The news surrounding Silicon Valley Bank (SVB) has created uncertainty for many companies. The situation is rapidly evolving, and we want to ensure we can support you in this challenging moment. We will continue to provide updates as we learn more about the SVB situation.
Yes. If you’re one of our customers making monthly payments, we can use financial statement underwriting, to assign your account’s credit limit based on financial statements. The documents we can accept include balance sheets, income statements, and cash flow statements.
Company credit limits Your company's credit limit is the amount that you can spend as a team within your statement period. This limit is dynamic by design and is regularly adjusted by Brex according to your spending patterns and cash balances. Credit limits don't reset after a specific time period.
Brex generally requires its customers to maintain a cash balance of at least $25,000 to maintain any credit limit. This minimum requirement is assessed on a case-by-case basis depending on our determination of risk and may be adjusted at our sole discretion.
Some companies that share bank accounts are able to split their overall credit limit with different allocations. Here’s an example to explain this further: If you have two companies and want to allocate 60% of the shared limit to Company 1 and 40% of the shared limit to Company 2,…
Account and card admins can free up more spending room in the following ways. Make an early payment Your limit will be adjusted after your balance is paid, which you're welcome to do at any time! Please read How do I make a payment to Brex?
User limits You can request a user limit increase from your account admin, card admin, or manager at any time, right in your Brex dashboard. Step 1: In your dashboard, go to Card > Manage cards. Step 2: Below your current Monthly limit, click Request a limit increase.
A company’s credit limit is dynamic by design and is adjusted on a regular basis depending on spending patterns and cash balances. For this reason, it's not explicitly displayed in the Brex dashboard.
Brex is unique in that its credit model is flexible enough to underwrite many businesses that have limited operating history, revenue, or profitability. In order to give our customers the highest credit limit possible, our underwriting model relies on maintaining visibility into a company’s cash balance and transactions.
Though uncommon, your available spend could end up in the negative. This most often happens when you have used balance on your account and Brex updates your limit to below that of your used balance. The best way to address this is to follow these steps.
To manage your credit limit, you can set up rule-based early payments that are triggered at your desired credit limit utilization percentage. Enabling early payments helps prevent card declines by protecting your spending room automatically.
Brex customers approved for the monthly payments card and a Brex business account have the ability to switch between a monthly payment cycle and a daily payment cycle. Please review the different features below. Daily payments Credit limit: Calculated as 100% of your Brex business account balance.
To determine your credit limit from your bank statements, Brex will require at least one operational business account and two months' worth of statements. In order to be acceptable for underwriting purposes, these statements should be: Complete: Statements with missing pages will not be accepted.
Brex changes credit limits to $0 when account activity suggests that you may become unable to repay the balance. Additionally, Brex can change your credit limit to $0 at our sole discretion based on violations of our platform agreement, a Terms of Service violation, or our determination of risk.
Having a Brex business account, and the balance in that account, will play a role in determining the overall credit limit associated with your Brex card account — whether you have a Brex card with daily payments or monthly payments.
Net 60-day statements (grandfathered accounts only) Brex previously offered cards with net 60-day payments to certain customers. Grandfathered accounts may maintain their net 60-day statement periods, but otherwise, Brex no longer supports net 60-day payments. Read about monthly or daily payments.
Connected bank underwriting Brex uses either Finicity or Plaid to connect to your bank accounts so we can view account transactions and balances. We have two options to support as many customers and banks as possible.