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Brex adds Bitcoin and Ethereum as options for reward redemption
Brex just plugged into Bitcoin and Ethereum. This is a realllllly big deal. If you’re unfamiliar with either of these, I would strongly recommend reading these articles ( Bitcoin 101, and Ethereum 101 ). Personally, I think we are living through one of the biggest disruptions in monetary energy any generation alive has witnessed. I won’t pontificate about this, but payment system after payment system is plugging into a blockchain network and Brex just joined the likes of Paypal and Square by plugging their system into Bitcoin. Currently it appears that the only integration is via their Brex Reward Redemptions, but I’d guess full integration of Bitcoin and Ethereum will soon follow.
Brex is fintech. It’s the latest iteration of how banking is evolving. They just gave a big hat tip that they are embracing DeFi, blockchain, and the growing adoption of cryptocurrency. Whether they add Bitcoin to their balance sheet, the ability for clients to buy/sell crypto via them, or offer custodial services for crypto in the future remains to be seen. But…what we do know – they are swimming in the pool. Even more than that…Brex is in the business of business, so if you’re looking to add BTC to your companies balance sheet, this would effectively allow you to transform your points into corporate treasury.
Let’s take a look at how you can redeem your Brex Points for Bitcoin or Ethereum
If you click on Rewards, you’re given a few options – notice how “Cryptocurrency is listed as an option”
You’re given the option of Bitcoin or Etheruem
You can redeem for 7/10 of one cent towards Crypto
By comparison…you can cash out your points at a penny a piece
If you want to buy Crypto…just cash out your points, transfer to an exchange and buy at a more favorable rate.
No I won’t be converting Brex Rewards to BTC or ETH – but let’s recap
I think this is an incredible development, not necessarily because its a fantastic deal to convert into BTC or ETH, but what it means for the future of Brex and how they are strategizing.
- Will they create a Bitcoin wallet akin to PayPal?
- Will they offer custodial services?
- Will they offer lending services akin to BlockFi so clients can avoid taxable events and access lines of capital?
- Will they offer business banking solutions that involve Crypto?
This is the first step…and one that again brings me back to this observation I have noticed amongst the points and miles community. It seems a lot of us who are points and miles geeks are also swimming into the crypto pool. Is this Brex’s wink at us? It certainly left me giddy about what they are going to do next and all they did was facilitate points to crypto.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Chase Sapphire Preferred® Card
Welcome Offer
60k Points after $4k spend in 3 months
Annual Fee
$95
Points Earned
Transferrable Chase Ultimate Rewards
- 60k points after $4k spend in 3 months
- Worth $750 in Chase Travel℠ and way more if you maximize transfer partners
- 5x on all travel purchased through Chase Travel℠
- 3x on dining, including eligible delivery services for takeout & dining out
- 3x on select streaming services
- 3x on online grocery purchases
- (excluding Target, Walmart and wholesale clubs)
- $50 Annual Chase Travel Hotel Credit via Chase Travel℠
- The begins immediately for new cardmembers and after your account anniversary for existing cardmembers
- 2x on all other travel
- 10% Anniversary Bonus
- Every year you keep the card, your total spend will yield a 10% points bonus. If you spend $10k in a year, you’ll get 1k bonus points
- Chase Sapphire Preferred continues to redeem at 1.25c in the Chase Travel℠ and the slew of other benefits remain in tact including Auto Rental Collision Damage Waiver ( primary ), purchase protections, etc.
- Points are transferrable to 14 Ultimate Rewards partners
- Redeem in Chase Travel℠ for 1.25 cents per point
- No foreign transaction fees
- Suite of Travel and Purchase Coverage
- Auto Rental Collision Damage Waiver is my favorite
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024
- $95 Annual Fee
We keep an up to date spreadsheet that lists the best ever offers: You can find that spreadsheet here.
Historically 80k is a very, very good offer and hit in both 2022 and 2023. In 2021, we saw the offer hit an all time high of 100k. Who knows if that will ever come back.
Main Cast:
Cards that earn flexible points and should be used on the bulk of your purchases.
Supporting Cast:
Cards that earn fixed points in the currency of the airline/hotel and can not be transferred at attractive rates. These cards yield benefits that make it worth keeping, but not necessarily worth putting a lot of your everyday spend on.
The Chase Sapphire Preferred® is exceptional starter card and offers transferrable Ultimate Rewards, and pairs well with other Chase cards.
If you carry this card alongside Chase’s cashback cards like the Chase Freedom Flex℠and Chase Freedom Unlimited® or the business versions: Ink Business Cash® , Ink Business Unlimited® you can combine the points into Preferred account and transfer into hotel and airline partners
Annual fee is quite low at $95 a year + you get a 10% anniversary bonus on points + $50 hotel credit in Chase travel.
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