To update: I will publish this post again with some updates from the end of January. We have learned a lot more about the Brex application and approval process since then, and I wanted this post to reflect that as people keep applying. While we don’t have an exact end date for this offer yet, I would highly recommend applying sooner rather than later as I think the days of this offer are likely to be limited.
Brex Cash was featured recently and I wrote in a separate post about why this is so great. I signed up for an account a while ago and wanted to share my experience.
I have earned over 110,000 points (which can be transferred to airline partners) with no credit and without paying a cent in fees. This is literally an unprecedented opportunity.
These are probably the easiest points I’ve ever earned (easier than any credit card sign-up bonus), and best of all, I have a business cash management account that I really enjoy and plan to keep it for the long term.
In this post, I wanted to fundamentally break down the value of Brex Cash, share my application experience and also provide some tips for approval. For information on questions not answered in this post, please see our Brex FAQ.
Why should you get a Brex Cash account?
Brex Cash is a cash management account that works similarly to a business or corporate account (although it is not a bank account). In other words, you link your business account and then you can transfer funds and then use your Brex account for everything from payroll to business purchases.
In my opinion, if you are eligible, then you should definitely apply:
- To qualify, your company must be a C-Corp, S-Corp, LLC, or LLP (sole proprietorships do not qualify).
- If you have multiple companies, you can apply for a Brex Cash account for each company (and each company is eligible for the welcome bonus).
- Rewards earned with Brex Cash are not taxed
There are two reasons why you should get a Brex Cash account: There is a huge bonus when you sign up and then having a Brex Cash account is very valuable.
Earn 110,000 easy points with no fees or credits
One reason for a Brex Cash account is that you can earn up to 110,000 bonus points. Points can be redeemed for one cent per cashback, or I would prefer to transfer them 1: 1 to airline partners (these include Air France-KLM Flying Blue, Avianca LifeMiles, Emirates Skywards, JetBlue TrueBlue and KrisFlyer in Singapore). This post is everything you need to know about redeeming Brex points.
Redeem your Brex Points to travel in Emirates’ first class
That’s right, we’re talking about 110,000 points for a toll-free account, and there isn’t even any borrowing.
This is how this bonus is split:
- Earn 80,000 Bonus Points after spending $ 1,000 on your new Brex Card (this is an exclusive, limited time offer for OMAAT readers).
- Earn 10,000 additional reward points after spending $ 3,000 on your next Brex card within the first three months
- Earn 20,000 bonus points when you link payroll to your Brex Cash account
And yes, it really is that simple – I already have over 110,000 Brex points in my account.
Why it pays to have a Brex Cash account
The Brex Cash New Account Bonus is obviously something to be excited about. In addition, however, it makes sense to keep a Brex Cash account over the long term. To summarize just a few highlights:
- Brex Cash is as fee-free as accounts and cards – there are no account management fees, no foreign transaction fees, no ACH fees, no transfer fees (even international), etc.
- Brex Cash offers some industry leading bonus categories for spending on your Brex Card such as: B. 8x points for carpooling, 4x points for restaurants and restaurants and much more
- Brex Cash offers discounts for all types of partners, from Amazon Web Services to Dropbox to Slack
- Brex Cash offers virtual card numbers for added security that can be useful for online purchases, auto-renewing subscriptions, etc.
There are so many other reasons to have a Brex Cash account, and it’s also worth noting that all program bank deposits are FDIC insured up to $ 250,000.
My experience applying for a Brex Cash account
Applying for a Brex Cash account with an S-Corp took just over five minutes.
To quickly go through the process, you must first provide some basic personal information when you apply, including a business email address. You don’t need to enter a reference code for the bonus of up to 110,000 points as long as you use the OMAAT link.
Then you need to fill in some information about your company.
You may then be presented with several account options depending on your type of business. When you see this, you should select the Cash option as it offers this great promotion.
If you don’t see this page, don’t worry. In general, self-financing and / or non-tech companies will automatically register with Brex Cash, which is what you want anyway. This is to simplify the process.
Next, you will be asked to enter additional business details.
Depending on your type of business, you may need to enter details about the various business owners, including their social security numbers due to federal data collection requirements.
Once this is complete, you will need to upload a copy of your photo ID. This can be your passport, state ID, permanent residence card, etc.
Once all of this information has been submitted and you have clicked a link in your email, you may be approved immediately (or in some cases further processing may be required). Once approved, you will have instant access to your Brex Cash account and use your account right away. As simple as that!
As expected and hoped (based on the fact that it is ultimately a quasi-tech company), the Brex online experience is much better than the typical online banking experience.
Tips: How to Get Instant Brex Cash Approvals
The overwhelming majority of people are instantly approved when applying for Brex Cash accounts, although not everyone is.
While I can’t go into each and every case, Brex has told us that the most common reason why instant approval is not given is because Brex cannot collect the information it needs to validate a company, which it does for companies without it Much the most common is an online presence.
To be clear, if you’re not immediately approved, it doesn’t mean you will necessarily be rejected. They could definitely still be approved, it’s just that some manual processing is required.
To maximize your chances of getting approved right away:
- Make sure you have a valid company (which is not a sole proprietorship).
- Make sure to select the Brex Cash option if you receive this during the application process
- Ideally, enter your actual business email address and website instead of using a personal email address
Brex Cash is a phenomenal business cash management account. For starters, you can earn up to 110,000 bonus points when you apply and complete certain activities. This is unheard of for a toll-free account that doesn’t even include a credit deduction.
Not only is it the big bonus that Brex Cash takes into consideration, but also the continued value it can bring to your small business. This is an innovative product and the Brex Cash concept currently has no real competitors. Brex has developed a niche and I can’t wait to see how the product evolves over time.
If you are eligible I would highly recommend applying for a Brex Cash account with the current limited time bonus.