Hi Team,
I know that with Flex payments, I can choose to default to pay the full amount, but it would be nice if I could choose to pay the lowest (interest-free) payment schedule.
This option would reduce app usage time (screen time), get fewer notifications, and, most importantly, stop me from worrying about missing a selection and having to pay interest.
Thank you!
I think it’s been like this for a while, and no plans to change it:
Even in the app:
I agree though. It would be good to have the 3 month instalment default. I wouldn’t likely use that option that often, but can see it being useful and I don’t get why it wasn’t implemented from the feedback and multiple threads linked!
This is Monzo being a big grown up bank and going against their morals slightly in the interest of having a viable product in terms of generating a revenue for them.
If it defaulted to the zero interest option to help us all get the best interest rate of nothing then they wouldn’t make any money.
It is offering you 0% if you are actively and manually managing your account (minority of users) and you fully understand the options they are offering (smaller minority) and have an understanding of how interest rates work for you to know that it is better to select differently from the default (probably a tiny minority know all three), or if you aren’t aware of all of those things then you need to pay them some ignorance tax, unfortunately.
