Exclusive: 80K Points With Brex Business Cash Account

Filed Under: Banking, Business
In the interest of full disclosure, and OMAAT earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers (terms apply) that we have found for each product or service. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, hotel chain, or product manufacturer/service provider. This post and the 80,000 point Exclusive Offer are sponsored by Brex Inc.; please check out our advertiser policy for further details about our partners, and thanks for your support!

The Brex Card for Startups has been around for a while now. Its offer was unique: a corporate credit card, but tailored to newly launched startups and tech companies, without requiring a personal guarantee.

Bottom line up front? You can get up to 110,000 bonus points as a welcome bonus for opening a no-fee business cash management account.

Here’s how.

What is Brex?

Brex is a startup for startups. At its core, it’s a financial technology company that offers corporate credit cards to tech, life sciences, and ecommerce companies.

Many startups have difficulty accessing credit without a corporate credit history. As banks don’t have anything to make lending decisions based on, startups would oftentimes find themselves locked out of credit markets. They might have loads of funding, but no credit.

That’s where Brex stepped in. Instead of approving accounts based on a corporate credit profile, Brex started making lending decisions based on a company’s funding. They would monitor your corporate checking account, and extend a line of credit. The line of credit would fluctuate based on your bank balance.

This worked great for new tech companies. Flush with cash, they could get a line of credit with Brex with a 30 day payment cycle that offered a compelling rewards program.

The downside was that some traditional businesses have not been among the industries Brex targeted historically. Lots of companies tried signing up for the product but were unsuccessful due to not having sufficient capital to meet Brex’s underwriting requirements

That’s all changing. Brex’s new products will be available to businesses in all industries, with a few standard exceptions.

Brex is expanding its offerings to serve more businesses, and launching some new products. There’s a Brex Cash account, which is a sleek update to a traditional cash management account, and then a new Brex Daily card complete with rewards. Brex’s lineup now consists of:

  • Brex 30 day (formerly Brex for Startups)
  • Brex Daily (also referred to as Brex 1 in some places)
  • Brex Cash (this is the one I’m excited about)

I’ll break down the new products in this post, but the key point to know is that some variant of Brex is now potentially available to most businesses in the U.S., without being limited to tech or life sciences companies (though Sole Proprietorships are not currently eligible), and there are some awesome welcome bonuses exclusively for OMAAT readers.

What is Brex Cash?

Brex Cash is a cash management account that functions much like a business or corporate checking account (although it isn’t a bank account), but is updated for the way businesses work in the modern world. You can use the account to deposit checks, send and receive ACH transfers, wire money internationally, and manage spending for different users.

There are no fees for the account, which is fantastic. International money wires are even free (though there may be a fee for the person sending or receiving the wire depending on their bank).

Brex Cash also includes a Brex Daily card that can be used like a debit card that earns rewards. Instead of making a payment every month like a traditional credit card, with the Brex Daily card your charges are paid daily against the balance of your Brex Cash account.

The Brex Daily card essentially serves like a debit card or a prepaid credit card. You can only spend what you have available in your Brex Cash account, and all charges are accounted for daily.

How does this fit in with the current Brex Card?

Brex is also keeping a version of the card with a 30 day payment period. That is like a traditional credit card as you pay your statement every 30 days.

Brex 30 will be available to qualified companies in more industries, and the rewards structure will differ a bit. Your credit limit will be determined by either your Brex Cash account or your external corporate checking account.

Brex Cash +
Brex Daily
Brex Cash +
Brex 30
Brex 30 Only
Earnings Rates• 8x on rideshare
• 5x on Brex travel
• 4x on restaurants/dining
• 3x on Apple products
• 3x on recurring software
• 1x on everything else
• 7x on rideshare
• 4x on Brex travel
• 3x on restaurants/dining
• 3x on Apple products
• 2x on recurring software
• 1x on everything else
• 7x on rideshare
• 4x on Brex travel
• 3x on restaurants/dining
• 3x on Apple products
• 2x on recurring software
• 1x on everything else
Sign-up Bonus80,000 after spending $1,000 on your new Brex card80,000 after spending $1,000 on your new Brex card80,000 after spending $1,000 on your new Brex card
Other Bonuses• One-time 20,000 bonus points when you link payroll to your Brex Cash account
• 10,000 additional points after spending $3,000 on your Brex Card in the first 3 months
• One-time 20,000 bonus points when you link payroll to your Brex Cash account
• 10,000 additional points after spending $3,000 on your Brex Card in the first 3 months
N/A
Points Redemption Options• Cash Back: 1¢/pt
• Gift Card: 1¢/pt
• Travel Portal: 1¢/pt
• Miles Transfer: 1:1
• Cash Back: 1¢/pt
• Gift Card: 1¢/pt
• Travel Portal: 1¢/pt
• Miles Transfer: 1:1
• Statement Credit: 0.7¢/pt
• Gift Card: 1¢/pt
• Travel Portal: 1¢/pt
• Miles Transfer: 1:1
Qualification CriteriaFor all business types* with no minimum balances or funding requirements$50,000 minimum balance in any bank account$50,000 minimum balance in any bank account

