to the TD Visa Infinite $120 and all fee. And the insurance provider is TD. You can even look at BMO which is I believe the insurance provider is it's not BMO but it's Alliance or something they're so-so they're not like you know that good not that bad they're still okay. So for this one I'm not going to go through all the insurances for this company here. I'll show it to you on my on the website because you know they have better breakdown on the website rather than in the book. Okay so here basically let me just take a look if they have any summarized insurance amounts and numbers. So here they're giving all the information. Okay so I'm not seeing anything here. Okay so they don't have any summary type of insurance on one page so I don't want to go through all the whole thing. So what I'll do I'll just set it aside here. I'll just set it aside here and let's go to Bream website where I'll show you something else. Okay so here we are looking at the Bream website. This is Breamfinancial.com and then I'll go over some of the features which is better mentioned here than in the brochure. So one thing they're saying is that open viewers what it means that you know you can redeem it anytime via app or calling them installment pay. So Bream has this feature where you can allocate a portion of your credit limit to buy something or to buy a large purchase. And you can have that purchase paying out per month break it down based on the amount and it will not affect your regular other credit card payment. But the problem with that type of installment pay is Bream is saying that this is 0% installment pay which is very misleading and false because it's not actually 0%. So the problem with their 0% financing plan or 0% interest free plan is that they're charging you 7% upfront and every month you're going to have to pay $4.75 for each $1,000 admin fee. That's what they call it. So this is not really interest free or 0% financing plan. They're just like you know misleading you giving false information. So if you do the math and if you do that like you know if you take let's say $1,000 or $2,000 installment pay you're going to actually pay out more than 20% which would normally credit card charge will charge you if you like you know do not pay the balance. So they're actually getting more money out of you just misleading you giving false information with their 0% financing plan or 0% installment pay. So they're just like you know using different conditions or terms for example one time installment one time installment fee or processing fee or whatever they call it. And then each month admin fee they're charging $4.75 per $1,000. So at the end if someone uses this plan that person is going to be the loser because that person is going to end up paying more than 20% on that installment. So never take use this feature from Bream on installment plan. Now they're claiming that they have 0% foreign transaction fees which is very good you know we love that. Only a few cards on the Canadian market offer 0% foreign transaction fee. The latest card we have seen for that 0% foreign transaction fees is the Scotia Passport Visa Infinite which is from Scotia Bank. TDE, CIBC, RBC these big guys they're not offering 0% anything 0% yet. But the problem with the Breams 0% is that any other 0% foreign transaction fee they use the foreign currency fees provided by MasterCard which is published on MasterCard's website. So they use that fee but what Bream is doing they're not using the MasterCard's published rate they are going to make up their own rate. And I see there is like you know reason to be concerned right there because I think they're going to tweak the rate to towards their advantage. And they're going to like you know rip off clients or whoever using this card to buy foreign purchases because their rate is going to be twisted rate. So that's another thing to concern. So although they're saying 0% foreign transaction fee so this is not actually the MasterCard provided or MasterCard approved 0% foreign transaction. This is their own you know made up foreign transaction fee. Okay so let's take a look here Bream with security. So Bream saying that they have a feature where you can you know lock your card or you can like you know stop your card from making any charges on your app and you can do it in real time. And once you think that you know you're okay to use your card again you can just unlock it. So this is a very good feature to have. More credit card companies should be going with this feature. And then here Bream is offering more points and certain merchandises which I mentioned before. Some of them are Amazon Netflix Spotify. And let's take a look here. So here is a comparison chart. Let me see if they give you insurance breakdown on here. So I can give you some more information on that. And the thing Bream is advertising that they're giving free global Wi-Fi with the with actually all trade cards. For example you can see that free global Wi-Fi with the regular Bream Bream World and Bream World Elite. So that's that's a good feature to have. But there are other trade cards in Canada too which offers this free global Wi-Fi. For example here's a car RBC cashback prepared