These are a normal offer provider.
Have them through Halifax and Curve atm.
Single use here is no problem for me as rarely purchase there tbh.
1 Like
So no mention of gift card purchases being excluded.
Opportunity to widen itās power then, if correct.
1 Like
Monzo donāt know what youāre buying so I donāt think theyād know?
2 Likes
Well this was what I was worried about. Suddenly this has become a whole lot less appealing.
9 Likes
Yup
1 Like
Because it takes so long to tap them individually.
You also probably donāt want to toggle them all on right away because you donāt want your meal deal at Morrisons being the one cashback time, you want it to be your big shop.
18 Likes
This is just a trial. The first wave was primarily multi-use, low cap. This secondary wave is primarily single-use, high cap.
- The first wave fitted in with our spending nicely
- The second wave does not fit in with our spending patterns at all and we would get less cashback than the first wave - so pointless doing it.
If thereās too much restriction, itāll fail.
24 Likes
True. Can renew my Spotify then by buying a gift card in Morrisons.
Donāt shop there much otherwise so 12% of little, despite being better than 1%, doesnāt promote messing about with apps prior to purchase, possibly.
Iāve applied to be involved in this phase of the trial, however, looking at list, it might be four taps then Iām done 
3 Likes
Understand the need to try different approaches etc. and happy to see some new ones in there.
I think Greggs being single use but Ā£20 cash back limit (i.e. only reached on a single Ā£200 transaction) is quite funny though 
21 Likes
Has anyone from the new signups got in yet? Where do you find it?
2 Likes
Spend Ā£200 on gift cards to use throughout the rest of the year/month/however frequently you visit?
If itās like last time, someone needs to press a button when they get to work. Make sure youāre on the latest app!
7 Likes
Havenāt spent that at Greggās in the last decade 
2 Likes
Not yet, however, based on the offers posted this morning, I am in no rush for it yet. Will time my offer activation to when Iām going to make a worthwhile purchase at one of the merchants.
Wonāt be spending there for the sake of it either. Thatās not saving imo.
For example, buying a Subway because there is an offer for something you wouldnāt ordinarily buy, is not saving 8%, itās spending 92%
11 Likes
Some feedback from me, based on other options available to me, as a former customer who may use this as an incentive to rejoin one day.
- Clearly this is a trial, so itās good to see different approaches are being taken
- Any requirement for a customer to remember to active an offer, single use restrictions etc introduces cognitive load and therefore could frustrate rather than be seen as beneficial over time. Also FOMO from not being able to use a cashback limit because they forgot to
- Single use could inadvertently impact non city folk. Case study, I have a Morrisons and shop there, so using the Ā£20 limit on one store would be great. But what If I go into to buy a loaf of bread? Then a few days later do the weekly shop. I could lose out on cashback.
I think itās a start, but this feels heavily underwhelming currently. Iād rather it was just automatically applied either as a cashback on anything, or retailer cashback automatically applied behind the scenes.
This is how NatWest do it, worked really well when I used them
Youāve just outlined why there is the need for activation on single use option
8 Likes
Iām not sure how?
My two points were:
- Cognitive load on having to remember to activate, and perhaps forgetting to do so or remembering if you had used it previously or not.
- Using it once and then not being able to use it again at the same retailer, vs using it once in many shops
1 Like
I think ācognitive loadā is a stretch when you have to press a button once a month.
If youāre the sort of person that wants to max it out, then youāll have to pay attention, if youāll take any cashback then you turn it out and then itās luck of the draw.
As always when Monzo launch something, thereās a desperation to find the negative. Itās free money. If it suits how you live/spend, then use it. If not, then donāt, stick with 1% at Chase or your credit card. And remember, this is only a trial. Itās 300ish people using it, the clue is in the name, they want to try things.
9 Likes
I mean anything is better than nothing, and in trials things have to be tested.
Ultimately cashback will be trying to get you to spend more than you usually do. Thatās how it will be marketed to retailers to get a discount.
If I got 12% from any Morrisons shop, and the data suggested I simply carried on with my normal shopping amount per month then Morrisons have no real incentive to provide a discount.
However if I have a one time 12% discount and I go buy a larger item (cooking utensils letās say) that I would otherwise have bought elsewhere, Morrisons can be told that customers spend more than average when there is a one time offer. This is good for them.
Likewise there may be retailers who see an increase in spend when there is a constant multi use offer at perhaps a lower amount, and might decide to go that way.
Ultimately Monzo need to trial both to understand how we change our behaviour. The more data now, the better the offers when itās rolled out!
7 Likes
Not sure whoās gonna be spending Ā£800 in one shot at Urban Outfitters to max the cash back.
Or Ā£600 at Five Guys.
Or Ā£400 pets at home? They buying all the poorly rabbits?
This round is a let down, doesnāt even make sense what the target market is.
2 Likes
Iām not going to think ādo I get cash back here or notā each time I enter a shop, Iām just saying that for some people, they might miss out.
I am simply providing feedback, I think cash back is a good thing and itās nice to see Monzo look into this. I have no desperation to be negative
I did note this 