The above earnings rates are for the tech version of the Brex 30 card. There is also a life sciences version of the Brex 30 card, which has different bonus categories. That card earns 7x points on conference tickets in lieu of rideshare, 2x points on lab supplies instead of software charges, and doesn’t have a bonus for dining/restaurant spend.

If you currently have a Brex Card (called the Brex Card for Startups), you’ll have the option of switching to the daily payments schedule. If you do that, you’ll earn a 1x multiplier on your spend. This is similar to how the Brex Exclusive rewards worked previously.

Earning points with Brex Cash

The Brex Daily card with daily payments that automatically comes with a Brex Cash account earns up to 8x points in certain bonus categories. Here’s what you’ll earn*:

  • 8x on rideshare (Uber, Lyft, taxis, scooters)
  • 5x on travel booked through Brex Travel
  • 4x on restaurants and dining
  • 3x on recurring software charges, like Salesforce
  • 3x on eligible Apple products through the Brex portal
  • 1x on everything else

Basically, with a Brex Cash account, you earn more rewards when you opt for the daily payment schedule, which makes sense, as Brex isn’t having to float those balances all month. The 1x rewards multiplier boost for rewards on the daily payments cycle is more lucrative, though some businesses may find the 30 day payment schedule more attractive at the cost of the extra point per dollar.

I’m also told that the Brex Cash and Brex with daily payments combo will be easier to get approved for (which again makes sense, as it’s tied to your balance in a feature-rich cash management account).

*Multipliers are subject to change.

Brex Rewards Points Redemption

Brex is making a few additions to how you can redeem your points, including additional redemption options for those with a Brex Cash account:

  • New! 100 points for $1 cash back deposited to your Brex Cash account
  • New! 100 points for $1 in gift cards through the Brex dashboard
  • 100 points for $1 in travel credits through Brex Travel (this hasn’t changed)
  • Transfer points to airline frequent flyer programs (this hasn’t changed)

It’s worth noting that if you don’t have a Brex Cash account and only the traditional Brex Card, you can no longer redeem points for statement credits at $1 per 100 points. Instead you’ll only get $0.70 per 100 points, which is a significant reduction. While most OMAAT readers won’t want to redeem for cash back, some may — and getting a 8%, 5%, or 3% discount on all of your purchases in those categories is very compelling.

You don’t have to wait for your statement to close in order to convert those points to frequent flyer miles for future travel– instead, you can convert your points to cash to be used immediately. That really makes this account standout.

You can still transfer points to a frequent flyer program like before. Those partners aren’t changing. You can transfer points at a 1:1 ratio to the following programs:

AirlinesHotels
Aeromexico Club PremierN/A, though hotels/Airbnb are in the rewards portal.
Air France/KLM Flying Blue
Avianca Lifemiles
Cathay Pacific Asia Miles
JetBlue TrueBlue
Qantas Frequent Flyer
Singapore Airlines KrisFlyer

Brex has added new rewards options that make the card even more appealing for businesses. Being able to redeem points for cash is a nice option to have while still being able to transfer points to frequent flyer programs. The flexibility of Brex points makes this a compelling card, especially considering there’s no annual fee.

Sign up bonus for the new Brex Cash

As a special bonus to OMAAT readers, Brex is offering 80,000 point sign up bonus to those who sign up for and are approved for Brex Cash accounts through OMAAT. The account just needs to be funded, and you’ll get the bonus points once you’ve spent $1,000 on your new Brex card.

On top of that, you can earn up to 30,000 additional bonus points:

  • You’ll earn 20,000 bonus points when you link payroll to your Brex Cash account
  • You’ll earn an additional 10,000 points after spending $3,000 on your Brex Card in the first 3 months

That’s potentially 110,000 points, which can be redeemed as cash back, towards travel, or transferred to airline partners. That’s an incredible offer for a no-fee card in general, and really unheard of for a secured/debit card product.


