Not in an easy access account, as far as I can see.
My Marcus account pays 1.15%, there are also other instant access accounts that match or exceed (NS&I Direct Saver)
There are 449 posts talking about the problems people face when depositing cash with certain merchants in this thread alone - let alone the numerous others on the forum. I don’t deposit much cash, but I can’t let my personal situation ‘inform me’ about everyone else’s. I’ll gladly bow out if there are statistics to the contrary…
I don’t have statistics but this is an app based bank, I think it’s safe to say users are not likely to deposit cash every month and thus max out their free deposits.
not everyone will need a taxi every month, or a hire car, or a night at an OFS property.
Correct, I was talking about my personal situation, when taking a product out and deciding wether or not to pay any fees, you should see what you will get out of it realistically. Users are more inclined to use a taxi than pay cash into their account with an app based bank.
And you assumed people would spend £4k on Amex (in addition to their membership fee) just to get 30,000 reward points, netting you £210 in returns.
again based on my circumstances, this £4k needs to spent within 6 months so you would need to spend £666 per month to meet the bonus. This may not be a stretch if you put your daily spend on it and pay bills etc… This is also a premium card if you can’t meet the bonus the card is probably not for you. Those who take out the card are more likely to use the credits and get the welcome bonus as its more appropriate to their circumstances instead of a few random discounts chucked in.
I do feel like we’re comparing totally different leagues here though. It’s a bit like comparing my local private member’s club, to somewhere like The Court in Soho where you’re going to pay ~£600 for membership. You can buy alcohol and food at both, and you also buy the same alcohol and food elsewhere without paying a membership fee. The people that use them, see value in different ways though and expect very different levels of quality (compare Airbnb to OneFineStay).
agreed, but I was asked to elaborate on the card I get good value out of and I did mention that you can’t expect monzo to offer something similar but that more value should be given.
Answers to your questions:
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Amex have given us a £100 credit at places you would normally shop m&S Waitrose, Dilveroo and Apple. And if your annual fee is up for renewal or wish to cancel they may give you a reduction on your annual fee or free MR points. But of course I haven’t gotten as much value out the card as I would like, but no one was expecting this…
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Yes. I am not paying just to have a fancy card, If I am not making use of the benefits or it is working out to be too expensive than I will downgrade or cancel.
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No. I don’t spend more to get a credit that would make no sense… Work reimburses some accommodation expenses and for pleasure I want to stay somewhere nicer. I won’t always book through OneFineStay though hence I only used $400 worth of credits in the last year
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Very good. I live in London so acceptance may not be as good in other parts of the country.