The Brex corporative card is one of the most popular business credit cards because of the perks it offers business owners. Despite being the popular choice, many business owners don’t know how Brex corporate cards work, which type they should get, and how to use it.
This article will consider everything there is to know about Brex corporate cards, from what they are to how to use them.
Let’s start with what they are.
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What is a Brex Corporate Card?
A Brex corporate card is a business credit card designed to help small and new businesses that have difficulty securing traditional funding from banks. Often users compare Brex vs Divvy as the most significant competitors on the market but still prefer Brex.
Brex corporate cards ensure that every business gets a chance at funding. With traditional funding options, the metrics for determining eligibility are often harsh on small and new businesses. Brex gives out corporate cards based on the amount of money a business has. Brex also uses other metrics like revenue and credit score to determine eligibility. As a result, many businesses qualify for the Brex corporate credit card.
Another reason why Brex corporate cards are familiar is the credit limit they allow. According to CNBC, Americans have a middle of $22,751 in credit available to them via all their credit cards. A Brex card can offer credit limits of as much as 20× what traditional credit cards offer. This doesn’t mean that you get to spend recklessly. Brex ensures you can handle the credit limit they award you by adjusting your credit limit to the available cash in your bank account. Doing this ensures that businesses can pay off their credit and don’t run into cash problems.
Types of Brex Corporate Cards
Brex offers two types of corporate cards. The first is a credit card paid off monthly, and the second is a credit card paid off daily.
Daily Brex Corporate Card
The daily Brex corporate card works with a cash management account known as Brex Cash. The daily Brex corporate card is linked to the Brex Cash, which acts as a pseudo bank account. To use this card, businesses must put money into the Brex Cash account from where their expenses are drawn. With the daily Brex corporate card, businesses can only spend as much as they have in their Brex Cash account.
Although this card is a credit card, it works much the same way debit cards work but with the Brex Cash account. The daily Brex corporate card is for any business size, regardless of how much they have. There is no minimum balance for the Brex Cash account, so you can put it as small as possible.
Monthly Brex Corporate Card
The monthly Brex corporate card works like your typical credit card. Any charges made on the card are paid off at the month’s end. You can pay from any bank account, you will not have a transaction limit, the amount will depend on how much you currently have in your account.
Unlike the daily Brex card, where you can only spend as much as you have in the Brex Cash, you are eligible for a higher credit even if you don’t have enough in your account to cover it. Not every business can use the monthly Brex corporate card. Unlike the daily corporate card, there is a minimum requirement for revenue and size. If your business doesn’t fit the requirements, your application will be turned down.
Rewards and Perks of Holding the Brex Corporate Cards
Brex has one of the best rewards and perks packages.
Brex Points
Brex points are part of the reward system for Brex corporate card users. It is designed to reward consistent usage. One can earn a range of points based on the transaction they make with their Brex cards. The number of points increases based on the expense. They also differ based on the type of card you use. Users of the daily Brex corporate card enjoy one point extra on all categories than holders of the monthly Brex corporate card.
Business owners can earn Brex points by using their cards to make transactions. The Brex point system is designed to help startups because the transactions that earn points are typical expenses for startups.
For Daily Brex Corporate Cards
- Earn 8 points on each dollar spent on ride shares on Taxis, Uber, etc;
- Earn 5 points on each dollar spent on travel (flights and hotels booked with your Brex card);
- Earn 4 points on every dollar spent at restaurants or products bought using the Brex card;
- Earn 3 points on each dollar spent on software subscriptions and Apple products paid for through Brex;
- Earn 1.5 points for every dollar spent on ads;
- Earn 1 point on any dollar spent on expenses that aren’t outlined above.
For Monthly Brex Corporate Card
- Earn 7 points on each dollar spent on ride shares on Taxis, Uber, etc;
- Earn 4 points on each dollar spent on travel (flights and hotels booked with your Brex card);
- Earn 3 points on every dollar spent at restaurants or products bought using the Brex card;
- Earn 2 points on each dollar spent on software subscriptions and Apple products paid for through Brex;
- Earn 1 point on any dollar spent on expenses that aren’t outlined above.
Outside making transactions to earn Brex points, Brex offers them as part of their welcome bonuses. New members get free 10,000 Brex after they spend $1000. They are also eligible for an extra 10,000 points if they hit $3000 in under three months. If you link your business payroll to Brex, you also enjoy 20,000 extra points.
Bookkeeping Software Integration
Brex links some bookkeeping software to the Brex account. This helps business owners manage their money and pay off employees on time and instantly. If you use one of the bookkeeping software linked to Brex, you enjoy a discount on the subscription fee. Brex also offers discounts for subscriptions to common business software like Microsoft 365.
Expense Management
Brex also helps businesses manage their expenses. With this perk, you can track how much you spend on vendors, employee expenses, etc.
Features of The Brex Corporate Card
The Brex corporate card has features that distinguish it from other credit cards. Some of them include the following:
- Virtual Cards;
- Zero Fees;
- Employee Cards;
- No Personal Guarantee;
- Fraud Protection.
Is the Brex Corporate Card Good For You?
Should you get the Brex card? As a startup? Or as an established business?
It depends on what you’re looking for in a credit card. The Brex corporate cards are great and come with many rewards and perks, not to talk of lack of annual fees. To business owners, the Brex card will be a dream come true. To others, it may not be as incredible.
However, a credit card with no fees is a good idea as it helps you build business credit without the burden of s paying off an extra fee.
Does it fit what you want?
Summary
Businesses are beginning to see the light regarding business credit cards. The ease, convenience, and credit limits have helped many businesses stay open. Of the numerous credit cards available, the Brex corporate card is one of the top contenders for the best. You can check out the perks and benefits of the Brex corporate cards.
