N26 has continually impressed but I have to say the N26 Black card sounds like a step backwards.
To quote the TechCrunch article…
This is more or less the same card with the same features in the N26 app, but it comes with insurance coverage from Allianz.
…in the context of this:
Banking’s more human face
The new challenger banks have built their brand identity on a bedrock of transparency and simplicity. There are different ways that the challenger banks are achieving this. An important foundation is having a transparent business model and avoiding imposing unnecessary fees on customers. For example, Monzo (formerly Mondo) has promised not to have any hidden charges and instead plans to make money from its future lending business. Monzo has taken its commitment to transparency further by actively engaging with feedback on its community forum as well as publicly displaying a product roadmap to inform people of future features to be released. This is a small yet effective way of breaking down barriers between consumers in a sector where people are usually distrustful of the inner motives of banks.
I’m not sure how flogging the same product with travel insurance tagged on and badging it as a premium Black card is in keeping with greater transparency. Customers are being charged €5.90 per month with a one year commitment ie. around £63 (presumably subject to age, medical conditions etc.).
I’d much prefer to see services such as Allianz’s travel insurance included as an optional bolt-on within a marketplace of products and providers - which seems to be Monzo’s approach.