Somehow Iāve got the option already, and Iāve already chosen a default plan (pay on next payment date), so yay!
Not had the chance to try it with an actual transaction yet, although in the spirit of testing and helping out I am thinking a game purchase will be coming later this afternoon
For me the choices are good, as I would only use Flex more if I could use it as a ānormalā credit card. I want to pay it off at the next payment date, while having the option to stretch some payments, which will be the exception and not the rule.
This feature made me stick with monzo was about to open virgin money slyce as every transaction under Ā£30 is paid off in full on next date and anything above you can chose an instalment plan!
My only suggestion for flex now would be as i use virgin money bank as my bills account would be to pay flex via direct debit so that i wouldnāt have to transfer money between accounts every month.
The fallacy @TomMills post makes, is what the upvoted comment addresses. Credit cards offer interest free payment options upto their maximum timeframe (which for most is upto 56 days). Monzo maximum interest free payment timeframe today is 3 months (outside of promos) and yet not available automatically. Thus the Monzoās default is closer to half the maximum timeframe available, which in average credit cards would translate to payments every two weeks which they donāt do.
So imho, it is an improvement, but it is incomplete.
This feels a lot like when Monzo promoted itself as an overseas travel card before swiftly getting rinsed by everyone and anyone and their nan going abroad.
With these things where theyāve accidentally given customers a shiny thing that is losing them money- first there is silence while they look at the data and hold their hands on their heads, then a polite request to change your behaviour (in this case itās introducing pay in 1 and making pay in 3 slightly hidden) , then a tap on the shoulder (in this case itās defaulting to either pay in 1 or loads of interest as the only frictionless options), then finally when that still doesnāt work they wrestle you to the ground and take the shiny thing away from you and blame you for abusing it (awaiting this assault whilst Iām cradling Monzoās Ā£1500 stoozed cash).
@TomMills I appreciate you laying your cards on the table for us to understand why pay in 3 is being hidden.
If it was up to me I would just cut off the infected limb now before it gets any worse. Make pay in 3 free for premium users only where losing Ā£32 a year on a Ā£1000 flex balance might be offset by extra subscribers. Everyone else can pay in one or pay loads of interest. The only complaints you will get will be a few super users who got used to having a really long interest free period.
Donāt just keep trying to hide the loss leading option that is losing money because by hiding it you are going against the Monzo ethos of āmaking money work for youā, because if it is encouraging you to pick the second best option for you then itās not working for you, itās working for someone else.
Credit card companies as you point out happily let you pay no interest on a max of 56 days, they sure as shit are not losing money. They know people will keep a balance, thatās why they happily let you transfer to them for 12/18/24/30 months interest free.
Maybe itās all the clamour from people who want Flex to act exactly like a credit card and pay it all off at the end of the month that has lead them to adding this first? And obviously added on their own way to make extra money, maybe many people are choosing 12 months.
I donāt use Flex to buy my lunch or a haircut or a newspaper, so the āzOMG it takes aaaaages to press some buttons and choose a planā doesnāt really bother me, so Iāll just continue on my merry way selecting 3 months each time.
I have no idea on how this was added and the tech behind it and Iām always loathe to say āJust do thisā¦ā because I know itās never that simple, but suuuuurely it canāt have been that much extra work to add the four options from the get go?
Maybe the analysis tells them that only a small amount of people are choosing 3 months and this best serves their customers. But I doubt it.
Making 3 months a paid feature would be terrible though!
I got this last week without signing up and was wondering whyā¦ I think itās cos Iāve got the physical card?
I donāt have the change payment date option though as I havenāt had chance to pop here as of late and missed out. Not that I need to change it cos itās already set to paydayā¦ lol
With regards to this, Iāve set it to āminimum paymentā but have yet to use my card as I donāt use it for everyday spending.
anyone else?
