I am indeed. They have been around for a while and I like to try different products. Ultimately both Monzo and Revolut are wanting to become a new form of bank, so it makes sense to compare the products
I believe contactless fraud might increase as contactless payments become more and more popular. I personally don’t like contactless payments and prefer to use something like Android Pay or Apple pay as you need to authorise the transaction by unlocking your phone or with your fingerprint. Disabling contactless might also help with card clash avoiding to pay with a card you did not intend to use if you have more cards and more accounts. I use contactless payments only when my phone is dead.
Disabling online payments is quite interesting as it prevents someone to pay for something with stolen credit card details. Additionally if the payment fails because you forgot to enable it you might just log into the app and enable it. On websites like Amazon it should not a problem as they store your card details and get a continuous payment authority. I might have to check that. I’ve never paid attention to that.
Additionally, even if every bank refunds the money, it is an extra step the customer needs to take and, while I haven’t had occasion to leverage the Monzo refund policy, it is normally a chore simply as it involves calling a contact centre or visiting the bank (Monzo might differ on this).
Cash withdrawals are an interesting feature to block as there are many situations in big cities where cash machine skimmers are installed with many mechanisms to capture the pin number. So at least while I’m on holiday I don’t need to worry about my card and can just lock the bits I’m not using. Plus I’m rarely withdrawing cash, so as it is a feature I don’t often use it might make sense to block it.
In addition… placebo effect is a great thing. If customers feel more secure, they will use the card more
But good points, and interesting conversation.