Brex Rewards Devalues Points Transfers to Its Mileage Partners

You may not be familiar with Brex, and that’s likely for good reason. Brex is a business checking account that previously offered small business programs but has recently moved to only offering services to larger corporations. While the bank now only focuses on larger companies, earning Brex Rewards points is a very lucrative scheme, but the company has now devalued the transfer ratio to mileage partners, per AwardWallet.

Background

You likely don’t have a Brex checking account unless you’re affiliated with a large corporation. The brand previously offered accounts to small businesses, but those accounts were shut down last year as Brex shifted its business model. Brex has recently resurfaced in the news with the collapse of Silicon Valley Bank (SVB), as Brex was considered a great alternative … lots of SVB users are now opening accounts at Brex, so there are a ton of new users.

Brex Cash accounts with daily payments earn quite a few points:

• 8x Brex Rewards points on rideshare
• 5x Brex Rewards points on Brex Travel Rewards
• 4x Brex Rewards points on restaurants

Prior to this week, Brex offered 1:1 transfers to a number of mileage partners. While all of these partners are foreign carriers, there’s at least 1 airline in each alliance, allowing you to redeem your miles for nearly every major airline worldwide:

New Transfer Ratios

Unfortunately, Brex has changed the amount of Brex Rewards points required to transfer to its mileage partners. Now, instead of being able to transfer 1,000 Brex Rewards points to get 1,000 airline miles, you’ll now need to transfer 1,670 Brex Rewards points to get 1,000 airline miles.

While Brex has a hefty earning scheme, especially on rideshare and travel, it was quite lucrative to be able to transfer 1,000 Brex Rewards points to get the same amount of airline miles. Now, you’ll need significantly more Brex Rewards points for transfers, making Brex a no-longer newsworthy way to accumulate airline miles.

Transferring to Cash

Trying to get cash back from your Brex Rewards points? Unfortunately, you’re in for a devaluation as well. 1 point used to be worth 1 cent, however, that will now be only 0.6 cents, a 40% devaluation.

Final Thoughts

Nearly overnight, your Brex Rewards points aren’t worth as much, so you’ll want to keep this in mind if you have a Brex account open. Consider your options on whether it’s worth continuing to use Brex, or whether you should accumulate your miles elsewhere.