Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

news.ycombinator.com

Post reply on HN
Print view View original

71–80 of 128 posts

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#71

Post by hdubugras »

crsv wrote: post #45

What will you be using my transactional information for? Will you be commercializing my transactional information in some way? With the banking information you require for sign up will you be funneling other financial information about my startup to other companies? What safeguards do I have that a competitor won't have a way to gain knowledge about the financial state of my company through data commercialized by Bre…

We will use your transaction data for underwriting purposes. We contractually have the ability to commercialize your data in an aggregate way, so for example we could say “starups on brex are spending more money on saas every month this year compared to last year”. But never the name of specific information about your company. Don’t worry, your competitors won’t have access to your data.

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#72

Post by hdubugras »

chaosite wrote: post #47
danielvinson wrote: post #42

Earlier quoted context omitted.

How is that better than a debit card?

Fraud. You have protections under both systems (debit & credit), but the ones on the credit card are much more in your favor. With credit cards it's pretty hard to end up on the hook for the fraudulent charges (50$ limit on liability), while on debit cards you have to report the charges before a deadline.

Yep!

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#73

Post by hdubugras »

barbegal wrote: post #56
hdubugras wrote: post #41

Earlier quoted context omitted.

1 - chase will require a personal guarantee, what that means is that you’re personally responsible for the credit card. Your ssn is on the line. With Brex, we underwrite your company. 2 - our credit algorithm is actually very different and the limit changes according to your bank balances. 3 - it’s actually a credit card (technically a charge card), so it has all the protections of a standard credit card, people dont…

What are the benefits over a prepaid credit card?

1 - you don’t have to worry about prefunding the card, just spend!

2 - you have 30 day float, so more time to pay the statement

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#74

Post by hdubugras »

barbegal wrote: post #56
hdubugras wrote: post #41

Earlier quoted context omitted.

1 - chase will require a personal guarantee, what that means is that you’re personally responsible for the credit card. Your ssn is on the line. With Brex, we underwrite your company. 2 - our credit algorithm is actually very different and the limit changes according to your bank balances. 3 - it’s actually a credit card (technically a charge card), so it has all the protections of a standard credit card, people dont…

What are the benefits over a prepaid credit card?

Oh and if you mean the secured credit card - we can give higher limits without having to set up a security deposit and tie up your cash

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#77

Post by awad »

danielvinson wrote: post #42
hdubugras wrote: post #7

Earlier quoted context omitted.

It's technically a Charge Card, which is a type of credit card that doesn't allow you to keep a balance. https://en.wikipedia.org/wiki/Charge_card

How is that better than a debit card?

For cash flow purposes, a charge card lets you smooth out disbursements out of your bank account to one single point in time (your payment due date). Predictability is useful when managing finances in general, and ostensibly more so when running a small business. You also get fraud protection, which is certainly helpful.

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#78

Post by gms »

kposehn wrote: post #44

Love the concept and you also managed to nab a former coworker of mine. But: I highly recommend not having that per-user fee waive promo. You never know who might signup today. We would all happily pay anyway most likely :)

They nabbed one of mine too, lol.

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#79

Post by wenbo »

hdubugras wrote: post #60
jedberg wrote: post #51

Got stuck in the signup flow. First, I was super sketched about giving you my bank details. After a while I found the tiny text that says you use a third party, but I couldn't verify that. I decided to trust you since you're a YC company, and put in my creds anyway. To log into my bank, they required me to send a verification code to my phone. The text never came, but your flow has no way to go back and either reques…

Because it’s a 3rd party (we use finicity) there are some issue with some people from time to time :/ Support should contact you soon to help fix it. Noted on making more clear that it’s a 3rd party!

was there any particular reason your team went with finicity? You might want to give https://plaid.com a shot.

I am not affiliated with Plaid.

Re: Launch HN: Brex (YC W17) – Corporate Credit Card for Startups

#80

Post by bg0 »

hdubugras wrote: post #34
koolba wrote: post #32

Earlier quoted context omitted.

> Today with Brex if you signup and have Brex be your primary card you get: $5k of AWS, $105 in Doordash and $105 on Instacart. That's a hell of a sign up bonus! Is the $5K for entirely new AWS accounts or do existing accounts that sign up and update their current account with the new payment option as the primary get it as well?

It works for existing customers! But it needs to be the first aws credits you’ve ever got. If you got AWS credits from someone else before, it wouldn’t be applicable.

I'm assuming it is $5k for the first year? Do these credits expire?
Post reply on HN