PEX Visa Business Prepaid Card Review for 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
PEX Visa Business Prepaid Card is best for business owners who want real-time visibility into what the business and its employees are spending on. Issued by Federal Deposit Insurance Corporation (FDIC)-insured Fifth Third Bank, N.A. or The Bancorp Bank, it offers spend management features and four monthly subscriptions, which run from $0 to $300. It doesn’t charge fees for the first 60 days and has a load limit of $25,000 per card.
How We Evaluate Business Prepaid Cards
When evaluating business prepaid cards such as the PEX Visa Business Prepaid Card, we first consider the features included in their expense management systems, then we look at their fees and rewards.
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 want 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.
If this isn’t what your business needs, check out our recommended alternatives below.
PEX Visa Business Prepaid Card Fees
There are no monthly fees for the first 60 days. After that, you need to choose among the following plans.
Base | Core | Pro | Infinite | |
|---|---|---|---|---|
Monthly Subscription Fee | $0 | $75 | $200 | $300 |
Number of Card Accounts | Up to 5 | Up to 20 | Up to 100 | Up to 150 |
Additional Card Accounts (per Card Account, per Month) | $8 | $4 | $2 | $2 |
Subscription Fee Waived | Yes, after spending $500 | Need to contact PEX for approval |
Did you know? There are special fees if you have a nonprofit organization. Learn more by clicking here.
There are additional fees for special services:
- Returned request transfer: $25
- Card expedite (up to four business days): $45
- Card rush (up to three business days): $55
- Automated clearing house (ACH) transfer from a PEX account to your business checking account: $5
- International service assessment (per transaction): Up to 1.5% of the transaction value.
- Foreign transaction: 0.8% to 1.5% of the value of each transaction, depending on the country where the transaction occurred.
PEX Visa Business Prepaid Card Rewards
There are no rewards for new or existing users.
How To Transfer Funds on the PEX Visa Business Prepaid Card
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, or outgoing ACH transfer. Note that it may take one to two business days for funds to be transferred.
PEX Visa Business Prepaid Card Features
All plans come with real-time transaction data, exports to QuickBooks and Xero, automated spending and funding rules, 24-hour customer support, and more. To learn more about the different features across plans, click here.
Cards
You can create physical cards for employees, and virtual cards for subscriptions, travel, and recurring expenses. This allows you to structure your corporate card program in the way that works for you.
Funds
The maximum balance for any single PEX card is $25,000. When there are unused funds on an individual PEX card, transfer them back to the main PEX account where they can be redistributed to other employees’ cards. This can be done through an ACH transfer from your PEX account back to your business checking account for a $5 fee.
Expense Management System
PEX Spend & Expense Management lets you set approved categories and spending limits. It reports transactions in real time as cardholders submit receipts and accounting codes in the mobile app. PEX API can also be integrated into your system, letting you have a comprehensive and innovative way of managing employee spending and company payments.
PEX is available on PC (Windows & Mac), iOS, and Android. The mobile app has a rating of 4.2 out of 5 on App Store and a 4.4 out of 5 rating on Google Play. Some users said that they had difficulty in uploading receipts and that the app kept shutting down when trying. Other reviewers mentioned how seamless and straightforward it is to use when tracking expenses.
Pros & Cons of the PEX Visa Business Prepaid Card
| PROS | CONS |
|---|---|
| Records transactions in real-time automatically whenever cardholders submit receipts and accounting codes in the mobile app | Doesn’t offer ATM access |
| Redistributes unused funds found on an individual PEX card automatically back to the main PEX account | Charges foreign transaction fees |
| Has a maximum balance of $25,000 per card | Charges depending on the number of employee cards |
| Lacks rewards for new and existing users | |
PEX Visa Business Prepaid Card Alternatives
If you wish to compare one card over another, click Add to compare to view the details in a side-by-side comparison.
Bento for Business Visa® Debit Card
- Bento for Business Visa® Debit Card is our top business prepaid card
- Enables you to deposit via Bento Transfer, with a maximum of $10,000 per day
- Allows you to make a maximum card purchase of $25,000 per day, although the account owner can lower the limit on individual cards or set category spending restrictions
- Lets you withdraw $500 per day at an ATM, with the account owner only having access to it
- Charges depending on the number of cards needed to be issued
Citi Purchasing Card
- Citi® Purchasing Card is our leading purchasing card
- Doesn’t charge annual fees, and costs can be customized depending on your business needs
- Requires you to pay the balance in full every month
- Offers robust spend controls and streamlined purchasing and payment processes
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card
Business Advantage Unlimited Cash Rewards Secured Credit Card
BEST FOR:
Those who cannot qualify for unsecured business credit cards
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
Intro APR
None
Regular APR
26.49%
Annual Fee
None
Credit Needed
Poor
- Earn unlimited 1.5% cash back on all purchases
Pros
- Doesn’t charge annual and foreign transaction fees
- Lets you earn unlimited rewards
- Can help you build your business credit score
Cons
- Minimum $1,000 security deposit is required
- Has no 0% introductory APR on purchases and balance transfers
- No sign-up bonus
- Overdraft protection: An optional service available to cardholders who have a Bank of America® business checking account. If you opt-in, link your credit card to your checking account (done through Balance Connect®, their overdraft protection service).
- Free access to your business credit score: You can view and monitor your Dun & Bradstreet business credit score free via Business Advantage 360, Bank of America®’s Small Business Online Banking.
- Travel and emergency services: Offers travel benefits, including $100,000 in travel accident insurance. You’ll also have access to additional services, such as auto rental insurance, emergency ticket replacement, lost-luggage assistance, and legal and medical referrals when traveling.
- Cash flow management tools: Bank of America® offers a suite of online services to help you manage your business.
- Zero liability protection: Protects you against unauthorized transactions. You’ll have additional protection for certain purchases against loss, damage, theft, and fire, and you can enjoy extended warranty coverage.
- Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is our best secured business credit card
- Has no annual fees
- Lets you earn unlimited 1.5% cash back on all purchases
- Lacks an interest-free financing option on purchases and balance transfers
For more options, read our guides to the best business prepaid cards and best small business credit cards.
Bottom Line
PEX Visa Business Prepaid Card is a superb 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. It’s free for 60 days and offers a free plan for those needing up to five cards, but it does charge international transaction fees.
