Brex Cash Review: Business Account With Cash-Back Rewards – Business Insider

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The Brex Cash Account is on Personal Finance Insider’s list of the best free business checking accounts. It’s technically a cash management account, meaning you have access to more features than you would with a typical checking account.

You can deposit money into the Brex Cash Account and send money to other accounts. But there isn’t a debit card attached to this account — instead, Brex provides you with a credit card. You’ll earn cash back on all purchases with the credit card, plus discounts at certain retailers. The account also includes business expense management tools, such as a tool for finding you ways to save money on business purchases.

If you prefer a more traditional business checking account, Brex probably isn’t for you. But you may like it for its rewards credit card and management tools.

Annual Percentage Yield (APY)

None

Min Deposit

None

Editor’s Rating

  • Pros & Cons
  • Details
  • Pros
    • No minimum opening deposit
    • No monthly service fees
    • Unlimited monthly transactions
    • Money management tools
    • Earn credit card rewards and exchange them for gift cards, cash back, travel, or switch points to miles
    • Receive discounts with partner businesses
    • No foreign transaction fees
    • No incoming, outgoing, domestic, or international wire transfer fees
    Cons
    • No physical branches
    • No debit card, only credit card
    • No way to deposit cash
    • Only available for incorporated businesses
    • 50,000 signup bonus points after spending $9,000+ in the first 30 days
    • Brex’s business account is called Brex Cash. It’s a cash management account that works much like a business bank account for secure deposits, payments, tracking, and built-in expense management to understand your spending. It also comes with a credit card that’s automatically paid daily, like a debit card, except that it builds your business credit and gives you reward points on every purchase: 8x on rideshare, 5x on Brex Travel, 4x on restaurants/food delivery, 3x on Apple products, 3x on recurring software, and 1x on everything else
    • No fees to send unlimited ACH, wires, and checks-even internationally
    • The Brex Cash account and card are for all business types
    • Brex Mastercard® issued by Emigrant Bank, Member FDIC. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. Brex Treasury is not a bank; Brex Cash is not a bank account. Testimonials may not represent experiences of all clients. Terms apply, visit brex.com.

    How Brex works

    Brex is an online financial services company that provides a cash management account and a credit card. When you deposit money into the Brex Cash Account, you may select that the money go into a Brex program account, which is FDIC insured through one of Brex’s partner banks for up to $250,000. Or you might decide to invest the money in a government money market mutual fund — or you can choose a combination of cash and investments.

    You’ll make all payments with a Brex credit card, not a debit card. But when you set up a cash account, the money in your account automatically pays off your credit card daily, which makes it act similarly to a debit card. You’ll earn competitive cash-back rewards by paying off your credit card daily, as well as build your business’ credit.

    The Brex mobile app has 3.7 out of 5 stars in the Apple store, and 3.2 out of 5 stars in the Google Play store.

    To contact customer support before opening an account, fill out an online form and wait for a response. You can chat with a live representative once you have an account, from 5:00 a.m. to 8:00 p.m. PT, seven days per week.

    Is Brex trustworthy?

    Brex does not have any public controversies.

    The Better Business Bureau gives Brex an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

    A great BBB score doesn’t guarantee that you’ll have a smooth relationship with a business, though. You may still want to read online customer reviews, or ask fellow business owners about their experiences with Brex.

    How Brex compares to similar business banking options

    We’ve compared Brex to two other online business banking platforms: BlueVine and Axos Bank.

    Brex vs. BlueVine

    You may prefer BlueVine if you want a more traditional checking account with a debit card. BlueVine also pays a high interest rate on all balances under $100,000.

    Brex could be the better fit if you want to earn cash-back rewards and build your company’s credit score.

    Brex vs. Axos Bank

    Axos Bank has business checking, savings, money market, and CD accounts, so you may like it if you want a more traditional banking experience. But its free business checking account only allows 200 free transactions each month. If you make more monthly transactions, you might want to go with Brex.