Brex Card: Steps to Getting Started with Brex

The Brex Card has become a popular payment option for startups and small businesses. Offering rewards and streamlining expense tracking, it aims to make business travel and purchasing easier.

In this article, we will explore the key features of the Brex Card and how they can benefit growing companies.

What is the Brex Card?

The Brex Card is a charge card offered by the financial technology company Brex. It targets small and medium-sized businesses with a focus on those in technology, life sciences, and other high-growth sectors.

Some key things that differentiate the Brex Card:

No personal guarantee is required to qualify
Higher credit limits compared to traditional corporate cards
Rewards points on purchases
Integrations with popular accounting software

The Brex Card aims to provide an easy way for startups and small businesses to pay expenses without taking on debt or liability. The rewards and accounting integrations make it especially appealing to growth-stage companies.

Key Features

Card Type: Business charge card

Annual Fee: $0

Welcome Bonus: Get 10,000 points if you spend $3,000 within first 3 months

Rewards Rates:

1 point per $1 spent normally
7 points per $1 on rideshare & taxis
4 points per $1 on Brex Travel portal
3 points per $1 at restaurants
2 points per $1 on software
1 point per $1 on other purchases

You must use Brex Card exclusively to earn boosted rates.

Apple Purchases: Earn 3 points per $1 spent on eligible Apple buys.

Redeeming Rewards:

Pay for travel at 1 cent per point
Transfer points to airline partners (may affect ratio)
Get business account credits at 1 cent per point
Use points for gift cards at 1 cent per point
Pay down statement for 0.7 cents per point
Buy crypto like Bitcoin & Ethereum at 0.7 cents per point

APR: Not applicable on charge card

Foreign Transaction Fee: None

Other Perks

Deals & discounts from vendors like AWS, QuickBooks, etc.
Get virtual card instantly, physical card in 3-5 days
Works with contactless pay (Apple Pay, Google Pay)
No fees on employee cards

Advantages of the Brex Card

No yearly fees – $0 annual fee means more savings
New user promotion – Score 10k bonus points for spending $3k within first 3 months
Get approved with minimal credit history – personal credit checks not required
Elevated rewards rates in popular categories – up to 7x points on rides, travel, restaurants, and software
Zero foreign transaction fees – allows worry-free spending abroad
No personal liability or guarantees needed – uses business data for approval

Potential Downsides to Consider

Complex multi-tiered rewards structure – requires some effort to maximize value
High cash reserves required for approval – over $50k minimum from pro investors
Daily automated repayment – balances due every day so cash flow discipline needed

Benefits of Using the Brex Card

The Brex Card offers several advantages over traditional business credit cards and payment methods:

Simple Qualification

As mentioned, the Brex Card does not require a personal credit check or guarantee from company owners. Applicants connect their business bank account so Brex can evaluate cash flow trends to instantly qualify them. This level of automation enables young companies with limited credit history to get access to a charge card.

High Credit Limits

Brex utilizes technology and data analytics to determine suitable credit limits for each business. Approved companies can receive credit lines ranging from $100,000 up to millions of dollars in some cases. For context, typical corporate card limits for new businesses tend to be under $20,000. This increased purchasing power gives startups more financial flexibility.

Rewards Points

The Brex Card offers rewards points on purchases, which is rare among commercial card products. Companies can earn points to redeem for cash back or travel. Different tiers determine the rewards earning rate. This allows businesses to get additional value from their Brex spending.

Receipt Tracking & Reporting

Expenses made on the Brex Card sync automatically with popular accounting platforms like QuickBooks Online and Xero. Detailed reporting and tracking make it simple to monitor real-time spending company-wide or by individual employee cards. This visibility improves transparency and makes expense reporting more efficient.

Perfect User Profile for the Brex Card

The Brex Card isn’t an optimal choice for all companies. It really shines when used by fast-growing startups and small businesses in their early years.

Some signs that a startup or SMB could benefit significantly from using Brex:

Raised recent funding from investors
Significant monthly expenses (over $100k)
Regular business travel and events
Uses cloud accounting software
Desire for flexible access to credit
Lack of credit history creating barriers

For more mature companies with robust credit profiles or those with lower spending, other commercial card products may meet their needs without Brex’s additional perks.

But for venture-backed startups running lean yet spending big, the Brex Card delivers outsized value.

Steps to Getting Started with Brex

Would you love to apply for your own Brex Card? The process is very easy and fast due to Brex’s focus on efficiency and automation. Just follow these steps:

Step 1: Check Eligibility

Start by visiting Brex’s website and checking estimated eligibility requirements using details about your startup. This takes less than a minute. Brex will ask for your funding amount, monthly expenses, and similar metrics.

Step 2: Connect Bank & Accounting Accounts

If your business appears eligible based on initial criteria, you’ll then connect your primary bank account and accounting software. This allows Brex to evaluate real transaction history to customize your company’s offer.

Step 3: Accept Your Offer

Within minutes of connecting accounts, Brex analyses your application and cash flow data. If approved, they immediately provide your approved credit limit and rewards plan. Review your real-time offer and accept it electronically.

Step 4: Set Up Virtual & Physical Cards

Now it’s time to configure employee access. Set up virtual card numbers immediately usable for online expenses. Order physical Brex Cards shipped to your office that work everywhere Mastercard does.

The entire signup and onboarding process can take less than 15 minutes in most cases. Then your company will immediately have access to the Brex Card to streamline business spending.

Conclusion

The Brex Card delivers tangible value as a contemporary payment tool built for high-growth businesses. Automated approval, personalized limits, rewards points, and integration with accounting tools differentiate Brex from traditional corporate cards.

Ultimately this fintech innovation saves startups time and money better spent growing their disruptive business ideas.

Though the Brex Card won’t be the right choice for every company, I think that any rapidly scaling organization should consider adding the Brex Card to their stack.

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