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Brex Review (2022): Business Credit Cards With No Personal Guarantee

By James LePage
 on March 12, 2022

Brex Review (2022): Business Credit Cards With No Personal Guarantee

By James LePage
 on March 12, 2022

In this review, we're going to look at Brex, a corporate credit card for startups and other high growth companies. In addition to the card, they offer Brex Cash, travel services, and other tools which will be covered here.

brex-card-2

Unlike many other reviews on Brex, we're a company who actually uses the Brex Card for our day to day operations. Granted, we're not a startup, but we've found this product to be an invaluable addition to our service-based business that has constantly changing expenses, travel requirements, and multiple employees and contractors.

We were looking for a business credit card with no personal guarantee and Brex seemed like the perfect fit.

With that said, let's get into this Brex Review.

Brex Features

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Brex isn't just a corporate card, it's a complete banking alternative. You'll still need an underlying business checking account to get started (we use Novo, review here), but having all of your expenses, cash and spending in one place is really nice.

The platform is accessible via app and desktop portal.

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Brex App

Let's take a look at the features:

Brex Cards

The flagship product is a business credit card that offers cash back and rewards on your everyday spending. You can get the card as a Physical Card and/or a Virtual Card.

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The cards have dynamic credit limits based on your Brex cash account balance alongside real-time revenue, which Brex can see from integrations with Shopify, Stripe and other payment solutions. They call this instant access, meaning that they'll "front" you for the revenue that hasn't been deposited yet on virtually every major ecommerce tool (including Amazon).

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Spending with the Brex card comes with tons of rewards. Like many cards, this one uses rewards points per dollar spent. All spend gives you points, but here are the main categories: 8x on rideshare, 5x on Brex Travel, 4x on restaurants, 3x on recurring software, 1x on the rest. This rewards structure rivals offerings like Amex Business Platinum and Chase Ultimate Rewards.

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You can also earn 3x back on eligible Apple purchases including Watch, Mac, iPhone, iPad.

The rewards redemption is also pretty cool. You can get cash, Bitcoin, gift cards, miles or travel.

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There's also automatic receipt matching, which allows you to link your receipts with the expenses in the Brex app. This makes it really easy to track spending and get a handle on where your money is going.

Because it's a corporate credit card designed for growing teams, you can easily make virtual cards for specific employees or expenses, while also issuing physical cards to any and all employees.

The best part: There are no fees and no personal guarantee required for either card.

Behind the Brex branding and platform, it's a World Elite Mastercard®, which comes with its own set of benefits: Mastercard ID Theft Protection™ protects personal info, and you'll also get $1,00 in coverage for your mobile phone bill if the device needs repair or gets stolen. There's a host of benefits, the Mastercard Luxury Hotel Program (room upgrades and more), hotel guarantees, rental insurance, and other upgrades.

Brex Cash & Treasury

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Brex Cash is essentially a bank account, run by Brex Treasury LLC. There are no account, transaction, or hidden fees, and no minimum balance.

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You can create multiple accounts, connected to various cards, like a marketing account, tax savings account... so on.

ACH and wires, are free, even if you're sending internationally.

Brex Travel

Brex teamed up with Travel Bank, to offer a full-fledged travel booking and management solution. With it, you get business travel rates, and a concierge service. We use it to easily schedule trips, knowing we're getting the best rates out there.

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Integrations

Brex integrates with a whole host of business software, making it easy to track your spending and keep everything organized in one place.

Brex <> Slack
Slack will auto notify you when things are spent. It's a 2 way integration - you can send back memos and receipts.

Connect with software like Quickbooks, Expensify, 1Password, Gusto, Slack and SAP Concur.

Support

Support is great. There's live chat, phone, and email. We've used all three and have always had a great experience. Their team is knowledgeable and helpful, and they're always quick to respond to any questions or concerns.

On top of the Brex support, you'll also get the Mastercard support mentioned above.

Perks

In addition to the awesome rewards oriented towards startups, there are also perks in the form of discounts and credits.

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A ton of exclusive perks.

Brex Financial API

This is one of the first to offer a fully fledged API, which allows you to access data, automate payments, and even connect to your accounting software.

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This is something that seriously sets it apart from other banks, which simply don't offer this level of access or automation.

Pricing

There are absolutely no fees for anything associated with Brex. No foreign transaction fees, no account fees, etc. This is a huge selling point for the company.

The only way they make money is through the rewards program and interchange fees (which are passed on to businesses anyways with other cards).

Application

If you're applying for Brex, there's a process. You need an EIN, valid business, operations in the US, and a few other bits of info. You can get the full list on their website.

Brex will look at your linked bank balance, spending, company, business model, employees, and more to determine if you're dependable and stable. If you're a match, you're in!

Remember, there's no personal guarantee which is great, but makes Brex need to scrutinize the actual business and operations a bit closer.

If you Brex application is denied, you'll be able to reapply if your circumstances change.

What We Like

There's a lot to like here. We've been using Brex for about 6 months now, and we're big fans.

Some of our favorite things:

  1. The app is fantastic. It's super easy to use, and makes it really easy to track spending, keep tabs on cash flow, and see where your money is going.
  2. The customer service is amazing. We've had to call customer service a few times, and the reps are always super helpful and easy to work with.
  3. The rewards are really great. We've been able to get a ton of free flights and hotels by using our Brex card for all of our spending.
  4. The cash flow flexibility is awesome. Being able to "front" expenses by using our Brex Cash account has been a lifesaver, especially when we're tight on cash.

What We Don't Like

Realistically, if you're just getting started, you won't be able to use Brex. You need income, cash, and assets for them to allow you to leverage the cards and features.

With that said, you can use the daily payments option, which makes the card limit match the cash on hand, stored in Brex Cash.

Conclusion

I'm a founder of several companies, including a venture-backed startup, and will use Brex for all of them. It's a lot different than traditional business credit cards from companies like Amex and big banks, giving generous rewards, and allowing me to accurately understand my company's cash flow with a well designed modern app.

It has helped me save money on travel expenses, keep track of employee spending, and understand my company's cash flow with ease. Overall, I highly recommend Brex to any startup or high growth company.

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James LePage
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James LePage is the founder of Isotropic Design, a digital agency that builds WordPress websites. I read, write and design constantly!
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