Went into Flex and when I click on my upcoming payment there is now an option to increase or decrease it on a dial, showing the interest payable with each option. Is this a new thing?
This is what happened. It came through this morning on my Flex account as a refund, so the existing pay by three instalments has been adjusted. It’s covered the 3rd instalment and half of the 2nd one.
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Seems to be something like Amex PlanIt and HSBC/Barclaycard instalment plans
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And how it will compare to just paying interest.
I would use this, but depends on the fee. If the fee outweights the interest I would pay of course.
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My first thought was “that’s just a worse 0% spending credit card” but I do see that it could be useful for those that can’t usually qualify for them.
The issue with 0% credit cards normally is that the 0% ends at the same time for every transaction, whether it’s 1 week old, or 1 year old. As soon as your 0% offer ends, everything starts charging interest (at least in my understanding).
With Flex, every transaction is independent, so as doesn’t matter if it’s a transaction from last week, or 6 months ago, I know EXACTLY what is charging interest since it’s more like a hybrid between a traditional credit card and Buy-Now-Pay-Later.
Imagine having a £2000 car repair bill and you can’t afford it so need to charge to credit card. Imagine that credit card only has 1 month at 0% left, compared to this Flex update.
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I do see the benefits but I don’t think this’ll be for me - I just sign up for another 0% credit card a few months before the old one is going to run out.
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Has anybody been offered this yet?
Hi Guys new here
Does anyone know the criteria to be able to get flex it says im not eligible which is a shame ill have to stick with clearpay for now
Hello 
Nobody knows I’m afraid. Besides the obvious of not too much existing debt.
Sometimes Monzo struggles to understand your earnings, so if you’re not “full Monzo” that might also be a cause. Other than those, you’ll just get lots of random guesses since banks dont release their lending criteria for obvious reasons.
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Thank you Ordog
Where did you see this? Do you have the reddit link?
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.
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Can you tell us what the add-on fee is for you?
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Hope to be part of it too, I use my flex daily.
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