Last updated on May 27th, 2021
The Brex Mastercard® is a corporate credit card for startups, entrepreneurs, and small businesses. The card is one of many fintech credit cards that disrupt the way the traditional credit card space thinks about credit limits, rewards, and more. Now, Brex lets businesses turn their rewards points into cryptocurrency. Here is what you need to know about the new Brex crypto redemption options – and if they are worth it.
Brex Mastercard Introduces Crypto Reward Point Redemption Option
Part of the allure of the Brex Mastercard® is the card’s rewards program. The Brex Mastercard offers huge rewards on the types of purchases startups thrive on, including 7X points on rideshares, 4X on travel booked through Brex, 3X on dining, and 2X on recurring software purchases.
Like other reward programs, Brex offers an impressive array of award options for account holders. Brex cardholders can use points for 1:1 point transfers with several leading airlines or for the usual fare of statement credits, gift cards, and more via the TravelBank portal.
Now, Brex is jumping on the cryptocurrency bandwagon by letting cardholders redeem their points for digital currencies. Cardholders can opt to receive their rewards as either Bitcoin or Ethereum at a value of 0.7 points per dollar of cryptocurrency. This point valuation is below the typical redemption value of Brex points – once cent per point.
How to Redeem Brex Rewards for Cryptocurrency
Redeeming points for Bitcoin or Ethereum with Brex is straightforward. Accountholders need a digital wallet, with Brex mentioning non-custodial wallets from Coinbase and Metamask as popular options.
Once the account holder has an eligible digital wallet, they simply need to log in to their Bex Rewards account, click “Redeem” on the side of the crypto they prefer (either ETH or BTC), and add their digital wallet address in the “Where to Deposit” section.
Things to Consider Before Using Credit Card Rewards for Cryptocurrency
While getting Bitcoin as a credit card reward is an exciting addition to the Brex lineup, there are several considerations cardholders should keep in mind before opting for a cryptocurrency award.
First, the valuation for the award type is relatively low compared to other options. At just 0.7 cents per point, cardholders might be better off opting for cash back and using those funds to purchase cryptocurrencies independently. Second, only Ethereum and Bitcoin are options for award points. While these are by far the most successful digital currencies, some entrepreneurs might prefer other options, like Litecoin or the trendy Dogecoin.
Perhaps the most important thing to be aware of before using Brex reward points for crypto is that errors with digital wallets cannot be fixed. As Brex states, the “wallet address you input has to correspond to the cryptocurrency of your choice. For example, suppose you wish to redeem your points for Bitcoin. In that case, you need to paste a Bitcoin network address. Since cryptocurrency transactions are irreversible, if you input an address from a different network, your funds will be lost.”
Related Article: Can You Buy Cryptocurrency with a Credit Card?