one elite massacre which gives free global Wi-Fi from Boingo as well. And there are other trade cards. So this is not not like Bream is the only one giving that. Let's take a look here. Oh actually there's an insurance summary here which I can see right here. So common carrier accident insurance. I'm going to just go for the world elite. I'm not going to look at world or Bream regular. So Bream World Elite has common carrier accident insurance $150,000 to $550,000 insure and $500,000 for the accident. Mobile device insurance which is up to $1,000 for lost theft or damage. Event ticket protection insurance up to $1,000. And then extended warranty which actually is provided by like 99.99% of freight cars which doubles up the warranty for another additional year. And here actually they're giving you $25,000 per car holder. Purchase security is 90 days $1,000 per occurrence out of province. Emergency medical is if you're under 65 then you get 15 days. And if you're over 65 then you get how many days? Three days and your limit is $5 million. RBC Visa Infinite card has this insurance and then actually they have unlimited amount. So this is $5 million limit is not bad. Some other cars will give you only like 1 or 2 million and some will give you like 5 like Bream. So that's a good part but RBC has better on this part. And then flight delay insurance we have is $500 per day a maximum of $1,000 occurrence if it's more than 4 hours. Baggage delay is $1,000 per occurrence and $2,000 for everyone if it's more than 6 hours. Then stolen lost or stolen baggage is $1,000 per person $2,000 for the full trip or full account. Hotel motel burglary is $1,000 per occurrence. Car rental loss damage is 48 days and you have $85,000 maximum. And car rental accident or debt will be how much? $100,000 and $300,000 for the full accident. Travel assistant trip cancellation is $2,000 per insured up to maximum of $5,000. Trip interruption is $5,000 up to maximum of $25,000 per trip provided by RSA. So let's go back to our Bream folder. Now the question you're going to be asking that whether you should keep this card for paying $199 year after year. So this is my first year for this card and I'm going to pay only $120. But once it comes to renewing the card, I'm not going to cancel it, but I'm going to switch it to the Bream regular Mastercard. By doing that, I'll keep my points and I will still get Boingo global Wi-Fi for free. So that's the only thing I want from this card. And in terms of all the insurances they're telling you and everything, you can have similar insurances or even better insurances paying $120 annually. So you don't need to pay $199 per year and it doesn't have concierge services. It doesn't have free lounge passes. It doesn't have anything anniversary per year to make you like, you know, stick to the card. So I don't see any point keeping this card year after year. So this is my guess is that they're going to lose like most of their customers paying $199 per year for giving nothing. They're giving just like, you know, insurance and open the word and zero foreign transaction and what else and then Wi-Fi. So these are good, but I don't believe that, you know, this is worth paying $199. Even let's say if the annual fee was $120, I wouldn't renew this or I wouldn't keep this card. I've just switched to the no free version because, you know, I would pay $120 or $140 or $150 somewhere else and would get free lounge access or free night per year or something like, you know, make my annual payment or because this card is giving you nothing and charging $199. So that's my take. Now I believe I covered most of the important points. So this is not a good thing to increase the annual fee even before account owners receiving the card in their hands. And then there are lots of things that Bream is lying about, which I don't like, which is not enough. You know, they shouldn't be doing it. For example, in terms of foreign transaction fee rate, they're using their own rate. And then they're saying unlimited uncapped rewards, but there is actually limit on that. And there is no concierge service. So lots of things, you know, I'm not happy about this. And I'm not going to pay this card even forget about $199 per year. Even if it was $120, I wouldn't keep this card beyond its first year. So now let's go to the final section of our unboxing video. Okay, so I'll just take this off slowly. And here we have the Bream World Elite MasterCard. And you are looking at it right now, although whether to keep this card beyond its first year or not, I already gave you my opinions and everything. So that concludes our video of video and unboxing and review video of the Bream World Elite MasterCard. If you like what you see, please give it a thumbs up and consider subscribing. There will be more videos coming up. And before I let you go, I would like to mention that I have a whole one month trip coming up to Australia, New Zealand, Singapore, and Malaysia in November, December using mainly points and miles. And I will have lots of business cut flight reviews, hotel reviews and so many other travel videos. So subscribe now and I'll see you shortly in the next video. Thank you for watching. Bye.