Brex, which offers corporate spending accounts for startups, small businesses, and large corporations, has announced that business owners can now redeem rewards earned with the Brex credit card for select cryptocurrencies.
- Brex has announced that business owners who participate in the Brex rewards program can now redeem their rewards for Bitcoin and Ethereum.
- While several credit card issuers offer cryptocurrencies as rewards on their consumer-focused cards, Brex's addition to its rewards program is the first for business owners.
- Brex customers can earn up to 8 points per dollar on eligible purchases.
Brex's Standout Rewards Program Just Got Better
Since 2017, the financial management and technology company Brex has offered corporate spending accounts and credit cards, primarily to startups but recently to small businesses as well. Business owners can earn:
- 8 points per dollar on rideshares
- 5 points per dollar on Brex Travel
- 4 points per dollar at restaurants
- 3 points per dollar on recurring software purchases
- 1 point per dollar on everything else
Points are worth 1 cent apiece and come with several redemption options. Account holders can redeem rewards for cash, gift cards, and statement credits as well as transfer their points to one of eight frequent flyer programs.
Now, Brex cardholders will also be able to redeem their points for Bitcoin and Ethereum. The move comes after two cryptocurrency platforms, BlockFi and Gemini, announced crypto rewards credit cards, and SoFi added a crypto redemption option to its flagship credit card.
The difference, though, is that all three of those cards are geared toward consumers, which makes Brex's addition to its rewards program a first for business owners.
In addition to offering crypto redemptions, Brex's rewards partner, TravelBank, will work with the crypto platform Coinbase to provide free wallets to hold, store, or exchange the cryptocurrency customers generate with their rewards points.
Unlike many business bank and spending accounts, Brex does not charge a monthly fee for its products or a per-item fee on transactions above a certain threshold. Business owners can request a physical Brex Card and also create additional virtual cards to use for online purchases.