Introducing Monzo Flex – a better way to pay later 🚀

Monzo Chat News & Updates
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Hey everyone :wave:

I wanted to keep you updated on some changes we’re making for new Flex customers.

First - as Flex is a credit card 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 Purchase offer representative example: 29% APR representative (variable). £1,200 credit limit. 29% yearly interest (variable).
  • If you miss a payment this may negatively impact your credit score. Ts&Cs apply.

We’re changing the 3 months interest free offer for new Flex users

For people applying to Flex from today, we’ve added a £100 minimum spend to get 3-months interest free.

You can still pay purchases under £100 in full on the next payment date interest free, or spread over up to 24 monthly payments at your personalised interest rate.

If you already have Flex, nothing changes. At the moment this change is only for new Flex users, but we wanted to let you know as you’ll likely spot the change on our website soon.

Why are we making this change?

We’ve evolved Flex into more of a credit card in the ~3 years since we launched it, making changes like removing the £30 minimum spend, removing the need to pay the first instalment right away and adding a physical card. We’ve done that in large part thanks to your feedback, to help Flex better meet your needs.

Because of those changes, we’re naturally seeing people use Flex more like a credit card - for a mixture of those bigger occasional purchases like sofas or holidays, as well as for day-to-day spending.

As you know, our interest free offer isn’t a time-limited introductory offer like other credit cards. This means we need to ensure we’re designing it to give customers the most value where they need it, while being sustainable for Monzo to provide. So we will continue to offer 3-months interest free option for any purchases above £100, to give customers more flexibility with repaying bigger purchases.

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