If you manage a start-up and are looking for a business credit card, the Brex for Startups Credit Card should be on your radar. Combining the benefits of a premium card with no annual fee, the Brex card is a qualified entrant on the Forbes Best Business Cards list.
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It’s also the rare small business card that doesn’t require a personal guarantee as long as your business has sufficient cash flow. Best of all, Brex has quickly pivoted to the new normal by revamping its rewards program options.
“Brex rebuilt the credit card technology stack from scratch precisely to be able to nimbly adapt features that best serve our customers. The economic and public health ramifications of COVID-19 are devastating to many, and Brex wants to do everything it can to help its customers during this time. This new rewards program is one of the many such examples,” said Henrique Dubugras, Co-Founder and Co-CEO of Brex.
New Reward Options
Brex has expanded its options to include a selection of reward categories that more closely mirror spending while employees work from home. The alternative Brex Exclusive program, which is opt-in, offers the following rewards:
- 7 points per dollar spent on remote collaboration tools including Slack, Zoom, GoToMeeting, Gong and Monday
- 3 points per dollar spent on food delivery including UberEats, GrubHub, Seamless, DoorDash and Caviar
- 2 points per dollar spent on recurring software/SaaS such as SalesForce or GitHub
- 1 point per dollar on all other purchases
Customers who choose to stay in Brex’s traditional rewards program receive the following:
- 7 points per dollar spent on Uber, Lyft, taxis and scooter rental
- 4 points per dollar spent on hotel and airfare booked through Brex
- 3 points per dollar spent on restaurants
- 2 points per dollar spent on recurring software
- 1 point per dollar on everything else.
Once you’ve earned rewards using either system, Brex offers flexibility in how you choose to redeem them. The easiest way to redeem your rewards is for statement credit or to redeem the points through the Brex travel portal. The value for either option is one cent per point. You may also transfer at a 1:1 ratio to one of seven airline partners, as long as you exclusively use the Brex card for your business expenses.
It’s important to note that Brex is designed to be a company’s only credit card vendor. If you are not exclusive to Brex, your rewards significantly decrease to just 1 Brex Rewards Point per dollar spent on all purchases. Your rewards ratio to airline miles decreases to 1.5 Brex rewards points for one airline mile.
If you are an existing customer, Brex will send you an email inviting you to opt-in to the new program. New applicants will choose which program they prefer when they are approved for the card. Brex has sweetened the pot even further by allowing businesses to switch plans as their needs evolve. This makes Brex among the most flexible rewards programs in the credit card industry.
The Brex Value Proposition
In a sea of business credit cards, Brex is unique for a number of reasons. The most important one is that the Brex card does not require a personal guarantee in order to secure the card. Companies must have $50,000 in the bank or a record with at least $50,000 in monthly sales to qualify for the Brex Card, but once the criteria are met the card is entirely guaranteed by the business.
Companies that qualify for the Brex card are rewarded with a generous selection of benefits, especially considering the card carries no annual fee. Brex is part of the Mastercard network but is a charge card, not a credit card. The credit line is dynamic based on your business’ cash flow.
The Brex card also gives its cardholders a large selection of credits and discounts in categories that most businesses use in one form or another. They include:
- Amazon Web Services: A minimum of $5,000 (up to $100,000) of annual credits based on business volume
- Google Ads: Up to $150 in credit
- Indeed: $500 credit toward sponsoring jobs
- Dropbox: 50% off all Dropbox Business, Standard or Advanced
- Zoom: 20% off an annual subscription
The Brex card is not for every business. Companies without an established base of monthly sales or a sizable cash reserve will neither qualify for the card nor be in a position to maximize the benefits. But for the slice of the Business market that Brex caters to, the option to shift rewards towards categories that fit the moment is a win.
Read More: Brex for Startups Credit Card Review
