Editor’s note: This is a recurring post with regularly updated card details.
PEX Visa Business Prepaid Card is best for business owners who want real-time visibility into their business expenses. It is issued by Fifth Third Bank, N.A., or The Bancorp Bank, which is insured by the FDIC. It offers spend management features and three monthly subscriptions, ranging from $0 to $200. It is free to use for the first 60 days and has a maximum balance limit of $25,000 per card.
 PEX Visa Business Prepaid CardBest for: Those who want a custom payment platform | |
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Spending Limit | Load Limit |
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Costs | |
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When evaluating business prepaid cards, such as the PEX Visa Business Prepaid Card, we first consider the features included in their expense management systems. We then include their fees and rewards as part of the rating.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Features (Expense Management System) | 60 | 60 |
Fees | 10 | 20 |
Rewards | 0 | 20 |
Total Score | 70 | 100 |
Who the PEX Visa Business Prepaid Card Is Best For
- Those who have sufficient cash on hand: The PEX Visa Business Prepaid Card is not a credit card—it needs to be pre-loaded with funds before it can be used, making it ideal for those who have enough cash on hand as working capital.
- Businesses that don’t need to spend more than $25,000: Since the maximum load limit is only $25,000 per card, it is recommended for those with one-time expenses that don’t exceed this amount.
- Businesses thatwant to customize purchase and spending rules: The card offers full access to the PEX application programming interface (API), letting you create and enforce bulk spending rules, operate across multiple cards, and define spending rules for specific transactions.
Pros & Cons of the PEX Visa Business Prepaid Card
| PROS | CONS |
|---|---|
| Has a high maximum balance of $25,000 per card | Charges a fee per additional card account |
| Offers a free-to-use Base plan | Does not allow ATM access |
| Records transactions automatically in real-time whenever cardholders submit receipts and accounting codes in the mobile app | Lacks rewards |
PEX Visa Business Prepaid Card Rewards
PEX Visa Business Prepaid Card does not offer rewards.
PEX Visa Business Prepaid Card Features
All plans come with real-time transaction data, exports to QuickBooks and Xero, live expense management system, automated spending and funding rules, 24-hour customer support, and more. Take note that some features stated below may only be available in certain plans.
- Real-time transaction data: You can view your employees’ transactions in real-time and keep track of your financial transactions whenever you need to.
- Receipt capture and approval: Employees can take photos of receipts and attach them to transactions within the app, allowing admins to check and approve the transactions accordingly.
- Batch export of receipts: This feature allows you to print and export receipts to your accounting system, such as QuickBooks or Xero.
- Funding requests: Employees can request funds for admin approval—once approved, the employee’s card will be funded immediately.
- Transaction notes: This lets cardholders attach and submit notes on purchase details.
- Transaction tags: Available with the Pro plan, this feature allows you to add general ledger (GL) or accounting codes to your purchase details to simplify reconciliation.
- Automated spending rules: You can limit merchant categories and budget or set location and time-based restrictions.
- Automated funding rules: You can also set rules regarding funding and defunding of individual cards.
- PEX velocity per diems: This feature lets you limit spending based on pre-set rules and recoup unspent per diems automatically—this is only available with the Pro plan.
- 24-hour customer support: Admins and cardholders can access the toll-free customer service number at any time.
- PEX marketplace: You can integrate the PEX system with other business tools available in the marketplace.
- PEX online and mobile app: PEX is available on PC (Windows & Mac), iOS, and Android.
PEX Visa Business Prepaid Card Fees
PEX charges $0 monthly fees for the first 60 days. After that, you need to choose among the available plans.
