Hi everyone 
We’ve been quietly working on some changes for Flex, and I’m excited to give you a sneak peek at the first of them today.
But first - as Flex is a credit product I need to remind you of some of the legal bits:
- 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.
- As a minimum, you’ll have to be over 18 and a UK resident, and you’ll need a Monzo current account to apply.
- Flex Build offer representative example: 39% APR representative (variable). £350 credit limit. 39% yearly interest (variable).
- If you miss a payment this may negatively impact your credit score. Ts&Cs apply.
Some Monzo users have told us they want to use a credit card to build their credit score, but aren’t eligible for Flex today - often because they’re new to the UK, are new to borrowing or have had trouble with credit in the past and need a fresh start.
We’re testing a new offer for these folks that aren’t eligible for Flex, which we’re calling Flex Build.
Flex Build is a new version of Flex, with a smaller starting credit limit, interest free when paying in full, and the flexibility to spread the cost over 3 to 24 months at 39% APR representative (variable). As borrowing power increases over time, so will Flex Build. We’ll help users unlock things like larger credit limits and lower interest rates as we see them managing their borrowing responsibly.
We’re giving early access to a very small number of users over the coming months. As this is a new account and reliant on eligibility and personal circumstances we unfortunately can’t offer early access to our friends in the community, sorry!
What does this mean for you, and for Flex?
If you already have Flex, nothing changes. We still have one credit card and that’s called ‘Monzo Flex’.
But if you apply for Flex now, you might see we have two starting offers:
- Flex Purchase: the ‘normal’ Flex account we’re all used to, with the option to spread the cost over 3 monthly payments interest free.
- Flex Build: the new offer that helps users build their credit score
‘Purchase’ or ‘Build’ won’t appear on cards. Once you’ve signed up - regardless of which offer you signed up with - we’ll drop the offer name and use Monzo Flex.
The offer name in our marketing and in the sign up flow is the only change though, it’s exactly the same credit card as before.
What’s next?
We expect to run this as a small pilot for a number of months before considering rolling it out further, so you might not hear much from us on it for a while. We’ll let you know as soon as we have any updates to share.
In the meantime we’d love to hear from you. Have you used a credit builder card before? What did you like, and what would you change?