Brex Card Adds Ability to Redeem Rewards for Cryptocurrency
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The Brex Card is joining the ranks of credit cards offering cryptocurrency rewards.
It’s the first card aimed at business owners to enable such a feature, and it follows closely on the heels of the news that the SoFi Credit Card — a consumer card — also now allows cardholders to redeem rewards for crypto.
This new redemption option comes thanks to a two-level partnership: Brex partnered with TravelBank in 2018 for its travel-booking platform, Brex Travel. TravelBank partners with Coinbase, which enables users to buy, sell and manage cryptocurrencies.
Holders of the Brex Card can redeem points for crypto on Brex’s rewards dashboard, much like they can for other types of rewards. The crypto is sent to your Coinbase wallet (if you don’t have one yet, you can set one up through Coinbase, then return to the Brex dashboard to redeem). For now, only bitcoin and Ethereum are available.
In addition to crypto, you can redeem Brex points for travel booked through Brex Travel, miles with Brex’s airline partners, statement credits, gift cards and, if you have a Brex Cash account, cash back deposited into that account. With most redemption options, you get a value of one cent per point. However, if you redeem for statement credits or crypto, you only get a value of 0.7 cent per point.
The Brex Card earns a base rate of 1 point per $1 spent, along with 3 points per $1 spent on eligible Apple purchases made through the Brex Rewards portal. You can increase your rewards rate by using the Brex Card exclusively, earning:
7 points per $1 spent on rideshares and taxis.
4 points per $1 spent on travel booked through Brex Travel.
3 points per $1 spent on restaurants.
3 points per $1 on Apple products purchased through your Brex dashboard.
2 points per $1 spent on recurring software expenses.
1 point per $1 spent on all other purchases.
Other credit cards promising rewards in the form of crypto include the Gemini Credit Card and BlockFi Bitcoin Rewards credit card. But for now, those cards aren't yet available and are accepting people to waitlists only.
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