I’d love to see the ability to reduce and increase my flex limit with the simple use of a slider to control it rather than having to apply to raise it every time, this would mostly be for peace of mind and damage limitation.
How often are you changing your Flex limit?
Not often but currently have a £6k limit which is handy to have, I just bought our lift passes for France using it, that cost £4.5k but once that’s off I don’t need that limit so would like to reduce it to maybe £500 for my random Amazon purchases but keep the ability to ramp it back up quickly if needed.
Each time you request a limit increase even after you’ve just decreased it we run eligibility checks again so you’re more than likely to see your limit not go back to the original, especially if you’re often reducing and applying for increases.
Indeed, and that’s why I’d like a way to have an upper.limitnset by Monzo and than the slider that allows me to manage it as I see fit.
I’ve never decreased it yet but feel uncomfortable with having such a high limit that I don’t actually need for most of the time.
Why do you need to put it up and down all the time?
Spending control without fully locking yourself out of the in need of emergency limit?
I’ve voted for your idea @trevwmitchell! You should too!
So a limit lock, similar to gambling lock? Can you not just use the Freeze button on the Flex card? Use debit card Monzo, and manually flex things you allow / want within budget?
That’s a good idea but it doesn’t keep impulse in check if you’re that sort of spender or a yolo borrower, and could probably do more damage to your financial stability. I’m thinking of my brother here, and flexing a transaction, getting the money back, effectively refilling his account so he can spend again would really snowball for him.
I’ve advised him to steer clear of credit, but he won’t listen.
A slider would be slightly better because then there’s at least some added friction involved before you can make a purchase, and anything that slows the process of spending is helpful for curbing impulse.
Moving a slider or unfreezing is no different.
Maybe just self control vs applying for a new limit every time you want to purchase something pricier.
Your limit is given when you move the slider/limit upward to the 6k.
People used to do this with overdrafts. Put their rent money in to cover the overdraft usage, reduce their limit cuz it’s “safe keeping”, thinking they can just increase their limit again. And then get caught out by a limit decline and be annoyed with the bank they couldn’t pay their rent, but in fact their own negligence ignoring the advice on screen saying it’s subject to fresh checks.
At least to me, spending on any card feels like spending. Manually requesting to flex transaction and get money back, feels a lot like asking to borrow and getting that £20 lent to me.
But I do agree that all of these pixels on a phone look all more or less the same. Just like the various resources in casual gaming apps
But but I can drag my finger and do slidey things