Brex Cash is a fintech alternative to a more traditional business checking account. There’s an awesome bonus of up to 110,000 points currently available via OMAAT which we wrote about previously. Having just gone through the process, I thought it was worth sharing how easy I found this bonus to meet.
Important: You need a C-corp, S-corp, LLC, or LLP in order to open a Brex account. Each business entity can open a separate Brex account and get a separate bonus. Sole proprietorships are not eligible.
- You get 80,000 points after spending $1,000 with your Brex debit card. I used the virtual Brex debit card to make $1,000 tax payment and met that easily. I first transferred over $1,250 to my Brex account since you can only spend on the card up to 80% of the account balance, so if you want to spend exactly $1,000, you’ll need $1,250 in the account. (Probably worth transferring a bit more to give room for things like a $1 hold or the like.)
- You get 10,000 points after spending $3,000 with your Brex debit card. I have not yet done this part; basically, if I meet this additional $2,000 in spend, I’ll get the equivalent of 5% back ($100) + 1% ordinary spend return which will give me 6% back total. That’s a pretty good deal, and I’ll probably end up doing it, I just took it slowly and wanted to see the other parts of the bonus work out before doing so. (If you can meet the spend in the Brex bonus categories, such as 4x dining, the deal is even better.)
- You get 20,000 points after linking payroll to Brex. Following Frequentmiler’s tip, I added my Brex Cash account to my business Paypal account using the Brex routing/account numbers, and then withdrew some business earnings from Paypal to Brex. The 20,000 points posted immediately.
All-in-all, just days from opening the account, I had a 101,000 Brex balance (20,000 paypal + 80,000 OMAAT bonus + 1,000 for my 1x earn on spend) which I cashed out for $1,010. (You can alternatively use the points to transfer to travel partners.) I’ll probably do the additional 10,000 bonus with $2,000 more spend as well which will get me another $100 for $1,100 total bonus. I mentally deduct a bit from that value since I put spend on the 1% Brex card in place of a higher earning credit card. But that would just knock off maybe $30-$60 from the value which still gives me well above $1,000 in bonus earn for a quick and easy business account which does not even have so much as a hard pull.
It’s been interesting to try out Brex, though I’m not honestly sure if I’ll use the account long-term. I’ve been pretty happy with the account from the little I’ve used it, but I don’t know if I’ll switch everything over.