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Brex; Insider
Review: Is the Brex Card the best credit card for you?
When you think of the most rewarding small-business credit cards, you might assume that you’ll need to shell out a sizable fee each year for the ability to rack up bonus points. The
The
The
- 8x on ride-sharing spending
- 5x on travel booked through the Brex portal
- 4x at restaurants
- 3x on eligible Apple purchases made through the Brex portal
- 1.5x on advertising
- 1x on all other purchases
There are a few key caveats to the rewards structure. Let’s start with the most important piece of the puzzle: You have to use the
If you’re using other small-business credit cards, your rewards dip to a measly 1 point per dollar, plus 3x for eligible Apple purchases – a rewards structure not worth celebrating. So, this credit card is only for business owners who aren’t afraid of a serious commitment and who are willing to break up with their other cards.
Read more: The best small-business credit cards in 2021
Now, if you can make it your exclusive card, Brex offers some additional options to make the card more rewarding based on your spending routine. For example, if your company calls itself a tech company, you’ll earn 3x on recurring software purchases. If your company works in the life sciences, your highest payout – 8x – comes on conference tickets. So, if five of your employees are registering for that big annual meeting on biomedicine with a fee of $2,000 per ticket, that payout can come in handy. You’ll also learn 2x on lab supplies.
Another big differentiator is that Brex rewards you more if you pay your bill on a daily basis, similar to a debit card. To do that, you deposit money into a Brex cash account, and each day, your bill is automatically paid from those funds. If you pay your bill on a monthly basis, your rewards are a bit less: The highest payout is 7x.
And finally, Brex can claim a first in the business credit card space: You can redeem your rewards in cryptocurrency. The company recently announced that cardholders can enjoy redemption conversions in Bitcoin and Ethereum, which sets it apart from every other business credit card offer you’ll find right now. If you’re looking to dabble in crypto (and you aren’t afraid of Elon Musk’s Twitter account impacting the value of your points), this is a low-risk way to do it.
Comparison: Brex Cards paid monthly and daily
Brex credit cards come in two flavors: one geared toward smaller companies and another geared toward companies that meet certain size and revenue requirements. Here’s a rundown of how they stack up and which one might be a fit for your company:
|
Brex Credit Card, paid daily |
Brex Credit Card, paid monthly |
|
|
Best for |
C-corps, S-corps, LLCs, or LLPs registered in the U.S. – no separate application required |
Certain companies that meet size and revenue requirements in an application process |
|
Credit limit |
80% of Brex Cash account balance |
Much higher – Brex says limits are typically 10x to 20x that of typical corporate cards |
|
Rewards |
8x on ride-sharing spending 5x on travel booked through the Brex portal 4x at restaurants 3x on eligible Apple purchases made through the Brex portal 1.5x on advertising 1x on all other purchases |
7x on ride-sharing spending 4x on travel booked through the Brex portal 3x at restaurants 3x on eligible Apple purchases made through the Brex portal 2x on recurring software like Salesforce, Zendesk, Twilio, and more 1x on all other purchases |
|
Paying your balance |
Daily via your Brex Cash balance |
A monthly bill |
For smaller companies, the credit limit based on your cash seems like a strong guardrail for ensuring smart financial management. It’s important to note, though, that Brex’s operating model means that if your cash flow looks iffy, the company might reduce your credit limit to $0.
Read more: Who can qualify for a small-business credit card?
It seems that the company aims to have customers have a balance of at least $25,000 to feel confident enough to extend them credit, too, so this isn’t for small sole proprietors who simply identify as self-employed. As long as your company is big enough, Brex can be a great card for your wallet. The company’s lack of an annual fee and any interest charges add up to feeling confident that you won’t be racking up additional expenses.
Comparison: Brex Card vs other small-business credit cards
|
|
|
|
|
|
Annual fee |
$0 |
|
|
|
Rewards rate |
Up to: 8x on ride-sharing 1x on everything else |
2x Amex Membership Rewards points on first $50,000 per year (then 1 point per dollar) |
5% cash back (5x points) at office supply stores and on internet, cable, and phone services* 2% cash back (2x points) at gas stations and restaurants* 1% cash back (1x points) on all other purchases |
|
Welcome bonus |
|
None |
|
|
Card benefits |
Secondary car rental insurance Cell phone protection Exclusive hotel perks via Mastercard’s Luxury Hotel Program Discounts on QuickBooks, Gusto, and other software |
Extended warranty Purchase protection Secondary car rental insurance Global Assist Hotline Targeted discounts and bonuses through Amex Offers |
Car rental insurance (primary when renting for business purposes) Extended warranty Purchase protection Travel and emergency assistance services Roadside dispatch |
|
Review |
*5% cash back and 2% cash back on the
How to use points from the Brex Card
You can redeem
- Aeromexico
- Air France-KLM
- Emirates
- JetBlue
- Avianca
- Asia Miles (Cathay Pacific)
- Singapore Airlines
- Qantas
The Brex crypto redemption feature is perhaps the biggest headline of its rewards offering. If you’re completely new to Bitcoin and Ethereum, the company has a fairly comprehensive outline of how to get started and how to turn some of your points into these digital currencies. You can pick and choose your payouts, too, such as using some points for crypto, some for cash, and some for airline miles.
Brex Card benefits and features
The
Cell phone protection
If you’re paying for cell phone insurance on your mobile device, you can skip that bill. This coverage is $1,000 in annual protection with a maximum payout of $800 per claim and two claims per year.
Read more: The best credit cards with cell phone protection
Luxury hotel benefits
The Mastercard World Elite luxury hotel and resorts portfolio includes over 3,000 properties, and your Brex card will make staying there feel more elite with complimentary breakfast for two, room upgrades, and a lowest hotel rate guarantee.
If you want to feel really elite, the World Elite Mastercard also comes with access to the Mastercard concierge who can help you book private jet service and private car services at exclusive discounts.
ID Theft and Zero Liability Protection
The World Elite Mastercard comes with the kind of top-tier identity and fraud protection you would expect from a premium credit card. Basically, you won’t have to worry if anyone else gets ahold of your card, and you’ll also have a monitoring service for any suspicious activity around your identification.
In addition to those benefits, Brex has a range of partner deals that can make a difference for your business’ operations and your bottom line, including:
- $5,000 credit and up to $100,000 on AWS Activate – Amazon Web Services’ program for startup growth
- 40% off your first year of QuickBooks to help manage your finances
- 50% off on UPS shipping services
- 50% off the first year of Gusto, a payroll and HR benefits platform
- 25% off a year of Slack paid plans
- $150 of Google Ads credits
- Up to 25% off business insurance through Vouch
- $10,000 credits on Freshworks products
Brex says that all those additional perks add up to north of $150,000, which is an impressive figure. However, you should take a complete inventory to see which services would work for your company.
Brex Card fees and costs
With so much to share about the potential value that Brex can deliver for small-business owners, there is one area where the isn’t much to say: the fees and costs add up to zero.
Read more: The best no-annual-fee credit cards of 2021
There is no annual fee, and there is no interest charged on the
David McMillin has written about credit cards, mortgages, banking, taxes, and travel for the past 10 years. His goal is simple: help readers figure out how to minimize fees and maximize rewards.
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