There are lots of small business credit cards, but most of them require the personal guarantee of the primary account holder, just like consumer cards. But there’s a new travel rewards card available that doesn’t require a personal guarantee. The Brex Corporate Card for Startups and the Brex Corporate Card for Ecommerce grants your company a line of credit based on its business finances. The Brex Corporate Card for Startups also offers valuable reward points that can be transferred to airline miles.
How the Brex Corporate Card for Ecommerce works
The Brex Corporate Card for Ecommerce offers 60-days of interest-free non-revolving credit for e-commerce businesses. This allows you to pay for your inventory today and then receive 60 days to pay your balance. This card offers a credit limit of up to 75% of your business's monthly sales, with a maximum credit limit of $5 million.
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However, this isn’t a card for a very small business without a lot of sales. To qualify, your business must have at least $50,000 in monthly sales. And unlike other small business credit cards, this one requires no personal guarantee. In fact, Brex doesn’t even ask for a personal credit check or security deposit during the application.
Brex does offer instant approvals and immediate access to a virtual card, so you can start using it for online and recurring transactions. And once approved, you can also add new users, issue new cards, and set specific spending limits.
As a Mastercard, your Brex card is accepted worldwide, and it has no foreign transaction fees. Track your employee expenditures easily by using Brex’s automated receipt-capture and expense matching and reconciliation via text and email. You can also simplify reconciliation with Brex’s integrations with Quickbooks, Xero, and other accounting tools. Finally, you can build your business credit quickly, as Brex reports your on-time payment information to both Dun & Bradstreet and Experian. This card has an annual fee of up to $60.
How the Brex Corporate Card for Startups works
Like the Brex Corporate Card for Ecommerce, this card doesn’t require a guarantee or ask for a personal credit check or security deposit during the application. Yet it offers credit limits that are 10-20x higher than traditional small business corporate cards. Expenses are consolidated over 30 days into one monthly payment.
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To qualify, you need to show a minimum of a $100,000 bank balance. This card also features exclusive signup offers from companies such as AWS, Google Ads, WeWork and Salesforce that are worth over $50,000.
As a rewards card, it offers you 7x on rideshare, 4x on travel, 3x on restaurants, 2x on software subscriptions and 1x on all other transactions. Better yet, these rewards transfer to airline miles with six different frequent flyer programs including Singapore Airlines, Qantas, Air France, and more. This lets Brex book award travel across all of the major global airline alliances - Star Alliance, Oneword, and SkyTeam. This card has an annual fee of up to $60.
Bottom line
These new Brex cards have been attracting a lot of attention and for good reason. They offer a way for business owners to get the credit, and the rewards that they need, without utilizing or affecting their personal credit. By taking a closer look at these exciting new products, you can decide if they make sense for your company’s needs.
