Did you just setup a company, opened US bank account and looking for a good US credit card? One that doesn’t cost a kidney? Then I have just the thing for you.
Finding a good card that doesn’t eat a hole in your wallet is difficult. Added on top of the stress of cash flow, hiring the right people, juggling appointments, keeping track of clients, you don’t want to worry about your credit card giving out on you. Or racking up debt and fines on top of all your other costs.
Brex credit card was created by entrepreneurs who faced the same problems you do. They built Brex to reduce those pain points.
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What is Brex Credit Card?
So what exactly does Brex do differently from a standard credit card. According to their website,
Brex is rebuilding B2B financial products, starting with a corporate card for technology companies. We help startups of all sizes (from recently incorporated to later-stage companies) to instantly get a card that has 20x higher limits, completely automates expense management, kills receipt tracking and magically integrates with their accounting systems.
Right off the bat, Brex talks about an improved corporate credit card. Brex has been built with the single-minded goal of replacing the old and outdated banking systems with new ones. New systems that scale to any size and type of company.
While they are focused on the corporate credit card for now, who knows what other products they are planning on revolutionizing.
Why should you care?
Brex cuts the red tape when it comes to a credit card. Corporates, especially, have a greater deal of paperwork when it comes to applying for a credit card. And on top of that it has limits that stifle growth.
A rapidly growing company needs assured scalability. Any service that it uses should enable and not hamper the development of the company. Credit card companies usually put restrictive limits on card because of outdated practices.
The new economy needs modern solutions. Brex is a frontrunner in the race for a whole new kind of financial product. If you are a startup or a growing organization, Brex makes it possible for you to to get instant credit you need.
Moving fast in this economy is necessary for survival. Don’t let a simple credit transaction hold you back.
How much does it cost?
The big question has always been ‘how much does it cost?’ A good product costs good money. Not with Brex. Brex is cheaper than the rest. And there is no catch. Brex knows that its growth rises and falls with the growth of its clients.
The first five Brex cards are free and $5 per card per month for the subsequent ones.
- No hidden fees
- No Foreign transaction fees
- No interest charges for upto 30 days
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Brex offers you all the convenience of a credit card without the hassles and fees. This is how corporate credit cards should be!
Brex Credit Card Requirements
Brex issues credit cards only to 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.
You will also need a US bank account. In order to offer a card that doesn’t require a personal guarantee, impact your credit score, or require a security deposit, Brex utilizes your bank account balance as a primary underwriting input.
US companies founded by international and non-us residents are also eligible for BREX credit card. You can also get your credit card shipped to a virtual US address and then get it forwarded to your home country.
The Brex Promise
The Brex Promise is a simple one. They want to ensure the smoothest of payment processes for your company, so that you can spend more time innovating. Brex is easy to start—it offers a fast, simple, online application rather than the paper-based, 30-day+ drawn-out process offered by other cards. Brex is also great as you grow offering higher limits supported by an integrated software suite that makes expense management, accounting, and budgeting simple and easy.
Brex Credit Card for Startups
Brex has broken up its offerings into different service sectors. Each caters to the needs of the specific sectors.
In the first place, they have Brex for startups. This service is meant to deal with all the painpoints of a startup that relates to funding and credit. What does a startup need the most when it comes to funding? Let’s look at what Brex covers
1. Instant signup
Get approved in minutes. Simply provide information about your company and link your corporate bank account. No personal liability, credit checks, or security deposits needed.
2. Rewards & travel
The points that you earn by using your credit card are uncapped, never expire, and offered in the categories you use the most. This means that you don’t have to check your credit usage anymore. You don’t have to scrutinize your purchases to see when would be a preferable time to buy something. You don’t have to delay a large purchase because you’ve tanked up the total points for that month. Buy what you need and redeem the points with no hassles.
2. Higher limits
The Brex team claims that their proprietary underwriting process gets you credit limits 10-20x higher than any competing card. I don’t know how they do that obviously, but I can attest to the fact that they make it possible. Brex has always claimed that traditional banks have been swindling users with unnecessary limits. They think like a startup and know exactly what services a startup requires.