Transfer Brex points to Asia Miles to redeem for Cathay Pacific first class

If you’re approved, your new account can be available instantly. You can deposit money right away, and are even given a virtual card number to use instantly. It really couldn’t be much simpler.

With Brex Cash and the Brex card with daily payments, you’ll be able to spend as much money as you have available in your account and your credit limit will be 80% of your Brex Cash account balance. If you are approved for the Brex card with the 30 day payment cycle, credit limits will be based off of your corporate checking account balance.

With that in mind, if you are eligible for Brex it’s well worth signing up for. Earning 8x points for rideshare and 4x points for restaurants and dining worldwide for an account with no fees is industry-leading.

Other Brex benefits

Brex account holders get a slew of other benefits, on top of earning rewards. Brex advertises up to $150,000 in value with a card (up from $50,000). Most companies won’t take advantage of the full $150,000, but it’s worth pointing a few things out:

If you use Amazon Web Services, it’s definitely worth getting this card as it comes with a $5,000 AWS credit and up to $100,000 in AWS Active, depending on eligibility.

It comes with a $150 Google Ads credit, and between 20% and 50% discounts on other software products including Gusto, Slack, Zoom, Carta, QuickBooks, and Dropbox. Of those, I only use Gusto and Slack for my business, but those discounts would still put cash back in my pocket (especially as there isn’t even an annual fee to offset).

Who’s eligible for a Brex Cash account?

Most types of businesses are now eligible for Brex Cash accounts, with the following restrictions:

  • Your company must be organized and registered in the United States, and have a valid EIN
  • Your company must be a C-corp, S-corp, LLC, or LLP — because of the way Brex handles underwriting, Sole Proprietorships (even if registered in their locality and in possession of a valid EIN) are not eligible at this time
  • Your company must not be in an industry where there are additional Federally-imposed financial regulations (gambling, marijuana, guns/ammunition, prostitution, etc.)

Because Brex is for businesses, it was important to apply for the older version of the card using a business email address, so I would recommend doing that this time around as well. Brex doesn’t make mention of it, but I don’t think it’d hurt.

Signing up for Brex accounts is generally fast and straightforward. They don’t underwrite based on your personal credit score, so there’s no inquiry on your personal credit report, and you won’t see a hard inquiry on your personal credit report for opening this account.

Keep in mind that the payment cycle for the Brex card with daily payments works a bit differently than a traditional credit card. Instead of receiving a statement every month and paying once monthly, payments are required daily. If cash flow is an issue, Brex Daily isn’t for you.

Note, if you are currently a Brex for Startups cardholder, you’ll need to open a Brex Cash account through your member portal (and unfortunately aren’t eligible for this 80K welcome bonus).

Bottom line

I’m excited to see Brex expand its product and offer it to traditional businesses. Their cards have no annual fee and their cash management product comes with a number of benefits for which banks would charge a hefty monthly account maintenance fee. We haven’t seen much innovation with business checking accounts, so I’m interested to see where this cash management account goes.

On top of that, you can earn rewards for your business spend that can be transferred to frequent flyer programs or converted to cash, and getting anywhere from 80,000 to 110,000 bonus points to start off with is incredible.

