Credit card hold

Tom has said that he wants to address the common reasons why people use credit cards, despite the fact that Monzo won’t be offering them themselves.

Perhaps you do but it’s worth remembering that, that doesn’t mean that most people do.

If Monzo can make managing services from several providers straightforward (which is one of their main goals), then I’d rather have a choice. Isn’t one of the main issues with the legacy banks that they don’t offer their best products to existing customers? Instead they’ve relied on customer’s inertia (due to a lack of meaningfully different alternative banks), to sell them products that are not as good / worse value than what’s available elsewhere.

I’d prefer it if I had several suppliers competing to sell me their products, while I have easy access to all of them because that competition will result in better value for me.

Rhetorical question - do you search Google when you’re looking for a new app on your phone? It should be just as easy to find a product through Monzo’s marketplace as it is when you search the app store. And the whole point is that you will find the best APR or whichever other features you’re looking for, this way.

Obviously that’s not going to be straightforward for Monzo to deliver but for now, I’m keeping an open mind.

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