How often do I use my debit card?
Very rarely. With credit cards in America offering incentives for cashback and purchase protections, it just doesn’t make sense for me to use my debit card on purchases. For me, a debit card is almost exclusively used for physical cash withdraws at an ATM.
How many cards do you have in your wallet, and what are they?
Five or six if you include the card I have linked on my phone through Apple Pay.
Capital One and Chase credit cards. Debit card from the bank where my paycheck is deposited to. Transit cards. ID.
How do you budget your day-to-day spending and how often do you stick to that budget?
I know about how much I can spend in a week on my credit card and then pay it off through my personal bank account my work paycheck is attached to.
What excites you about Monzo?
The technology focus and their willingness to listen to the community. I have to be honest as a beta card holder though, that there is currently no incentive for me to use my Monzo card outside of the guise of being considered a disrupter to the traditional banking sector. I know of Monzo from friends in the UK, and features for American users and how we bank are just not there yet.
What would Monzo need to do to be the first card you pull out of your wallet when you go to pay at the store?
To be brutally honest, I don’t think that Monzo is going to be able to compete with the credit card incentives that Americans enjoy. The focus should be on being a better bank as contactless and electronic transfers become more common. I originally signed up for Monzo USA because I knew it was a common way my UK friends transferred money between each other. Direct bank transfers are more common in UK, while apps like Venmo are used here in the States. I was disappointed to learn that I couldn’t transfer money from my Monzo USA account to a Monzo UK friend.
An honest question here, but is budgeting help the only thing Monzo can realistically offer here in the States? I’d like to move more money into my Monzo account but for a company being touted as a tech disruptor, I’m failing to see a lot of the tech.