Brex Rewards Devaluation for Popular Redemption Options
Brex was a popular account and credit card for a while. It offered huge bonuses of up to $1,100 and great earning rates on select categories with no monthly fees. But many people were shut down last year after Brex said it would dump small businesses and focus on larger clients who have secured institutional backing.
But if you still have a Brex account, there’s some bad news. Brex Rewards have been devalued with no prior notice, giving customers no option to cash out through some of the more popular redemptions before the value dropped by 40%. That includes cash redemptions and transfer partners.
Brex Rewards can be redeemed for cash back, travel, gift cards, or crypto. You can also transfer points to airline partners. Until now the value of Brex Rewards was 1 cent each for all redemption options, and a ratio of 1:1 for partners.
As of this weekend that rate has changed, as first reported by AwardWallet. You 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.
Other redemption options have remained the same, so you can still get a value of 1 cent per point when redeeming for travel through the Brex portal. Gift cards are also an option at 1 cpp, but that’s not the best use of points in most cases.
Brex decided to devalue its rewards as news broke out that financial regulators closed Silicon Valley Bank and took control of its deposits. That was actually good new for Brex since it resulted in billions of dollars in new deposits from Silicon Valley Bank customers.
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