Credit Card inside Monzo 👀

[Jackcrwhitney (Jack)]

As much as this is a cool feature I wouldn’t advise people sign up to a credit card just to “try this feature out”.
But if you’ll benefit from one go for it

I imagine other providers will be added in the future. MVP after all…

[neovo]

tbf I use a credit card each month and pay it off

If I can aggregate Amex into Monzo its worth signing up for imho

Agreed it wouldn’t be wise just to sign up for it but like you say this could be really beneficial

[aCCount]

This looks like a great addition to the app. Bring it on

[Mitch_ford]

This will be so handy! Just got myself an Amex for the Cashback, so a welcome change

[mark1 (Mark E)]

Been using my BA Amex for the last few months. Has been awesome watching the Avios building up! Did actually submit a Amex feature to Monzo, but I’m sure plenty others did too!

[nickh]

Think I’ll jack in my Amex and really get to grips with this debit card spending lark…

Pah! As if…

This is an excellent start.

Simply seeing the balance is definitely a good start.

Being able to see pending transactions and confirmed transactions would be the next step up.

Being able to pay it off in a few taps would be the icing on the cake!

[thom_horne (Thomas Horne)]

Here’s hoping for Tandem support.

[HughWells]

@thom_horne

Here’s hoping for Tandem support.

I’d +1 that

[42644]

This is great news. I spend exclusively[1] on my American Express Platinum Card[2] and have my Monzo card permanently frozen, using my Monzo account only for scheduled payments (salary, rent etc.). Having access to my all of my scheduled and daily spending in one place will be very helpful, as I’m currently switching between multiple apps. I am looking forward to this a lot

[1] This isn’t strictly true, if I encounter a retailer that doesn’t accept American Express then I use a Natwest Reward Black Mastercard but that’s very uncommon.

[2] I can’t recommend American Express enough, the benefits and quality of service is second to none. Additionally, because many of their cards are charge cards[3] (instead of credit cards) they are great for people who don’t want to deal with the temptation of using a credit card irresponsibly and building a large balance. Although the Platinum Card has a £450 annual fee, they also offer the Basic Card with no fee or The American Express Card with a £60 annual fee. Responsible use of credit is very good for building a strong credit history, a charge card is a great way to build good credit without exposing yourself to risk of overspending.

[3] A credit card has a minimum payment required every month (e.g: £5) and the user can decide how much of what they have spent they pay off, potentially building up a large balance over time and leading to out of control debt, whereas a charge card requires full payment of the balance at the end of the month which prevents a balance growing out of control over time.

[jzw95]

@42644

a charge card is a great way to build good credit without exposing yourself to risk of overspending.

Is this how it works? I thought a charge card doesn’t help because you’ve not been given any credit.

[o99]

Anticipating this thread getting spammed with referral links, I think it’s worth pointing out the community has a thread specifically for such links

Referral Wiki: Post/Find Here

If there is already a list of codes for the company you are adding a code for, please add your code to the end of the list rather than at the top or in the middle. Doing this consistently makes it fairer for all. Put a next to a link if you have completed a transaction using it, so people know not to use it if there is another one available, keeps the chain moving. *Please note the little number next to each link, this is how many times the link has been visited. Please try and spread you…

This contains a bunch of Amex referral links. Anyone interested in receiving a referral bonus can click any of the Amex links (even if listed as for a card you’re not interested in) and then scroll down to the bottom of the referral landing page and choose the reward for the card you are interested in.

[j06 (Jamie)]

Hmmm. There’s no limit on a charge card and it must be paid back in full every month, usually with less time than you’d get with a credit card.

You’d be at greater risk of getting into financial difficulty with a charge card, I reckon.

[Haitch]

Credit Card inside Monzo

Hmmm. There’s no limit on a charge card and it must be paid back in full every month, usually with less time than you’d get with a credit card. You’d be at greater risk of getting into financial difficulty with a charge card, I reckon.

I think in the UK most of Amex’s cards are Credit Cards anyway, they’ve definitely stopped promoting the charge card versions if nothing else.

[anon35201645]

@j06

You’d be at greater risk of getting into financial difficulty with a charge card, I reckon.

How do you figure that?

@Haitch

I think in the UK most of Amex’s cards are Credit Cards anyway, they’ve definitely stopped promoting the charge card versions if nothing else.

I took out a charge card last month for the membership points alone. I figure I might as well be rewarded for my spending. I also took out a cash back credit card with AMEX. So I now have a debit (Monzo), credit & charge card (AMEX).

[HoldenCarver (Nick)]

@anon35201645

How do you figure that?

Probably this: “There’s no limit on a charge card and it must be paid back in full every month.”

[projectfortytwo (Chris)]

There’s “no limit” but they assess your eligibility based on credit rating, then authorise transactions based on your past spending and payment history. I have a 25 year history of repayments including the occasional large monthly balance; some of what I’ve spent without a problem may have been queried had I tried to spend it within a month or two of opening the chargecard account though.

[42644]

@jzw95 A charge card is essentially a type of credit card. There is no difference in credit reporting for a charge card, the only difference is in the ability to carry a balance through multiple months. Your usage and repayments are still reported every month to the referencing agencies, and your usage of the card reflects upon your credit worthiness.

As @projectfortytwo says, “no limit” is more accurately stated as “no pre-defined limit”. There isn’t a hard limit but they do keep an eye on your balance, and may reject transactions that exceed a soft-limit. There is a utility available through the American Express dashboard that allows a user to check if a payment (e.g: £10,000) is likely to be approved. At the start of my American Express membership I spent more than £6,000 in a few weeks and received a call from them to check if I was able to pay that off, but nowadays because I’ve built many years of good history with them they’d approve >£20,000 payments no problem.

[Kumnaa]

Charge cards also aren’t covered by section 75 like credit cards so you don’t get the same level of legislated protection.

I don’t know how this impacts on the real world though, AMEX may have chosen to offer the same sort of cover as part of the package.

[42644]

@Kumnaa I can’t speak for other providers but American Express specifically are widely regarded as the best in the industry for customer service, their protection for customers exceeds what is legislated – even if in some circumstances the card in question is not covered under legislation. The higher than average membership cost and higher than average payment processing cost is what allows American Express to offer the higher level of protection and rewards.