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Get a Business Credit Card With Bad Credit – Brex for Startups and Ecommerce

- Jun 2, 2020 Credit Card Info0 comments

A single day does not pass that I am not asked this question: How can I get approved for a business credit card without using my personal credit? With traditional credit cards, this is not possible. All traditional banks will require personal liability even for their business cards and will check your personal credit report before approving your application (once approved most credit card issuers will not report a business card on your personal credit report, more info here). That is why I was very happy when I bumped into the two Brex cards. Finally, I found a business card which you can get approved without personal credit, or even with bad personal credit. Plus, there is no personal liability whatsoever. Here are the details.

What Are The Two Brex Cards All About

The two Brex cards are called Brex For Startups and Brex for Ecommerce, issued by Emigrant Bank, Member FDIC. These are exclusive business Mastercard charge cards to help your business cash flow, with absolutely no connection to any personal liability or credit.

How Does My Business Qualify For A Brex Card

I got onto the phone with a Brex credit card underwriter and it does not seems complicated for your business to qualify for a Brex card.

This is what I was told

  1. Brex will want to see at least $50,000 sitting in the bank account (the amount will be $100,000 if you don’t give Brex access to your online banking).
  2. Brex will never check your personal credit report
  3. For the Brex Startup card, they prefer to see your business getting investments from outside investors (angel investors, private investors, etc).
  4. The Brex Ecommerce accepts established businesses with nice spending and income patterns. The last month sales will need to be $100,000 or more, plus the company will need an Ecommerce account established for 12 months or more.

How Does My Business Disqualify For a Brex Card

Brex only approves corporations and non-individual liability companies. Consumers, sole proprietors, unincorporated partnerships, and companies situated out of the US disqualify and may not use a Brex card.

About Credit And Limits

Brex looks solely at your business transactions and behavior. No personal guarantee required and no credit needed! Brex reviews your equity, business transactions, and cash balance. Your credit limit will be set accordingly, usually set to about 75% of your monthly sales, up to $5 million. Brex claims to be approving cardholders for 10 to 12 times higher credit limits than other credit card issuers.

In the Brex platform agreement, it states that “You must maintain at least one Linked Account at all times and agree that Brex may directly debit any Linked Account for payment of amounts owed”. Brex will be able to draft payments from your checking account if you fail to pay the amount owed.

Card Payment Requirements and Fees

With the Starters, you must pay the full balance every 30 days. You will not be able to carry a balance from month to month. With the Ecommerce, you get 60 days for which to pay up the full balance without paying interest. These are awesome for cash flow yet you must stick to paying your balance on time since these are charge cards.

Otherwise, there are no fees or APR. Employee cards are free for the first five, then $5 annually for more.

Card Rewards

The Brex Startup card earns rewards on all purchases. New to suit Covid-19 needs: Earn 7 points on remote collaboration tools bundle (Zoom, Slack, GoToMeeting, Gong and Monday), 3 points on food delivery bundle (Caviar, DoorDash, Uber Eats, Grubhub and Seamless), 2 points on recurring software, 1 point on everything else.

Brex points never expire and have no caps on their points.

Brex for Ecommerce has no rewards. But, you can choose to pay your balance after 30 days rather than after 60 days and then earn 1 point per dollar spent on purchases.

Card Benefits

Signing up for Brex means receiving major discounts at major companies, with up to $150,000 value. These discounts are from AWS, WeWork, GoogleAds, Zendesk, Zoom, and more.

There is no foreign transaction fee while using this card abroad. Brex cards are worldwide accepted and are part of the World Elite Mastercard. Also featuring advanced fraud protection where you will never be liable for unauthorized transactions.

How Will I Be In Control?

You can issue virtual cards to all team members and set their spending limits. You can add members through your dashboard and analyze their spendings as Brex integrates with QuickBooks, NetSuite, Expensify, and Xero.

With the app, you can capture receipts and match em up.

What Do I Need In Order To Sign Up?

To sign up, Brex asks for your EIN (Employer ID Number). They will not ask you for your Social Security Number. Brex will aslo ask you for online acces to your bussnes bank account.

Once you’ve got that, it’s an instant sign up. Receive your card within 3 to 5 business days, or better yet, receive an instant virtual card for online transactions.

That’s that

So, is your business doing great? Can you manage to pay off your full balance? Would you be happy with almost unlimited spending limits? Want to keep your company and personal finances separate?

Welcome to Brex.

Was this article helpful?

Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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