Hey folks,
I’m Tilly, Writer for Flex here at Monzo.
I’m excited to share that we’re starting to test a longer 0% interest option for Flex. Over the next few months, a longer 0% interest add-on will be available to a small group of existing Flex Purchase customers for a monthly fee.
That means customers with the add-on will be able to pay for eligible purchases and transfers of £100 or more in up to 12 months (instead of the usual 3 months) at 0% interest. The add-on fee will be personalised based on things like risk, and added to their Flex monthly payments.
As always, the 3 month interest free option will still be available to every new and existing Flex Purchase customer.
We’re in the very early stages of testing, and we’ll use the things we learn to make improvements and decide how to roll this out to more customers. If you’re included this time round, we’d love to hear feedback from some of the people who know the product best.
As you know we’ve been exploring longer 0% interest options for a while with lots of helpful input from you, so we can’t wait to start testing out ways we can make Flex work even better for bigger purchases.
That’s all for now. We’ll keep you updated and look forward to hearing your feedback!
Tilly
A quick reminder of the legal stuff:
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Not everyone will be eligible for Flex. We will run a soft credit search to assess if you’re eligible, and a hard search if you open Flex.
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As a minimum, you’ll have to be over 18 and a UK resident, and you’ll need a Monzo current account to apply. Ts&Cs apply.
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Flex Purchase representative example: 29% APR representative (variable). £1200 credit limit. 29% yearly interest (variable).
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If you miss a payment this may negatively impact your credit score.