Brex Card Review 2022: Tested By Finance Experts

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The CEO, Henrique Dubugras, has a vision for the company that extends beyond providing business credit cards to include ensuring a better financial future for groups that have been traditionally overlooked by the banking industry.  

The card is designed to help small to medium-sized businesses with no existing credit history or established bank accounts, including those who have been turned away from bigger banks due to bad credit history or fees.

Customers can use the card for purchases internationally and also access instant cash through a network of ATMs. The Brex mobile app helps track expenses, shows real-time spending, and offers instant cash through a network of ATMs.

The company’s goal is to improve the financial lives of underserved populations worldwide by providing a secure and transparent way of transferring money on a global scale while developing new technologies that will be able to provide banking services to 2 billion people who currently do not have access to them.

Features of Brex Card

Brex is designed to make business spending simple and offer more benefits than a standard credit card. It provides businesses with an alternative way of paying for purchases, whether they are across the border or in another country.

By doing so, it enables them to reduce their overall costs while providing them with better cashback rewards and free fraud protection. Brex also ensures that your business is protected online and provides insurance to cover any purchases made using the card.

The following are the features of Brex Card:

  • Micro-Businesses

The company’s mission is to help small to medium-sized businesses, so there are no minimum revenue requirements for companies to qualify for the card. Instant Response: There are no wire transfer fees and transactions can be approved immediately

  • Bad Credit

Brex is trying to help people with bad credit get back on track. Brex has a new way to find small businesses that have been turned away from bigger banks due to bad credit history or fees.

  • No personal guarantee

Despite the fact that businesses are responsible for the card’s repayment, funds on the card belong only to the business and cannot be accessed by a personal guarantor.

  • No minimum revenue is required

The company’s mission is to help small to medium-sized businesses, so there are no minimum revenue requirements for companies to qualify for the card.

  • Free international transactions

There are no wire transfer fees and transactions can be approved immediately.

Pros and Cons of Brex Business Card

The benefits of the Brex Business Credit Card are obvious when conducting international transactions or purchases away from home. However, there are disadvantages that come with the lack of restrictions on who can apply. The risk to businesses with low revenue, fluctuating income, or high turnover is just one example of this.

Advantages of using Brex Business Card

  • No Annual Fee

Brex offers a business credit card with no annual fee or foreign transaction fees.

  • Instant Cash

There is an ATM network that can be used to withdraw cash from Brexpats’ accounts without having to use high bank fees.

  • International Payments

The card can help businesses accept payments from anywhere in the world for a percentage fee.

  • Free Online Fraud Detection

Brex uses machine learning to analyze online fraud patterns and flag them for businesses. It also offers identity theft protection for free.

  • Special Rewards

Brex Cardholders can avail of exclusive offers and discounts from over 100 participating venues and businesses. The Brex team has vetted these partners to ensure that they are great quality companies that value their customers.

  • Business Insurance

Brex provides insurance for the card itself as well as any purchases made through it – even if you’re traveling on vacation.

Disadvantages of using Brex Business Card

  • Risk to Businesses

Although Brex is designed for small businesses, there are no minimum revenue requirements, which may in fact lower costs in the long run but pose a higher risk in terms of loss in case your business goes under.

  • Rate of acceptance

Not all international businesses accept Brex cards, which means you may have to make a cash withdrawal from the ATM when making purchases.

  • Complicated Rewards

The Brex Business Credit Card offers a cash-back scheme on all purchases using the card. It is important to note that this cash-back reward is paid in the form of future rebates, rather than immediately. If a cardholder spends 5,000 GBP on the card over the course of a year, they will receive 100 GBP at the end of that year.

How does Brex Card work?

You apply for a card through the company’s website, and after they check out your business, they will send your account information including your card, PIN, and spending limits.

When you use the card to make a purchase in US dollars, it’s sent directly to your bank account in one business day. You can also withdraw cash from any ATM at no extra cost.

How Brex Business Card earns money?

Financial Institutions are able to earn money through the interest that they charge on loans, overdrafts, or any credit card purchases.

Is Brex Card safe and secure?

The application process takes only 7 days and does not require extensive documentation or background checks. All of the data is encrypted by a 3rd party security provider and stored on Amazon’s servers using their S3 storage service.

The Brex team has also taken care to vet all of its partners that provide products or services from companies whose products you can use. When making transactions, businesses must enter their PIN number for each transaction, protecting against unauthorized purchases.

When cardholders make a purchase with their business credit card, the transaction is sent to Amazon’s servers and approved with a 3-D Secure protocol through Payment Card Industry Data Security Standards (PCI DSS) authentication. Brex never stores any of your financial data on its own server, so it can’t be hacked.

To ensure that cardholders’ personal information is completely secure online, the Brex team has partnered with Privacy Right Clearinghouse to share data about privacy breaches. This ensures that businesses are aware of the latest privacy violations and can protect their customers better.

Who is eligible for Brex Card?

Brex is designed for businesses with a US bank account and US business address. To apply, you need to have at least one full-time employee and be registered in the United States with a physical address.

How do Brex cardholders get approved?

You apply for a business credit card through the Brex website by submitting a short application form. After this, you will need to receive an invitation from one of their members before your account is activated.

Why should you get Brex Card?

Brex is perfect for businesses such as e-commerce sites (like the ones that sell on Etsy) or freelancers who work with US customers and need to accept credit cards. It’s completely free to use, and you can withdraw cash from any ATM in the world at no extra cost.

Businesses that want to accept credit cards and international payments can also benefit from Brex’s low transaction fees, especially those with multiple branches or large sales volumes.

All transactions are secure and protected with the highest security standards. If you need a business credit card, you should check out this one. You can also use this card for personal purchases and cash advances.

A quick review of competitors of Brex Business Card:

There are many competitors but we will review the best ones:

Payoneer:

Payoneer is the best option if you are looking for a card. It offers competitive exchange rates and cash withdrawal fees, but it doesn’t have any rewards or benefits for using your business credit card.

Bizfi:

Bizfi is best for businesses with high transaction volumes. It has no monthly fee, no minimum balance requirement, and the lowest exchange rate of all the cards we reviewed. All transactions are secure and protected with the highest security standards. However, it also has a cash advance fee which is relatively high compared to other cards on the market.

Ikobo:

Ikobo gives you a card that can be used outside of the US for free, but once you use it in the US there are very high fees for each transaction. It’s a good option if you have a business based outside of the US and want to be able to use a card in the US, but that is it.

Fundbox:

Fundbox doesn’t offer any rewards or incentives for using your business credit card, so there’s little reason to choose this one over all the other options on the market.

Bottom line

According to the review, it is a good option for businesses that have US-based offices and need a card to accept credit cards from US customers. It’s also a good choice if you want a cash card with low foreign exchange fees.

The biggest drawback of the Brex Business Credit Card seems to be that it requires users to have an existing relationship with another Brex member. This can be an issue if you are not in the US already or do not have any friends who could help you apply.

If your business is based in the US and you need to accept credit cards, this card is definitely worth checking out.

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

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