If I were Monzo strategic guru, and the commercials behind a Monzo credit card worked, I’d weigh up the likelihood of getting card providers deeply integrated versus development of an in house card. If a Monzo credit card would contribute to accelerated profitability you’d have to trade that off against long term strategy. You could always divest it later if you needed to.
I think the key to the hub model’s success is that for some spokes you have to just provide your own in house products, other spokes will be soley third parties, and other spokes will have both.
1 Like
I’d quite like to move to a ‘line of credit’ approach. Bank says “you’re good for £3k” and you can use a (credit) card, go into debit (overdraft), transfer elsewhere (loan). Feels innovative and doable. Some regulatory hurdles with Section 75 protection, interest free periods etc, but an interesting space to examine.
4 Likes
Monzo experimented with this a few years ago. Never seemed to go anywhere (and there was, I think, some distaste at the approach). There’s also the credit issue: if you can afford it up front then it’s not quite credit…
1 Like
The central problem I had with the approach is that you could only apply after you made the purchase, which was something of a Catch-22:
- If I need a loan to pay off the purchase, I can’t risk paying for it and being turned down for the the loan, leaving me out of pocket
- If I have the money to make the purchase without the risk of being out of pocket if turned down for the loan, I don’t need the loan
(That is, I second this:
)
2 Likes
I don’t particlaurly want a new credit card to the market or another credit card in my wallet. I do want to replace my existing credit card though with one that would live natively inside the monzo app.
I think this will become more and more prevalant as more and more people become fintech customers. But just because a company offers something new (the tech) it doesn’t autmatically remove the need or want of the old products (the fin).
Sure plenty of banks do offer them, but I want my bank to offer it to me, the bank with the great app. I want a one stop shop.
In my mind Monzo’s main success isn’t their current account, it’s their app and how it displays the account. Their current account isn’t revolutionary so why does their credit card need to be?
8 Likes
I would love to have a Monzo Credit Card probably just because of how well Monzo works to be honest
1 Like
Credit can be helpful for managing finances. For instance, insurers charge crazy money if you pay eg home insurance monthly, but no fees if you pay it all upfront. A 0% credit card gives you the best of both worlds, spreading the cost over the year without the fees.
Of course, it’s an argument for credit generally, but, for better or worse, credit cards are the most easily accessible form of credit in the UK at the moment.
I know various providers have tried to address the above problem with credit directly, but eg Starling’s loan offers are vastly outmatched by what I can get on a credit card… I don’t see what else can provide instant, guaranteed, 0% credit for a fixed term for one-off purchases at the expense of some of the most vulnerable members of society 
2 Likes
I would also be replacing an existing card.
Don’t lose sight of the fact that lots of banking works pretty well already.
Also, I think it’s good to recall the bother that the financial world got into with ever increasingly complex financial products.
Sometimes a degree of complexity is helpful (e.g. pots) but most of monzos successes are about simplicity and transparency (e.g. no pending transactions, instant notifications, no hidden fees, etc).
3 Likes
Or maybe Emma take a lot of Monzo’s aspects. 
1 Like
You can sign in with Apple, phone number or facebook login. 
1 Like
If Monzo budgeting tools worked like Emma that would be really good!
1 Like
So we’re up to 163 voters! 
Where are we at?
Currently in first place - Monzo Credit Card (60%)
I had a fair idea from previous polls that a credit card from Monzo would be super popular. It topped previous wish-lists and has taken an early lead with quite a sizeable lead. Will it keep it though?
Currently in second place - Card payments from Bills Pots (49%)
I had this one (with credit card pots and credit card) as my bets for most popular. It’ll genuinely help folk, and help sort out Monzo’s budgeting conundrum, so it’s good to see this up there.
Currently in third place - Dark Mode ! 45%
I should have guessed this! Ever popular, and with some signs in the Android app, but will this make it to release in 2021?
The top-five are rounded out by…
cheque imaging - 41%
credit card pots - 39%
On the Battle of the Pays! 
I’m afraid to say there’s not much battling taking place. Garmin Pay is last with 1% of the votes (just three people). Samsung is on 3% (five votes).
Last update, cheque imaging wasn’t in the top-five. It’s now rocketed up to fourth place - I wonder if it’s momentum can take it further still? In a parallel turn of events, transfer money directly between pots is falling: it was a contender for the first few hours of polling, and top-five last update, but is now down in 7th place. The top three are all unchanged - but their leads are falling and voting is becoming dispersed with a tightly packed middle of the table. It does looks like a Monzo credit card is going to be difficult to beat, though…
6 Likes
I’m not a sports fan, so this is like the Grand National to me.
8 Likes
The ability to pay directly from s pot of choice by means of selecting desired pot by toggle and for that to remain the chosen pot until another pot is chosen.
Something like the Curve card system?
Yeah, I guess that sums it up nicely. 
I like your idea behind that, i want something a little similar where i can choose my Virtual Cards to take money from Pots not the Current Account
It will be my work around for Subscriptions being taken from Pots as i use a Virtual Card for Subscriptions so if i ever need a card replacement i dont have to go through a few websites and update my details (a bit lazy i know but its making most of the features i pay for)
That’s in 8th place with 36% 
2 Likes
I have a feeling it would be a long time to be put together if Monzo started working on it