One of the big drivers for Monzo is the ability to categorise your payments, do your budgets and see where your money goes. All of this is great, but only if you use your Monzo account for all purchases.
If you’re like me, then you use a credit card for all purchases, and pay it off at the end of the month.
The problem with this is that my Monzo account basically just has my salary coming in, then my direct debits and standing orders, and then 1 large credit card payment.
The only way I can get a good summary on this is using something like Yolt, but then that just makes Monzo pointless as its basically doubling up on features.
It’d be good to have the option to link my Credit Cards to Monzo . Monzo could then pull the details every 24 hours or so, and give me the same breakdown as it does for my current account. It’ll then mean I could budget more accurately, and also do things like tell me if I’m spending too much etc.
I’m exactly like you - The only time a debit card is used is when they don’t take Amex (which is rare these days, certainly where I shop).
I would 100% use a feature like this (I think it may have been mentioned before) - But with the aggregators like EMMA/Yolt, I’m not sure it’ll ever happen.
I think that unless you use Monzo for all(or at least the majority) of your purchases the whole summary thing is pointless. I gave up my amex cashback for the Monzo summary feature basically, time will tell if its worth it.
I’ve never had an AMEX and in process of getting rid of credit cards but this would be pretty cool to see. I think as/if Open Banking takes off we will see this appearing more over time.
Large purchases makes the credit card lender equally liable if there’s a problem! Even paying the deposit on the credit card makes them liable for the whole purchase
The thing is, the big drive of Monzo is that they have all of this in house. If I have to use Yolt to get the other data, I might as well have stuck with Natwest.
It’d be much better to get notifications from Monzo and suggestions. They could do things like enable your overdraft if your incoming credit card bill is going to be more than your have in your account etc (maybe a bad example but you get the idea)
I’ve imagined it a few times, and I would switch to using a Monzo credit card in a heartbeat (and I say that as someone who has been pretty loyal to my existing cards).
Me too. I had this conversation with @Tom, and he sees the imminent end of reward cards. Personally I don’t, but I do get that, with the caps on interchange fees, rewards can only be subsidised through interest on debt from other users. I think that’s his sticking point because he doesn’t want to rely on people getting into debt, but surely the current account does that anyway through overdrafts, spread the cost and whatever else?
I’m not even that bothered about rewards if I can get good service. I just prefer to spend someone else’s money until the end of the month, and then when I can see the transactions are correct pay it all back. A charge card would be good enough for me, but they are going a bit out of fashion even with the likes of Amex.
Agree with charge card, but I do extremely well out of rewards. Maybe an annual fee would be a good compromise. I currently pay one just to double the rewards!
Out of interest, how much do you feel someone needs to be spending on a credit card to make the rewards worthwhile, taking into account fees and sacrificing spending history/summary within Monzo app?
I realize the value of Monzo spending history/summary is intangible and will vary from person to person but would be interesting to get a perspective from you and others who use credit cards as their primary mode of spending.
For me, it’s the sheer accumulation of points (through Amex), that end up turning a £2,000 family holiday, into a £500 family holiday (even if that’s only once every 3 years). So even if you weren’t spending thousands each month… It does soon add up (especially if you can take advantage of the sign up bonuses, and use 2 household members to churn the cards etc).
The Monzo spending features can certainly help some people, and I’d probably say this was more important if you are someone who isn’t in full control of your spending - No point in saving £1500 every now and then, if you are over spending by much more.
But if you’ve got your monthly spend under control, using a rewards credit card (or Amex) seems a no brainer to me.
Yeah I agree. I’ve got the Virgin Atlantic card, and I’ve had about a dozen long haul returns in the last three years, four of which were in the front. There’s no way I could afford to sit there without points. No amount of spending analytics would get me to swap away (quite apart from Section 75, which I have also claimed on several times), but it would be awesome to have both.
I recently joined this community with the sole purpose of giving this Idea to Monzo. I’ve been using Monzo for a while now, ever since moving to the Uk from Brazil. I’m a beta user as well.
I’m a big fan of the bank and got many friends to change their banks for Monzo.
However, in order to build credit score and have points to travel I am now using the BA AMEX plus credit card and found myself having to download Yolt and Money Dashboard (both because they don’t offer separate tabs to control each spending separate as well as together, therefore using money dashboard to control both spending together, Yolt for Amex on its own and Monzo by itself) to keep up with my spending in order to know exactly what I have and don’t have left to spend (plus controlling my money in the current account in order to have it when my Amex bill comes).
So, why not make something like what money dashboard app does and let us control our spending with the credit card overview in Monzo’ App with open banking?
Me and my partner would love it and I’m sure lots more users would too, since when using credit cards the Monzo spending dashboard becomes useless for your budgeting…