Open A Brex Cash Account Now

Terms subject to change. Brex Inc. provides a corporate card. The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Member FDIC. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to elect to sweep uninvested cash balances into certain money market mutual funds or FDIC-insured bank accounts at program banks. Investing in securities products involves risk, including possible loss of principal. Brex Treasury is not a bank and your Brex Cash account is not a bank account. Please see brex.com/cash for important legal disclosures. Past performance is not necessarily indicative of future results. You could lose money by investing in a money market mutual fund. Although the fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund and you should not expect that the sponsor will provide financial support to the fund at any time. Although the fund’s board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund’s liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days’ prior written notice to shareholders. These money market mutual funds are suitable for investors who are seeking as high a level of current income as is consistent with preserving capital and maintaining liquidity. Uninvested Balances in your Brex Cash Account will initially be aggregated with Uninvested Balances from other Brex Treasury customers and deposited in a single account at Radius Bank (the “Clearing Bank”), an FDIC-insured federal savings bank. Within two business days funds are transferred to a disbursement account at a Brex Treasury Third-Party Service Provider (the “Settlement Account”), and then swept automatically into omnibus deposit accounts established by Brex Treasury in its name on behalf of Brex Treasury customers at designated “Program Banks”. Only the first $250,000 in aggregate deposits at the Clearing Bank will be subject to FDIC coverage. FDIC coverage does not apply to deposits while at the Clearing Bank or any account at an intermediary depositary institution. Deposits that are in the Settlement Account while in the process of being swept to or from a Program Bank will be subject to FDIC coverage of up to $250,000 per Customer (aggregated together with other deposits, if any, of the Customer at the bank holding the Settlement Account). Brex Treasury is not an investment adviser, and therefore investors should consider the investment objectives, risks, and charges and expenses carefully before investing. Brex Treasury LLC does not charge transaction or account fees. However, money market funds bear expenses and fees. See program disclosures and the applicable fund prospectus for details and other information on the fund. Contact us for a copy of the fund prospectus and recent performance data. You should read the prospectus carefully before investing. Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at SIPC. Brex Cash is not available to all investors. This is not an offer, solicitation of an offer, or advice to buy or sell securities, or to open a brokerage account in any jurisdiction where Brex Treasury LLC is not registered.
Comments
  1. Eh. Small businesses are suffering in a disproportionate manner to larger enterprises. I don’t think a product that has utility proportionate to your already-existing cash is going to help during this pandemic. It’s more useful following series-A/B funding.

  2. Hmm, seems like a lot of work for this Brex thing, and with all this work there’s really not that much benefit. Ride share 8 points is nice but wouldn’t that be better for a personal card rather then business?

    Seems to me like it’s too much work and little benefit…

  3. Would also be curious to know how difficult it would be to get approved as a newly opened business if you have limited funding.

  4. I’m having trouble signing up – on the terms & condition page, I can’t click the checkbox of “by submitting this application …”

  5. Does anyone know if the $5000 AWS credit is separate from the AWS Activate program? Or are they saying the $5000 AWS credit requires participation in Activate?

  6. Do you need to be an real small business with operating cash flow for this? I qualify for a business credit card using my real estate investments, but I don’t really have daily cash flow.

  7. With the Brex cash account, is there an exclusive requirement to get the multipliers as with some other Brex products?

  8. @ Tim — It’s my understanding that some accounts may be approved instantly/within the 10 minute application process, while others may take a few days for approval. Am applying myself right now, and will report back with my experience (and if anyone else applies, please also share your experience).

  9. @ Adam3487 — First of all, in terms of it being “a lot of work,” keep in mind that you can earn 90K points if you spend $3K on your Brex card. That’s 90K points that you can transfer 1:1 to an airline program. That’s just about better than any credit card welcome bonuses out there, and there’s not even a credit pull.

    Then long term I’d say there’s still significant value to be had here. This cash management account is a really cool replacement for a traditional business checking account, especially given the lack of fees in so many areas. Then there are the other cool features, ranging from savings on business products, to category multipliers.

  10. @ Andrew — To be clear, I don’t think anyone (including me) is suggesting that this is somehow a great 0% APR for 18 months offer, or anything that’s going to disproportionately help businesses with cashflow issue. That’s not the target here. Brex has historically gone after startups, and now Brex is adding a product with wider appeal.

    I view this as more of a replacement for a traditional business checking account that has a great sign-up bonus, and some really phenomenal features.

  11. @ sdfji — I’ll tell you what it says in my member dashboard:
    “Brex offers startups $5,000 in AWS credits to be used over two years with 1 year of free business support (up to $1,500). Brex also offers up to $100k in additional AWS Activate credits depending on Activate eligibility. Contact your Brex rep to learn more about this offer.”

    And then in the T&Cs it says the following:
    “All Brex customers are eligible to apply for $5k in credits. The $5k does not count against any previous AWS credit or discount received by the customer. To learn if your company is eligible for an additional $100k in AWS credits, please reach out to [email protected].”

  12. @ john — I’ll check with them as to why that is, but I can promise that the categories listed above are correct.

  13. It says it’s not a bank account. What exactly does that mean? No FDIC insurance on your money deposited? Seems really suspicious the way it’s worded.

    Otherwise this is an unbelievable deal. Easy $900 with no credit pull.

  14. Applied as sole proprietorship (as I do with business credits cards) and got reject. Guess it’s not an option for “small” businesses
    It’s a shame- would have worked perfectly for me.

  15. It’s asking for a referral code on the sign-up page; will we still be eligible for this offer without inserting such a code?

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