What makes the Brex Card unique amongst other small business credit cards is that the cardholder is not required to personally guarantee the debt incurred on the card. Brex makes its determination of creditworthiness based on an evaluation of a company’s available liquid capital and an assessment of investors and overall company spend.
The Brex Card is a consideration for businesses that are already capitalized but do not have a lengthy credit history. The card allows for small businesses and start-ups to build business credit as Brex partners with Dun & Bradstreet and Experian to report on-time payments.
Rewards: The Brex Card offers a few rewards earning options that you can choose as a cardholder, but the classic option awards 1 point per dollar spent on general everyday purchases and offers bonus rewards on a number of categories. The specific bonus categories are: 7 points per dollar on rideshares (Lyft, Uber, etc), 4 points per dollar for travel booked through Brex, 3 points per dollar on restaurants and 2 points per dollar on recurring software subscriptions. Cardholders can also opt to pay their bill daily in order to earn slightly elevated rewards.
Card members can redeem rewards for maximum value by transferring points to one of the airline transfer partners. Partner airlines span across the three major airline alliances and include Singapore Airlines, Air France, Qantas, Cathay Pacific, JetBlue and more.
Annual Fee: $0
Benefits and Drawbacks: The Brex Card does not require a personal guarantee, and there’s no security deposit or personal credit check required to apply. The card allows businesses access to higher credit limits than comparable traditional small business cards.
Card members also receive exclusive-access to a suite of valuable tools and memberships relevant to startup businesses (Salesforce, Zendesk, WeWork, Google Adwords, AWS, etc.). Additionally, the card is designed to simplify expense reconciliation with compatibility to Quickbooks, Expensify, Xero and more.
The major drawback is that a business must have between $50,000 – $100,000 available in liquid capital to apply, and the Brex Card is a charge card rather than a credit card, meaning that the balance is due in full and on time each billing cycle.