Thanks for the detailed explanation, francesco, it’s good to know that in cases of fraud the amount is immediately re-credited to our accounts whilst the investigation takes place.
I’d just like to note, though, that this doesn’t completely address the ‘buffer’ use-case of a credit card. For instance, in this thread from yesterday, helenapoole was double-charged by Greater Anglia.
In that instance, she’s only out £15. But you can imagine that if the transaction had been for £100, this could cause someone significant problems if they have to wait for a week to get back the funds that should never have been debited.
I’m not saying this is right or wrong, but pointing out that this is the kind of safety net people use credit cards for. The context is that Tom has previously implied that Monzo would look at addressing the needs of people who use a credit card, without forcing us to use a ‘normal’ credit card product.
All I’m pointing out is that protection from mistakes or unscrupulous merchants is one of the problems people currently ‘solve’ with a credit card, and it revolves around the fact that I am not out of pocket whilst these issues are resolved.