But it’s really hardly any effort to set up a workflow to switch cash into an interest bearing account and then back out again on payment deadline.
And, in any one month it’s much more - in multiple payments - than £99 that might be flexed, where compounding of interest is always worth the minimal effort.
There are multiple accounts that offer more than 4% currently. Santander Edge Saver currently gives 6%AER, Cahoot Sunny Day Saver 5% AER, Tesco Internet Saver 4.53% AER, Cahoot Simple Saver 4.52% AER - admittedly the Santander requires a current account but the others - and this is a small sample - are standalone and easy to manage.
Anyway, this is my final observation on the matter (and I promise not to mention stoozing)
It’s a ridiculous POV. I’ve used a credit card for day-to-day spending for 40-odd years and my debit cards are very rarely used unless some service demands it.
I agree but Monzo say this is a credit card. So people treat it as such.
Few would put just a sandwich on a credit card and that alone. They put everything on a credit card and pay it off (ideally in full each month).
You can no longer do this with Flex. It is a genuine change for some and I think this obsession on the thread with someone Flex’ing something under £100 in isolation just ignores the reality of how credit is used.
If Monzo wanted a compromise, perhaps something akin to “once you reach £100 in a month it can be Flex’d in 3 interest free” but this adds complications.
To be honest this is a part of my initial (way back when) objection to seeing this as a credit card. I was against Monzo referring to it as a credit card as it is not really - and this change makes it even less so.
But you have to pay interest in that case no matter what which is not how a credit card works.
I say it again; if Monzo are going to say “this is our credit card” then they should be fully aware how people actually use credit cards.
I don’t care how you (as in, anyone on this thread) use Flex. It’s about the fact this is a change that does not reflect the reality generally. I don’t use Flex for daily purchases but I do put everything on a credit card and have done for years.
I even put a sandwich on credit! Yes! I don’t think I’m irresponsible nor am I for want of cash.
I don’t see why Flex’ing isn’t just introduced in conjunction with a base credit line and interest rate with 56 days interest free etc.
For example; I can pay for anything with it interest free, and larger purchases can be “Flex’d” if they are over £100.
True on that front, perhaps I should have worded that better.
Essentially I do think this is a change but the focus seems to fully be on someone using it to buy a sandwich. I think there’s more to it than that but I feel it’s always going to be reduced to that.
If I had a magic wand I would just change it to a normal credit card with interest and the option to split larger payments into three interest free.
Isn’t that how it does work? I’m not using Flex at the moment but I treated it as a credit card, paying off in full each month apart from some items (e.g. car insurance) that are large and occur infrequently which I split over 3 interest-free payments.
I thought the only change was that 3 interest-free payments was now restricted to items of at least £100, in which case nothing has changed for my usage.
My cycle ends on the 17th of September and is due to be paid on the 1st of October. If I buy something on the 18th of September I get it interest free until the 1st of November.
is quickly evaporating.
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