Brex Rewards Devaluation
Brex is a recent startup that quickly became popular thanks to a very generous bonus of $1,000. Brex also offers attractive earning rates in select categories through its no-fee cash card. Then last year the company started closing small business accounts to focus on larger clients.
But, if you still have a Brex account, then there’s some bad news. Brex Rewards have suffered a major devaluation, dropping about 40% in value when redeeming for cash or transfer partners.
Until now Brex Rewards points could be redeemed for cash back, travel, gift cards, or crypto at 1¢ each. The best option was to transfer to airline partners at a ratio of 1:1.
As of yesterday that rate has changed, as reported by AwardWallet. You will now need to transfer 1,670 Brex Rewards points to receive 1,000 airline miles. That’s a devaluation of about 40% for Brex Rewards.
The same goes for redemption rates for cash and cryptocurrency. Instead of the previous value of 1 cent per point, you’ll only get 0.6 cents per point as of March 10th.
Other redemption options have not changed, so you can still get 1 cent per point when redeeming for travel through the Brex portal. Gift cards are also an option, but that’s not the best use of points in most cases.
This devaluation comes without any prior notice, and just after the news financial regulators closed Silicon Valley Bank and taken control of its deposits. The shutdown resulted in billions of dollars in new deposits at Brex from Silicon Valley Bank customers.