Update 9/24/19: JetBlue has been added as a 1:1 transfer partner. Sign up bonus through the TPG link is currently at 75,000 points.
Update 8/28/19: Deal will end August 31st, 2019.
Update 7/30/19: Brex has launched a new 100,000 point sign up bonus (exclusively through TPG unfortunately) when you spend $1,000 within the first three months. Card fees are also waived for life. In addition points can now be transferred to one of the following six transfer partners at a 1:1 rate:
- Aeromexico Club Premier
- Air France/KLM Flying Blue
- Avianca LifeMiles
- Cathay Pacific Asia Miles
- Qantas Frequent Flyer Program
- Singapore KrisFlyer
To be eligible for the bonus you need at least $100,000 in funds in your company bank account.
Brex is a new Mastercard credit card issued by Emigrant Bank that is targeted towards start ups. Let’s take a look at this card in this quick review.
Card Basics
- No annual fee
- Card earns at the following rates:
- 7x points on rideshare
- 4x points on brex travel
- 3x points on restaurants
- 2x points on recurring software
- 1x points on all other purchases
- No sign up bonus, but comes with a number of discounts/deals:
- Amazon web services: $5,000 in credit over a year
- Google Ads: Up to $150 in credit
- WeWork: Up to 15% off list price for 6 months
- Lots more benefits available
How Much Are Points Worth
Points can be redeemed through Brex Travel and you can also apply points against purchases and get a value of 1¢ per point.
You can also transfer to one of the following six transfer partners at a 1:1 rate:
- Aeromexico Club Premier
- Air France/KLM Flying Blue
- Avianca LifeMiles
- Cathay Pacific Asia Miles
- Qantas Frequent Flyer Program
- Singapore KrisFlyer
Key Differences
Brex is slightly different than a normal credit card, when you sign up you have to give them access to your banking information (I assume via Plaid or something similar). This information is then used to determine your credit limit and once a statement closes they automatically withdraw the funds from your account.
Our Verdict
Brex isn’t a small time start up operation, they have raised $282.1 million. An issue for a lot of start ups is that getting access to a corporate credit card requires a personal guarantee or deposit, whereas Brex doesn’t require this. For readers of this site the card itself is now very interesting due to the 100,000 point bonus. It’s also worth keeping long term due to the 7x option and no annual fees. Unfortunately most people won’t be eligible due to the $100,000 deposit requirement. It’s also not clear what sort of business documents are requirements. In addition according to this comment the rewards program is only available to Brex cardholders that only use Brex for credit card payments (and I assume this is verified as they have bank account access).
Is there referral page available?
In this era, with data breaches every other week, you’d have to be OUT OF YOUR MIND to give a credit card company full access to your bank account with 100k+ on deposit. It wouldn’t matter if they did 25x on all purchased and a billion points for the sign up bonus. It would STILL be too great of a risk.
Can anyone apply for this card? Shows up on credit report for chase 5/24?
Need an EIN. Sole prop with SSN not allowed.
They don’t charge annual fees or interest? They make money by getting a “small fee” from merchants? They want automatic withdrawal authorization? Sure. What can go wrong?
Brex works for corporations and other forms of non-individual liability companies. Brex underwrites with Employer Identification Numbers (EINs), not Social Security Numbers, so consumers, sole proprietors, and other unregistered businesses are ineligible. Only companies organized and registered in the United States (such as C-corps, S-corps, LLCs, or LLPs) may apply for a Brex Account.
Consumers, sole proprietors, unincorporated partnerships, and companies registered outside the United States are not permitted to use, or attempt to open or use, a Brex Account. There are also some prohibited activities and businesses that we cannot support.
Your link for “only use Brex for credit card payments” goes to the wrong place, I think you meant this (though he didn’t give details and it’s still unclear): https://www.reddit.com/r/churning/comments/bgwy1b/new_credit_card_startup_brex_7x_rideshare_3x/elpgkry/
If you don’t make them your exclusive business card, you only earn 1X per dollar. This is stated clearly all over their website. From https://brex.com/rewards/:
“Make Brex your exclusive corporate card and get in on the most valuable rewards program available…..Not ready to make Brex your exclusive corporate card? You’ll still earn 1 point per dollar spent with Brex for Startups, with no cap on how much you can earn.”
From their FAQ, https://brex.com/faq/:
“WHAT IS BREX EXCLUSIVE AND HOW DO I QUALIFY?
Brex Exclusive is a status that gives you access to the highest rewards multipliers and allows you to earn the most points on your spend. In order to qualify for Brex Exclusive, you need to make Brex your exclusive corporate card for your business.
WHAT REWARDS DO I GET IF I AM NOT BREX EXCLUSIVE?
If you do not qualify for Brex Exclusive, you will still earn 1 point per dollar spent on all transactions. In addition, you have access to exclusive partner offers and to the Brex Travel portal.”
So, yeah….they are out. A ridiculous requirement that it’s hard to imagine many people agreeing to.
I honestly don’t care about the increased rate. I just want my $1,000 bonus (or 100,000 AviancaMiles) if it’s easy to get this card as a Sole Proprietor. Then move on, game continues…
Need an EIN. Sole prop with SSN not allowed.
It’s worse. Sole prop with EIN not allowed either. Need to be incorporated.
“Consumers, sole proprietors, unincorporated partnerships, and companies registered outside the United States are not permitted to use, or attempt to open or use, a Brex Account.”
Where do you see this?
In the FAQ
Thanks Justin.
Funny how much wrong they can put in just one phrase.
“Brex underwrites with Employer Identification Numbers (EINs), not Social Security Numbers, so consumers, sole proprietors, and other unregistered businesses are ineligible.”
First, EIN can and in most cases should be used by sole props so if the reason they don’t underwrite sole props is the lack if EIN, that’s a lame excuse.
Second, in many localities sole props are required to register. So definitely not all sole props are unregistered businesses.
So consumers, sole proprietors, unincorporated partnerships, and companies inside the United States are eligible? 😉
I think cashing out is better. Yeah you get more value transferring to airlines but you also end up taking unnecessary trips.
Not at all comfortable with surrendering detailed bank account information and autowithdrawal authority on an account with over 100k to a bank I’ve never dealt with before. Let alone the ridiculous requirement that this be your only card to use for your business. If you have a real business, that is like giving them the power to cut off your financing on a whim which could put you out of business if they have some glitch, hack or other problem during a busy sales period where you need liquidity to keep your business flowing. Too risky.
Yeah but 7x points and it’s metal
LOL!
It’s wild the founders of Brex are like 22/23 and given the funding for this company have become billionaires in less than 2 years. What a time to be alive.