3. Scales with you
Save time with receipt matching, issue and set limits on cards, and analyze spend. Finally, statements that work for you. Bank statements can be such pains sometimes. You have to sift through the weird unintelligible language they use to find your payments. And then to painstakingly go through a PDF file to find what you need! People hire accountants just so that they don’t have to go through that mess, and even then there are cracks where information falls through. Brex makes it easy to see all transactions. But most importantly, Brex helps you analyse transactions for trends and budget issues without wasting any time.
4. Virtual cards
Instantly issue virtual cards to everyone on your team. Set specific limits to control your spend. Coordinating multiple categories and products can be complicated. Funds should not be the bottleneck. Enable teams without any worries by setting up virtual cards that are transparent and with limited credit. Brex believes that companies should set their limits, not an arbitrary number of a banking bureaucrat.
About Brex
Brex was founded by Henrique Dubugras and Pedro Franceschi, two engineers who previously founded Pagar.me, one of the largest payment processors in Brazil with over $1.5 billion in GMV. Brex is backed by the co-founders of PayPal (Max Levchin and Peter Thiel), Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella (former CEO of Visa).
Brex is building the next generation of B2B financial services with better tech and without the restrictions of legacy technology.
Why should I use Brex Credit Card instead of my debit card?
Corporate cards provide layers of security, fraud protection and expense management that debit cards do not. For example, a debit card gives anyone carrying it access to the entire cash balance in a company’s checking account. Additionally, unlike with debit cards, Brex allows you to easily issue employee cards with set spend limits and monitor spend in real time.
Plus, you’ll earn Rewards points on every transaction that you can redeem for statement credit or travel benefits. Debit cards typically don’t offer any return on your spend—it’s like leaving money on the table.
Brex Credit Card Rewards
Make Brex your exclusive corporate card and get in on the most valuable rewards program available. Where competitor cards cut off your points earnings after you hit a spending limit, there’s no cap on what you can earn with Brex.
7x – on rideshare
Uber, Lyft, taxi, scooter. However you want to get there, you’ll earn points on every ride.
4x – on brex travel
Book flights, hotels, and even Airbnb stays with Brex and redeem rewards points for travel.
3x – on restaurants
Earn points back on dining and coffee shops. Great for team lunch or treating candidates.
2x – on recurring software
Turn your subscriptions into cash back—Salesforce, GitHub, Slack, anything you can put on a card.
1x – on everything else
Earn points for all your spend, including big ticket items like digital ads and servers.
Points multipliers are available for all companies using the Brex for Startups card. Companies using Brex for Ecommerce are not eligible to earn points multipliers, but can earn and redeem points via referrals and other bonuses.
You can check your gains on this nifty little tool on their website.
Brex Exclusive
Brex Exclusive is a Rewards status that gives you access to the highest multipliers available, automatically applied to your account when you make Brex the exclusive corporate card for your business. Eligibility is determined on a rolling, monthly basis.
Brex Exclusive is available to companies using the Brex for Startups card. All companies who enroll in Brex for Startups automatically have Brex Exclusive Rewards for their first two months.
The Brex Exclusive rewards program includes enhanced rewards, point multipliers, and other benefits that may not be provided to all Brex users. A company with a Brex account in good standing that uses and commits to continue to use Brex corporate cards for all of its company-related card purchases may be permitted to participate in the Brex Exclusive rewards program. Companies that make purchases on behalf of third parties (such as purchasing a ride share for your customers) may not qualify for Brex Exclusive. Brex determines eligibility by using the information provided to Brex from the company and third-party providers.
Conclusion
Brex has been built to be easy to use. Its main goal is to facilitate companies to run smoothly without worrying about credit. That, they believe, is the banks problem. Brex doesn’t want to be a leech off a profitable company. They prefer being a partner in facilitating growth and innovation.
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Hey Sandeep! Really informative post Thank you. Just wanted to ask a question.
Which US bank do you need? Is it okay to have a Mercury bank account built for startups to apply for the brex card as I’m from India and have a mercury bank account?
Hi Vishal,
Thanks for your compliments.
You can use any bank account. Mercury has also recently introduced virtual cards in addition to physical debit card.
Typically, to be eligible for the Brex card, businesses must have at least least $50,000 in their bank accounts or $50,000 in monthly sales.