Get rid of 'top up'?


(hamish grierson) #1

Hi guys.

I know it’s a potential challenge commercially and you can probably do something nice around low balance auto top ups but ideally, would be great if you could get rid of it completely so my money stays in my bank account until I use my Mondo card then it pulls it across.

Means I never have to worry about not having enough money in my account.


(Andrew Gill) #2

seconded, Supercard and Curve both work this way

andrew


(Rika Raybould) #3

An understandable request but features such as the Pulse rely on there being an account balance that goes up and down, rather than Mondo being a kind of passthrough card.

Looking at the future, it seems as if the whole concept of top ups will disappear as Mondo becomes a fully licensed bank offering current(?) accounts. The prepaid card + top ups allow them to prove that the app concept works and build out the service, working with real data and building the database of merchants while all the paperwork is still being done on the banking side.


(helloworld) #4

This is a good idea, however there may be some people that load their ‘budget money’ on to the card each month so that they do not over spend (i.e. I want to spend no more than £500 this month, so I will only load that amount on at the beginning of the month)? This problem (the one I just mentioned) could be solved by having a segregated current account holding that ‘budget money’.

I think your idea is good though.


(Gavin Morrison) #5

As others have said, this problem goes away when Mondo is your bank and not just a prepaid card. I think if this feature was implemented now, it would increase the cost (to Mondo) as they’d effectively need to process two card transactions for every purchase.


(Caleb Wong) #6

Curve Card sure could help you at the mean time, and it also can “convert” your Amex into a MasterCard, which means you can collect more points. However, it is not a bank or prepaid card, it charges to your card, using chip and pin will be instant, but contactless is not live updated.

But I’m sure when Mondo gets the license things will change, and now, we are just alpha users to help them shape the future!

P.S. you can get £10 cashback if you purchase Curve now with promo links.


#7

This is out of date information. This was temporarily true and indeed their main selling point but Amex stopped their cards being linked to Curve early in 2016.


(Leo Spanswick) #8

Yep, I’m using my card as a way to budget more effectively as a student. Therefore I like the prepaid nature, as well as the instant spending breakdown.


(Oliver Ford) #9

Once Monzo’s a full bank/current account though, this would be separately solved by the virtual accounts/pots discussed in multiple places on these forums, and a medium-term (6-9mo) goal.