Pricing Plans
Base Plan (up to 5 Cards) | Core Plan (up to 20 Cards) | Pro Plan (up to 100 Cards) | |
|---|---|---|---|
Businesses: Monthly Subscription Fee | $0 | $75 | $200 |
Businesses: Monthly Fee per Additional Card Account | $8 | $4 | $2 |
Nonprofits: Monthly Subscription Fee | $0 | $30 | $80 |
Nonprofits: Monthly Fee per Additional Card Account | $8 | $1.60 | $0.80 |
Employee Reimbursements | $1 per ACH payment | Free for up to 20 reimbursements per month | Free for up to 100 reimbursements per month |
Virtual Vendor Cards | $0 | $0 | $0 |
Funds Transfer: PEX ACH Service | $0 | $0 | $0 |
Returned Request Transfer Fee | $30 | $30 | $30 |
ACH Transfer From PEX Account to Your Business Checking Account | $10 | $10 | $10 |
ACH Transfer From PEX to Your Payee | $1 | $1 | $1 |
International Service Assessment Fee (per Transaction) | Up to 3% of transaction value | Up to 3% of transaction value | Up to 3% of transaction value |
Dormancy Fee | $50 | $50 | $50 |
Custom Cards | Additional fee (contact PEX for a quote) | Additional fee (contact PEX for a quote) | Additional fee (contact PEX for a quote) |
You can fund your PEX account by transferring directly from your bank, credit union, or another financial institution through:
- Electronic funds transfer (EFT)
- ACH credit
- Outgoing ACH transfer
- Wire transfer from your business checking account
- Debit of the funds from your bank account via the PEX ACH Service
Note that it may take one to two business days for the funds to be available in your account.
PEX Visa Business Prepaid Card Alternatives
Emburse Spend Card
 Emburse Spend CardBEST FOR: Earning unlimited cash back rewards | |
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Spending Limit | Load Limit |
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Costs | |
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This business prepaid card is a great option if you want to earn rewards on your purchases. It offers 1% cash back on all purchases, regardless of spending categories. As it charges $0 fees for adding virtual and physical cards and for domestic transactions, it is essentially free to use. What’s more, you can load up to $100,000 to your account; if you need more, you may request a higher balance limit subject to approval.
Capital One Spark 1% Classic
Capital One Spark 1% Classic
BEST FOR:
Those with fair credit
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No welcome offer
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No welcome offer
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Consider Capital One Spark 1% Classic if you want a credit card that can help you build business credit with responsible use. It is also ideal for businesses that don’t have sufficient cash on hand to use as working capital and need a credit line. You can qualify for the card even with a fair credit score—plus, you’ll earn up to 5% cash back. While you can carry a balance, the card comes with a high APR.
Ramp Credit Card
Ramp Credit Card
BEST FOR:
Those who are using Ramp as their main financial management tool
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
This corporate charge card offers unlimited physical and virtual cards at a $0 annual or monthly fee. It provides up to 20x higher credit limits than most other business credit cards, making it ideal for those with substantial credit needs. On top of that, you’ll receive 1.5% cash back on purchases without caps or category restrictions. Since it is a charge card, you’ll need to pay your balance every billing cycle.
Frequently Asked Questions (FAQs)
You can sign-up for a PEX Visa Business Prepaid Card account by completing the online application on PEX’s website. You need to provide your personal and business information, as well as your (or any authorized representative’s) social security number. The application process will take around 5 minutes.
You can use your PEX Visa Business Prepaid Card anywhere Visa is accepted. That said, you have full control over where your employees can use their cards. You can restrict each employee card by merchant category or set a daily spending limit. If no restrictions are set, your employees can use their cards at any merchant that accepts Visa debit cards.
With regular free shipping, your PEX employee cards will arrive within 8 to 10 business days. But if you choose to pay for expedited shipping, you can expect to receive your cards within 1 to 2 business days.
Bottom Line
PEX Visa Business Prepaid Card is a great choice if you want to customize purchase and spend rules and have no need for rewards. It lets business owners plan ahead by setting spending controls on both physical and virtual cards. You can try the card for $0 for the first 60 days. It also offers a free plan for those who need up to five cards.
