Linked up to Avios to earn points… I’m a big user of my Amex credit card and earn a lot of Avios points… Not being able to earn points through my Monzo card could be a deal breaker for me (despite the fact I like the features of the Monzo card).
I have a BA AMEX but will more than likely ditch it in favour of Mondo entirely.
Earning any form of rewards isn’t very common with a current account. Normally saved for credit cards.
Agreed re debit vs credit. Just a suggestion
I can’t stop using my Amex BA. Those miles do mean a lot when you are spending high. Just hope can pay Amex with Monzo soon!
you can already. I’ve paid off my Amex BA card with my card
As Josh says, card rewards are normally on credit cards - this is because credit cards charge a higher interchange rate to the merchants on payment and so the issuing card company can afford to pay a reward (or there are card fees to the consumer for higher reward cards e.g. the BA premium plus amex)
I wouldn’t expect straight cash rewards to be coming anytime soon - the money for that has to come from somewhere. This does raise the question of how will Monzo draw people who primarily spend on reward cards for the rewards (is better visibility on spend, budget control etc a good enough swing?)
I still have one of the best rewards earning credit cards out there. The Diamond Club credit card, but BA is finally pulling the plug on it at the end of this month.
Diamond Club was the frequent flyer scheme of bmi, and airline that BA purchased in 2012 and merged into their mainline operation (except for regional which was sold to someone else and still uses the bmi brand and their low cost operation which was closed down).
Diamond Club was a very generous programme and surprisingly BA kept the credit cards around and allowed you to convert your bmi miles to Avios.
The Diamond Club credit card gives 2.5 miles/£ which is much better than the BA Amex with 1.5/£
It was good while it lasted and I’ll continue to make the most of it until the end of this month. After that, should I forget about loyalty credit cards altogether and just use Monzo? Tough call.
I’m new on Monzo and pretty excited to use the card… any update on the Avios/rewards thread?
Wouldn’t do BA any harm to be associated with an innovative company, given some of their latest choices and how they impact the brand (i.e. no longer free food on European flights, etc.)
100% agree I’d love BA to get involved with monzo. They’ve partnered with M&S may as well take it a step further
Isn’t every perk/benefit a cost/dis-benefit to someone else?
- The cost of the Avios scheme has to be paid for by higher ticket prices.
- The AmericanExpress rewards/cash-back come from higher fees paid by retailers, who in turn have to charge higher prices for their goods and services.
"O2 Priority" for Monzo customers
I love Monzo and have already migrated most of my DD’s, subscriptions etc. across to my new current account.
I also just paid off my amex using my Monzo card and have cut up all my other pointless debit/credit cards…
As a frequent flyer with a BA AMEX I am finding it very difficult to resist the temptation to spend on AMEX since my Monzo current account does not earn me any points.
Appreciate that current accounts don’t run this kind of loyalty scheme and that’s fine but is there a plan to be able to add other cards to your Monzo profile so that spending velocity and category data can be aggregated across all cards?
Why do I care?
IMO any spending categorisation and data visualisation is only truly useful if it captures all of your spending activity. Otherwise, it’s a vitamin insight, not a pill
It’s unrealistic to think that Monzo customers will not have other cards
What does everyone else think?
Totally agree. I did think they were hinting at some kind of loyalty system, but it sounds more like selected cashback offers now.
It’s early days for partnerships so no massive deal in the short term but the issue of aggregating spending data across all your cards is a real one.
Apps like Bud are trying to do this and you can’t really be my financial control centre if I can only see/control my monzo spend.
I use Amex too and use my CA card to pay of each transaction within the Amex app, its a little more work to pay off each transaction however it means you can put the spend into a category within the Monzo App
I use my Amex to earn Delta SkyMiles… worth far more than Avios
That’s a sik hack!
Be careful, Amex may not like that and see it as suspicious…
Great if you fly Delta…
Which I do, so it works if you fly to the US they’re by far the best option