I think we should push the travel companion card further, by allowing users to collect Avios points on purchases, I for one would happily pay a monthly fee to benefit from this and I think I am right in saying that if this was implemented, Monzo would be the first debit card in the UK to offer this.
This is the only reason I’ve stopped using my Monzo card. I’d ditch the credit card in a heartbeat if Monzo could offer this
Alternatively if Monzo could pull my Amex transactions into the feed, that’d be great too.
We do have a Head of Partnerships starting soon, and as the job title implies - it’ll be his responsibility to integrate the kind of partnerships that we all want to see!
Whether that’s Avios, Nectar Points, or any kind of cashback scheme, there’s all kinds of possibilities and I’m looking forward to what we can do in this area!
These integrations are indeed exciting, and I’m curious as to how Monzo intends to manage them, whilst keeping the app lean and clean.
Surely, Monzo won’t negate the need for my Nectar/Clubcard app altogether will it? It might just link up to those accounts and push rewards there for when I’m ready to use them.
How will you ensure in adding as many awesome features, that the app doesn’t become cluttered and bloated, with menus, sub-menus, and sub-sub-menus
That’s really a question for our design team. But I trust them to do an amazing job
I wonder how affordable this would be for a free current account. Credit card companies make more money from fees on merchants, annual fees in some cases, and interest.
Do any free current accounts offer anything like this (apart from cashback for direct debits like Natwest and TSB)?
The only I can find is Tesco. Tesco’s current account gives you 1 Clubcard point for every £8 you spend outside Tesco in one transaction (so a spend of £7.99 gets 0 points and £15.99 gets you 1 point). And then Clubcard points convert to other things, including airmiles at a rate of 250 points = 600 airmiles. You get 2 points per £1 spend in Tesco currently.
With Amex £600 spend would make you 600 airmiles.
With Tesco to get that, if every transaction you made was £8 and in a shop other than Tesco, you’d need to spend £2000 to get the same amount of airmiles. In reality though this is going to be higher because they round down your spend. So it’s not very lucrative, but better than nothing I suppose.
Inside Tesco however, you’d only need to spend £125 to get 600 miles.