I was just wondering if someone from Monzo could answer if the existing categories are assigned by using MasterCard’s merchant category codes or by your own intelligent tagging? Reason I ask is because I believe it’s the latter as I’ve had transactions at a supermarket for example come through as transport (which I’ve later manually changed) when if it was done by MCC then they would be assigned to groceries based on MCC 5411 Grocery Stores and Supermarkets.
The way I’d expect categories based on MCC to be set up is have a pre-defined classification assigned to groups of MCC’s e.g. 5811 through to 5814 would all be eating out as they represent restaurants, alcoholic drinking places and fast food. Of course this isn’t still 100% accurate with the likes of say M&S which I know use terminals that register as groceries for their food market as well as department/clothing stores for their main store. You obviously can’t account for people buying their clothes along with their food shop and it all coming through as groceries but I think it would be a better way to categorise especially with the likes of Tesco and other supermarkets that offer fuel categorise their transactions as store and PFS (petrol filling stations) which would then be assigned correctly to their respective category.
This goes some way in the right direction to giving more accurate default categories and then you could look further into custom or group less MCC’s together giving greater detail.
Obviously if you’re already doing this and I’ve not used my card enough to learn it better than ignore everything I said haha.