Hey everyone 
You might’ve already noticed that we’ve been adding features to Flex so you can use it as a credit card, as well as a Buy Now Pay Later product. Features like being able to pay in full on your next payment date and get a physical card.
We’ve heard feedback that some of you don’t want to pick a plan each time you flex something. To quote a couple of community contributors:
“If this could default to “pay in full next month” with the option to edit the payment plan - even better.”
“It would be great (as mentioned earlier in the thread) to be able to select a default plan.”
Set a default for Flex card purchases
We’re trialling another new feature to help you use Flex as a credit card – setting a default for Flex card purchases. It gives you the same experience as setting up an automatic payment on your credit card and reduces the friction of having to pick a plan each time you buy something.
You can choose to pay in full on your next monthly payment interest free or pay the minimum monthly payment, just like with a credit card. You can also still select the option to choose each time.
The card default won’t affect purchases you move from your current account. We’ll still ask you to pick a plan when you flex those.
You can’t default to pay in 3 or 6 monthly payments
We’ve seen lots of people using Flex as a credit card for everyday purchases which they then pay in full, while using instalments to pay for occasional bigger purchases.
So we’ve built the first version of defaults based on the experience that credit card users are used to, which is paying in full interest free or paying the minimum monthly payment.
You can still edit plans before the first payment date
Being able to choose how you repay each purchase is a core feature of Flex, and you’ll still be able to do it when you default to paying in full or paying the minimum monthly payment. We’ll continue to send you reminders when your monthly payment is coming up, so you’ve got time to review and change your plans before the first payment date.
Editing plans works the same as before:
- You can move to an interest-free plan (Pay in Full or Pay in 3) any time before your first payment. After that, if you’re on an interest bearing plan you can still edit it so it’s shorter, but we’ll charge interest at your personalised rate.
- You can move to an interest-bearing plan at any time if you want more time to pay off a purchase.
We’d love to hear your feedback
As always, we’re going to test Flex card defaults with a small group of customers first. It’s something that’s been high on your wishlist, so we want to hear what you think.
If you’d like early access to give it a go fill out this form by 5pm Tuesday 9th May and we’ll get the feature to you next week.
If eligible, Monzo Flex is interest free every time you pay in full on your next monthly payment date or over 3 instalments. You can also pay over 6 or 12 instalments at 24% APR representative (variable). You have to be 18+ years olds to apply. Ts&Cs apply.
Carefully consider the cost of credit before a purchase. Missed payments negatively impact credit scores and you may lose the interest-free rate on existing plans.
Representative example: 24% APR representative (variable). £1200 credit limit. 24% yearly interest (variable).
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