The only greatest, new alternative to earn factors proper now’s with a no-fee Brex Cash account. Not solely are you able to earn 110,000 bonus factors (redeemable for 110,000 airline miles or $1,100), however you will get an account that can show extremely invaluable for your small business.
On this submit I needed to offer a consolidated listing of Brex Money FAQs, given all of the questions we’ve acquired. For background on the wonderful Brex Money supply, see earlier posts:
Brex Money FAQs
I’ve acquired so many questions on Brex Money, and that’s comprehensible:
- On the floor this supply may sound too good to be true
- This isn’t a bank card or checking account, so it’s not like the rest out there available in the market
- This can be a product many individuals weren’t beforehand aware of, so there’s a studying curve
On this submit I needed to offer some consolidated solutions to among the questions I’ve acquired most frequently. In no explicit order:
Is a Brex Money account a checking account?
Whereas a Brex Money account in lots of approach capabilities much like a enterprise or company checking account, it isn’t really one. Somewhat it’s a money administration account. What’s the distinction?
You hyperlink your small business banking account to your Brex Money account, after which you possibly can switch funds so as to do all the pieces from payroll to invoice pay by means of there.
That’s the fantastic thing about Brex Money — it seems like the perfect, lowest price, highest-tech, and most cohesive enterprise account you possibly can presumably have.
Is the Brex Card a bank card?
If you open a Brex Money account you’ll mechanically get a Brex Card, which you should utilize for purchases. You should use it just about or get a bodily card. It capabilities identical to a bank card — you possibly can earn bonus factors and pay with it in the identical you in any other case would with a bank card, but it surely isn’t really a bank card.
Somewhat it capabilities extra like a really rewarding debit card, within the sense that cash is mechanically withdrawn out of your Brex Money account.
Is there a credit score pull once you apply for Brex Money?
No, there’s no credit score pull once you apply for a Brex Cash account, so this gained’t in any approach be mirrored in your private credit score report. On the applying you can be requested to your social safety quantity, however that’s merely because of federal data-collection necessities.
Does opening a Brex Money account rely in direction of 5/24?
In case you’re seeking to reduce inquiries for Chase’s 5/24 rule, then no, opening a Brex Money account gained’t influence you. As talked about above, this gained’t report back to your private credit score report, and there gained’t even be a credit score pull.
Is there a minimal funding requirement for opening a Brex Money account?
No, there’s no minimal funding requirement to open a Brex Money account.
Are you able to open a Brex Money account for a number of companies?
In case you run a number of companies then you possibly can completely open a Brex Money account for every enterprise, and also you’d be eligible for a bonus on every account. The limitation is per enterprise, and never per individual.
When making use of for a Brex Money account, do you have to put something within the “referral” area?
No, you’ll want to preserve the referral area empty. So long as you apply using the OMAAT link, you can be eligible for the bonus mentioned above.
Are Brex Money account approvals immediate?
On the whole Brex Money accounts are permitted immediately, and you can begin utilizing your card instantly, from invoice pay, to payroll, to utilizing your digital Brex Card. In some circumstances purposes could must be manually reviewed, through which case it could take a number of days to get permitted.
Are there charges for a Brex Money account?
No, there are not any charges for opening or sustaining a Brex Money account. Really, you’d be hard-pressed to search out an account on the market that comes with fewer charges. There’s no annual price, no wire charges, no overseas transaction charges, no approved consumer charges, no factors switch charges, and many others. I’ve been utilizing Brex for all the pieces from payroll to invoice pay, and I’ve paid precisely zero in charges.
Are Brex rewards taxable?
No, Brex rewards typically gained’t be taxed, or not less than I’m advised you shouldn’t obtain a 1099 from Brex. In fact you’ll wish to discuss to your tax advisor about tax implications, and many others., however identical to with bank card rewards, typically you gained’t pay taxes on Brex rewards.
Can sole proprietorships get a Brex Money account?
No, sole proprietorships can’t get a Brex Money account. You need to have a C-corp, S-corp, LLC, or LLP.
Are Brex deposits insured?
All Brex Money deposits at program banks are FDIC-insured as much as $250,000.
How quickly do Brex factors submit to your account?
Factors from purchases with the Brex Card typically submit immediately (or nearly immediately). For the 110,000 bonus factors, you possibly can anticipate that the ten,000 bonus factors for spending $3,000 and the 20,000 bonus factors for linking payroll may even submit in a short time, whereas the extra 80,000 bonus for OMAAT readers could take a number of days to submit.
After your account is created, don’t fear should you solely see the 30,000 bonus factors listed within the “monitoring rewards” part. So long as you use the OMAAT link, you’ll mechanically obtain the extra 80K factors upon finishing qualifying exercise.
What airways are you able to switch Brex factors to?
Along with having the ability to redeem Brex factors for one cent every, you may also switch Brex factors at a 1:1 ratio to any of eight airline partners.
Are you able to switch Brex factors to another person’s frequent flyer account?
You may switch Brex factors to a frequent flyer account of anybody listed in your Brex account. You may simply add staff to your account on-line without spending a dime.
How lengthy is that this Brex Money supply for 110K factors legitimate?
We don’t have a selected finish date for when this promotion shall be over. Whereas I believe it will likely be round for not less than a pair extra weeks, I’d extremely suggest applying sooner rather than later, given how beneficiant this supply is.
Is Brex too good to be true?
Understandably lots of people have requested issues alongside the traces of:
“So that you’re telling me this can be a no-fee account, it’s really helpful, and I can earn as much as 110,000 factors as a brand new consumer?”
I can recognize that sentiment, as a result of once I first opened my Brex Money account, I assumed the identical factor as effectively. the saying — “if one thing sounds too good to be true, it in all probability is.”
I figured I’d present a little bit of background on how I see issues (once more, that is purely my take, and never based mostly on something Brex has advised be immediately). Brex is attempting to disrupt the world of enterprise administration, enterprise bank cards, and many others. It’s not simply that Brex is introducing a brand new product, but it surely’s an idea that we haven’t seen earlier than.
Brex is extraordinarily effectively funded (the corporate has raised tons of of thousands and thousands of {dollars}), and Brex is attempting to create a splash right here. Up till a number of months in the past Brex was primarily focusing on startups (significantly within the tech house), whereas now Brex is attempting to broaden its attraction to a wider set of companies.
As the corporate’s management defined final yr in an interview, Brex is attempting to play offensive, whereas most different firms play defensive.
Simply because the Chase Sapphire Reserve supplied a large bonus of 100K factors when it was launched (though that arguably appeared too good to be true), I’d say the identical is true right here. Merchandise have a tendency to achieve extra traction if they’ve particular gives after they’re first launched.
Backside line
Brex Cash is a totally new product to the market. Not simply the cardboard particularly, however the idea of a invaluable enterprise administration account that isn’t a checking account or bank card.
Hopefully the above solutions any questions you might have about Brex Money. If there’s something I missed, please tell us within the feedback part, and we’ll do our greatest to reply them.
This actually is an exceptional alternative to not solely decide up 110,000 bonus factors (which may get you $1,100 or 110,000 airline miles), but additionally to get a no-fee account that can possible show invaluable for your small business.
