The single best, new opportunity to earn points right now is with a no-fee Brex Cash account. Not only can you earn 110,000 bonus points (redeemable for 110,000 airline miles or $1,100), but you can get an account that will prove incredibly valuable for your business.
In this post I wanted to provide a consolidated list of Brex Cash FAQs, given all the questions we’ve received. For background on the amazing Brex Cash offer, see previous posts:
Brex Cash FAQs
I’ve received so many questions about Brex Cash, and that’s understandable:
- On the surface this offer might sound too good to be true
- This isn’t a credit card or checking account, so it’s unlike anything else available in the market
- This is a product many people weren’t previously familiar with, so there’s a learning curve
In this post I wanted to provide some consolidated answers to some of the questions I’ve received most often. In no particular order:
Is a Brex Cash account a checking account?
While a Brex Cash account in many way functions similar to a business or corporate checking account, it isn’t actually one. Rather it’s a cash management account. What’s the difference?
You link your business banking account to your Brex Cash account, and then you can transfer funds so that you can do everything from payroll to bill pay through there.
That’s the beauty of Brex Cash — it feels like the best, lowest fee, highest-tech, and most cohesive business account you could possibly have.
Is the Brex Card a credit card?
When you open a Brex Cash account you’ll automatically get a Brex Card, which you can use for purchases. You can use it virtually or get a physical card. It functions just like a credit card — you can earn bonus points and pay with it in the same you otherwise would with a credit card, but it isn’t actually a credit card.
Rather it functions more like a very rewarding debit card, in the sense that money is automatically withdrawn from your Brex Cash account.
Is there a credit pull when you apply for Brex Cash?
No, there’s no credit pull when you apply for a Brex Cash account, so this won’t in any way be reflected on your personal credit report. On the application you will be asked for your social security number, but that’s simply due to federal data-collection requirements.
Does opening a Brex Cash account count towards 5/24?
If you’re looking to minimize inquiries for Chase’s 5/24 rule, then no, opening a Brex Cash account won’t impact you. As mentioned above, this won’t report to your personal credit report, and there won’t even be a credit pull.
Is there a minimum funding requirement for opening a Brex Cash account?
No, there’s no minimum funding requirement to open a Brex Cash account.
Can you open a Brex Cash account for multiple businesses?
If you run multiple businesses then you can absolutely open a Brex Cash account for each business, and you’d be eligible for a bonus on each account. The limitation is per business, and not per person.
When applying for a Brex Cash account, should you put anything in the “referral” field?
No, you will want to keep the referral field empty. As long as you apply using the OMAAT link, you will be eligible for the bonus discussed above.
Are Brex Cash account approvals instant?
In general Brex Cash accounts are approved instantly, and you can start using your card right away, from bill pay, to payroll, to using your virtual Brex Card. In some cases applications may need to be manually reviewed, in which case it may take a few days to get approved.
Are there fees for a Brex Cash account?
No, there are no fees for opening or maintaining a Brex Cash account. Actually, you’d be hard-pressed to find an account out there that comes with fewer fees. There’s no annual fee, no wire fees, no foreign transaction fees, no authorized user fees, no points transfer fees, etc. I’ve been using Brex for everything from payroll to bill pay, and I have paid exactly zero in fees.
Are Brex rewards taxable?
No, Brex rewards generally won’t be taxed, or at least I’m told you shouldn’t receive a 1099 from Brex. Of course you’ll want to talk to your tax advisor about tax implications, etc., but just like with credit card rewards, generally you won’t pay taxes on Brex rewards.
Can sole proprietorships get a Brex Cash account?
No, sole proprietorships can’t get a Brex Cash account. You must have a C-corp, S-corp, LLC, or LLP.
Are Brex deposits insured?
All Brex Cash deposits at program banks are FDIC-insured up to $250,000.
How soon do Brex points post to your account?
Points from purchases with the Brex Card generally post instantly (or almost instantly). For the 110,000 bonus points, you can expect that the 10,000 bonus points for spending $3,000 and the 20,000 bonus points for linking payroll will also post very quickly, while the additional 80,000 bonus for OMAAT readers may take a few days to post.
After your account is created, don’t worry if you only see the 30,000 bonus points listed in the “tracking rewards” section. As long as you use the OMAAT link, you’ll automatically receive the additional 80K points upon completing qualifying activity.
What airlines can you transfer Brex points to?
In addition to being able to redeem Brex points for one cent each, you can also transfer Brex points at a 1:1 ratio to any of eight airline partners.
Can you transfer Brex points to someone else’s frequent flyer account?
You can transfer Brex points to a frequent flyer account of anyone listed on your Brex account. You can easily add employees to your account online for free.
How long is this Brex Cash offer for 110K points valid?
We don’t have a specific end date for when this promotion will be over. While I suspect it will be around for at least a couple more weeks, I’d highly recommend applying sooner rather than later, given how generous this offer is.
Is Brex too good to be true?
Understandably a lot of people have asked things along the lines of:
“So you’re telling me this is a no-fee account, it’s actually useful, and I can earn up to 110,000 points as a new user?”
I can appreciate that sentiment, because when I first opened my Brex Cash account, I thought the same thing as well. You know the saying — “if something sounds too good to be true, it probably is.”
I figured I’d provide a bit of background on how I see things (again, this is purely my take, and not based on anything Brex has told be directly). Brex is trying to disrupt the world of business management, business credit cards, etc. It’s not just that Brex is introducing a new product, but it’s a concept that we haven’t seen before.
Brex is extremely well funded (the company has raised hundreds of millions of dollars), and Brex is trying to create a splash here. Up until several months ago Brex was primarily targeting startups (particularly in the tech space), while now Brex is trying to broaden its appeal to a wider set of businesses.
As the company’s leadership explained last year in an interview, Brex is trying to play offensive, while most other companies play defensive.
Just as the Chase Sapphire Reserve offered a massive bonus of 100K points when it was introduced (even though that arguably seemed too good to be true), I’d say the same is true here. Products tend to gain more traction if they have special offers when they’re first introduced.
Bottom line
Brex Cash is a completely new product to the market. Not just the card specifically, but the concept of a valuable business management account that isn’t a checking account or credit card.
Hopefully the above answers any questions you may have about Brex Cash. If there’s anything I missed, please let us know in the comments section, and we’ll do our best to answer them.
This really is a phenomenal opportunity to not only pick up 110,000 bonus points (which can get you $1,100 or 110,000 airline miles), but also to get a no-fee account that will likely prove valuable for your business.
