Exclusive: 80K Points With Brex Business Cash Account

Can someone interpret the disclosure at the bottom of the blog post into English? Is an individual account insured by the federal government up to $250,000 or not? I wouldn't trust these people.

@ Gene -- Yeah, their disclosures are oof, but I think that's because they are not technically a bank, and account holders have a variety of options as to what they do with their funds. So it depends a bit on what you choose as to whether the FDIC or SIPC coverage applies, but ultimately the accounts are insured.

From their FAQ's:

Up to $500,000 you invest in money market funds are covered by SIPC, which provides coverage in the event the firm fails, but which will not cover losses due to a decline in value of securities.

Uninvested cash swept to one of Brex Cash’s program banks will be protected by FDIC insurance for up to $250,000. For more information on Brex Cash’s FDIC Sweep option, please review the Brex Treasury FDIC-Insured Deposit Sweep Program Disclosure Statement.

For more information on our options to allocate your deposits with Brex Cash, please read our investment guide.

Benefits way too complicated for the average business owner to pay attention to. Most business value services not earning points on rideshare... but that’s just my opinion

I can imagine how for someone running a business with significant payables and a single owner (like Ben!) this mechanism offers a superb way to rack up hundreds of thousands of miles a year at little cost. As a CFO, I’d like to use this too, but I have partners who could potentially see it as self-dealing even if there’s no cost to them, even potential savings and benefits for the corporation. I have to pass, as my love of free travel is limited by insisting that I handle our collective money in a manner above reproach.

It depends a bit on what you choose as to whether the FDIC or SIPC coverage applies, but ultimately the accounts are insured.

Too complicated for a startup to consider and too limited for a fast growing firm. They might be in death valley with their positioning but .... not my jam anyways so I may not be seeing the full picture.

@ Chatter -- I tried to be thorough in this post, so maybe I made it seem more complicated than it actually is. But I'm curious, what makes you think it's complicated? I'll write a separate post with my experience signing up. It took all of five minutes, online management of my account couldn't be easier, and the rewards post as expected. The process was significantly easier than some checking accounts I've signed up for in the past.

@ Adam3438 -- As Tiffany quotes above, your account is insured up to certain limits, so I really don't view that as a risk.

@ SST -- Hah, fair enough, though if you use the rewards for your business, it seems like that would be a win-win for your partners as well?

For what is worth, I applied and was denied. 12 employees and revenue in the 2M. Computer tech startup working for silicon valley startups(Airbnb, Turo, Google).

@ Srinivas Damle -- Thanks for the data point, hmmm. If you don't mind me asking, when did you apply, and were you instantly rejected, or did you get a rejection email after applying?

If you link payroll and pay it through ACH, do you get reward points for that?

@Lucky - I absolutely appreciate the details you provided. My feeling comes from a simpler interpretation of how many details need to be managed to optimize rewards. Unless the goal is to use this card for "most things", is not worth the additional hassle. Again, just my perspective. Not suggesting others (you) dont see value in it.

Lucky, thanks for the easy 80k points. I have a small side business that has a tax ID. I applied when you first posted about it. 1 year in biz, 10k annual and got approved. Spent just over $1000 on the card and got my 80k bonus within a few days.

Now, which program to transfer to....

Awesome deal. I was approved as an S-Corp with 1-4 employees. Thanks Ben!

After clicking through, I assume we click on Open an account. need to put anything into Referral Code (optional) field?

@ Nathan -- Only for the "linking payroll" activity bonus. Broadly, you otherwise get points for using the Brex Card, not the ACH/banking functionality.

@ z o -- Nope, it's tracked via the link.

I have 2 LLC's where I am the managing member. I wonder if I can apply for both...

I have an engineering business and signed up today and used a gmail account that I use with my business and was approved. Moved some money into the account. Not sure how to work the payroll angle since I am the only person in my business.

I'm also unclear how the linking payroll would work too. My husband does have employees but he processes the payroll himself (he's a CPA) not through a service. More information on how to work the payroll part of it would be appreciated!

denied "Your application did not pass our internal screening process" Legit LLC started in 2016 with 4 employees. Also denied recently for cap one checking account. Opened about 5 bank and/or savings accounts last year. Only opened 2 credit cards in the last year.

@ John @ Kari -- I believe you'd need to link through one of their payroll providers to get the bonus, which may not be worth the hassle in your situations.

However, the same bonus is available if you have business income deposited into the account from a payment processor. We linked our Stripe account, for example, but PayPal, Amazon, Square (they list several) should work if you use any of those for processing invoices or payments.

What is the time limit to spend $1000 for the 80k bonus?

Applied this morning and received this email 4 hours later. Don’t ever remember putting in my spending or gross receipts.

Thank you for your interest in Brex. We’ve reviewed your application, and unfortunately, we’re unable to approve XXXXXXXXX, PLLC for an account at this time for the following reason:

Your company does not meet the minimum cash requirement

We’re working hard to build more solutions to support all businesses.

@ Garrett -- It sounds like you may have applied for Brex Card rather than Brex Cash, since the former has a $50K minimum in the linked account. Many have reported being approved with smaller balances. If that's the case, I'd recommend applying again for Brex Cash.

Signed up and approved, but on the rewards tab it says "Track your progress towards 30,000 bonus points". That's not 80,000!

@ jpayne731 -- That is expected! The 30k points are available to everyone, and are in addition to the 80k points from being an OMAAT reader. As long as you applied through our links, the 80k offer will be attached to your account once you've met the minimum spend.

@jpayne731 I just contacted support about this. It doesn't show up anywhere but they said they can see it on their end and the bonus is applied.

Hi! I signed up using your link and was approved, thanks! I see there's a 50% off Gusto link for the first 12 months, but that's only if you're a new user and signup through their link. I already use Gusto -- could you revise the post to clarify that the discounts on those services are only if you're a new user and signup through the Brex links? Thanks!

Thanks for the heads up. Got approved and will be funding over next few days. I linked my paypal to my cash account, is that enough to get the 20k bonus? In the description it says paypal is one of the accepted platforms. Thanks!

Can anyone confirm if the $5K AWS credit is valid for existing AWS accounts or new accounts only?

Anyone have a recommendation on where to get "certificate of good standing" for my "S corp" 😉
It's requiring this now

@ scott -- It should be, if you have business income hit PayPal and then get deposited to your Brex account. We did the same thing but with Stripe.

@ Jonathan -- We've been told existing accounts qualify! It looks like you register/link accounts, and then statement credits are applied to your account when you pay with your Brex account. A bit like Amex offers.

@ dizzy -- Depending on what state you are in, you may be able to easily get one from your Secretary of State / Corporations Commission website. In Florida it was like $8 or something when we had to do it last.

Lucky - I have an EIN (sole proprietorship) but recently applied for an LLC (application pending, not yet accepted) Do you think I could still apply for the Brex deal? I'm worried the offer will be gone by the time my LLC is approved.

Has anyone else found their points did NOT post? Support even confirmed that I was on the onemileatatime promotion, but I've yet to see the light of the 80,000 points.

Hi, I was wondering if this offer was still live? Thanks!