Tag Archives for brex.
By Monday there’s a reasonable chance that Silicon Valley Bank will be taken over by another bank, and even that uninsured deposits will be made whole. In any case, depositors will have access to cash soon.
However there’s one way in which this spills over… maybe not into other banks, but apparently to miles and points?
My first thought was to generate some account activity but that may not be enough to save the account. I might do that anyway, but I’m going to use my rewards right away. Brex says if I use the account they will merely “conduct an internal review” over whether to close the account. Usage alone may not be enough to save it.
Meanwhile one reader shared that when Brex told them their account would be closed in 30 days the account was actually closed sooner than that. I’m going to cash out my 210,000 points immediately.
Early in the year I earned 110,000 transferable points with a new Brex account. We hadn’t seen an offer than big before or since. And I was able to then add another 100,000 to the account after that.
You get a no annual fee card with no credit pull that earns 7x or 8x on ridesharing among other categories, and points can be used for 1% value in cash, gift cards, or travel or you can transfer to airline loyalty programs.
Many of you signed up for Brex when they were offering 110,000 points to new accountholders. I know I did. Well I’ve mentioned getting 100,000 Brex points (which transfer to miles) for signing up for Paypal merchant processing. And it was probably the quickest and easiest 100,000 points I’ve ever earned.
This morning I wrote about a 20% transfer bonus from Brex points to miles. I have a stash of 215,000 points thanks to a signup bonus and a Paypal deal – some of the easiest 215,000 points I’ve ever accrued.
As if the Brex deal hadn’t been good enough already, I received an email from them today: “Your Amazon Gift Card”
There’s no “obvious place” to transfer miles. Normally I don’t want to transfer points out of a transferrable program unless I have to. The option value is too strong. However I don’t entirely trust Brex as a place to store points, especially since I’m not actively continuing to use the account.
Through August 8, 2021, Brex is offering a 20% bonus on points transfers to several mileage programs. And that caused me to work through my options.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
