Often they are using their existing marketing budget. It’s just another channel for them which is competing for marketing spend. They would have to vastly reduce marketing cost overall to have any meaningful impact on price you and I pay
1 Like
All this would be perfection.
Any ideas if Monzo will run with any/all if these ideas @zancler??
2 Likes
Why that date specifically?
1 Like
Check the images used in their example. Might be me being hopeful
1 Like
I think this could be a great benefit to have available to customers, especially as Monzo could be in a good position to deal with two of the biggest bugbears of cashback - tracking/verification and dealing with third party payment lead times.
As many have already said - I currently have several credit cards purely for their generic all-spending 0.5-1% cashback rates - but am also an active user of Quidco / TCB. If you could combine these (or get close) then I can’t see the downside to this (as long as the reporting/tracking doesn’t get messy).
3 Likes
This might sound crazy, who would turn down “free” money? but…
Would there be an option to opt out of cashback? more to the point, could I stop Monzo from taking their cut of my cashback by opting out of it?
I wholly disagree with cashback in principle and do not want my bank using it’s customers in such a way to generate profit. Sorry.
1 Like
I do as well. I would prefer an option to disable it.
Incidentally, might there be an option to donate your cashback pot to charity or something? (Or, even better a charities pot…)
6 Likes
I’ll name one of my pots ‘Charity’ if you like and you can put it there?
14 Likes
Cashback to a nominated charity is an interesting idea. Sort of quidco with a conscience.
5 Likes
Is the cash back % dependant on the retailer or blanket on card usage? It looks great from a current account user perspective, however if dependant what’s the incentive for merchants. How, as a user do I know to buy product X from merchant Y who’s offering me 5% as opposed to merchant Z who only offers 2%?
2 Likes
I agree, but might take this idea further by offering a Cashback savings account (maybe with special features) into which the money goes - or it could go into a pot / bucket / jam jar that already exists, like “Christmas”.
1 Like
I’d have my cashback into a pot and every month top up my bitcoin wallet with it.
Will Monzo be actively advertising places to me on the basis that I’ll get a cashback reward if I spend there?
Or is the benefit to the vendors only that after I’ve ‘discovered’ that I get a reward for shopping there, I’m more likely to return?
(I would massively prefer the latter option.)
3 Likes
I totally understand regarding the cashback. But if you think of it as letting the store you are buying goods or services from anyway, keep (say for instance) 5% of the sale?
They’re happy to give it back to people who ask, but keep it for themselves for those that don’t.
I’d view Monzo as the ‘People’s Champion’, take the cashback and divert it to a charity. If you don’t, some fat cat CEO will be dining out in it.
I just think the stores should lower their prices by 5%, but they won’t as loads of people don’t do cashback so it’s a nice little earner for them.
I love the idea of the cashback being automatically applied to a designated pot. This could combine with a payment round up / micro savings feature which also feeds to this savings pot! 
2 Likes
Sorry but as stated, it’s about principles. it’s not just about the retailer but also Monzo. They will get a cut of the cashback and that’s a problem for me as it encourages this cashback culture which I find unacceptable. I do not want it.
2 Likes
Let’s hope if cashback does come to those that want it, they can opt in, equally those that don’t want it can opt out.
I can live with Monzo taking a cut if it helps them keep up the good work and taking it from the stores. If people (or Monzo - starting the Monzo Foundation!?) decide to give their cut to charity then good for them.
3 Likes
I don’t really get the problem, negotiating discounts is as old as humanity. In the past you had fun haggling with the vendor at a market stall - this in my view is just the modern version.
Each side tries to maximise their value from the deal.
Don’t ask don’t get. Simples.
4 Likes
Love this. Really love it.
Customers will spend £x to acquire a new customer. The standard channel for spending that £x is marketing. Cashback is simply marketing where the tool used isn’t a flashy advert on TV but giving the cash direct to the user. If they got rid of cashback you’d simply have greater conventional marketing spend (or potentially higher retailer profits).