Credit Card payment

I was very confused today when I went to pay my credit card off and had my monzo card out to pay off the remainder of my credit card balance.

I’ve paid off my credit card a number of times before but always had to put in my card details. However this time my credit card app asked which bank I was using to pay off the balance and then upon clicking Monzo. It took me to the monzo app which confirmed I wanted to pay off the remainder of my balance and then that was it……Done!

No need to enter card details or anything. It took me back to my credit card app.

Even more strange. Everytime I pay off my credit card. I have to wait 3 days for it to clear and the payment to show up. However this time it stated the payment had been received straight away and my account balance would update within 2 hours.

Obviously I’m not complaining by any of this. It was just strange how simple and quick it was.

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This is one aspect of open banking

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I noticed the same thing with my MBNA credit card this month, they’ve recently updated it so you can make payments via open banking. No more worrying if you’ve put the correct reference details if you paid via transfer before or having to have your card details to hand if doing a card payment historically.

The desktop website still lets you pay via debit card but when using the mobile app it defaults to open banking for ease of use (I guess it saves them some small fees for accepting card payments too).

Yes, I guess from the credit card company viewpoint it’s a double win. You save the fees associated with a card payment and gain the time associated with a faster payment.

Yes it’s MBNA who I’m with too. Only just discovered this. Love how easy and simple it is.