No - it was 415 votes short… One of the top 5 voted answers was correct though 
(>1,000k, 100k - 200k, 400k - 500k, 300k - 400k, 500k - 600k are the current top 5 answers)
4 Likes
Ok the basis we might never get to the threshold - fancy being charitable on this fine Saturday eve?
Maybe you could trim it down to 2 possible correct answers? 
2 Likes
Or what Theo said 
don’t think I’ll ever understand “loans” maths.
4 Likes
It’s not >1,000k 
Not going any further - Have to leave some mystery out there 
9 Likes
Any update on the flex first installment later feature? Is it still on the cards?
1 Like
Still on the cards - this one has taken a lot of discussion - we’ve been experimenting with it in over the last couple of months.
6 Likes
can you detail any other changes to flex that you intend to make in the next few months ?
It sounds a bit backwards, but I like having to pay 1/3rd now. It makes me consider if I really want it, if there was zero impact at the time, maybe I would press buy and worry about it at a later date.
Now I’m a bit older/earn more, I’d be quite happy to pay £0 today, then pay in Nov/Dec/Jan because I’m more sensible and the impact on me either way is less. But back in my not-so-sensible days, if Flex existed, I’d have much rathered it force me to pay 1/3 to start with and really think about what I’m buying, which is part of how I ended up with credit card debt.
6 Likes
Quite a few questions… will try get back to you later today - Working out what I can/ can’t share will take a bit of thinking
12 Likes
Does flex mean monzo isn’t very likely to offer a credit card in the future?
2 Likes
I had wondered the same thing.
I had assumed Monzo offering a BNPL product was instead of a traditional credit card but I could be entirely wrong
1 Like
Trying to answer a few of the above:
As mentioned above, we just launched “pay early”. Other things we’re exploring:
- Not taking the first instalment up front as discussed above.
- Behind the scenes credit/ affordability changes (the credit limits we offer customers).
- An option to pay in full on your next payment date.
- Letting customers pick a default plan for virtual (or physical) card purchases.
- Letting customers change their monthly payment date.
- Cost calculator so you can “simulate” a purchase before making it.
- Design of the pay extra/ pay early flows at a flex vs transaction level. eg. Letting @michaelw90 pay off the whole Flex balance rather than only each transaction individually.
As well as a couple of other bits that I won’t talk about Note that these are all things we’re thinking about, not things we’ll definitely do!
There are 2 sides to this coin:
- Customer experience - As we’ve seen above, some customers do prefer to pay the first instalment upfront - but overall, more customers prefer not to have the first instalment taken upfront. In addition to what customers “prefer” another issue with the first instalment upfront is around explainability and “edge cases” - eg. we get customers who sign up for Flex and try make a transaction only for it to decline due to not having 1/12th of the transaction amount in their current account - We get feedback that this is confusing and isn’t a great experience - it’s also quite hard to explain.
- Commercial outcome - Not taking the 1st instalment means we hold higher interest free balances which in the past may have been fine, but with an increasing Bank of England interest rate means we have more money lent out at 0% rather than sat in the Bank of England earning interest.
As you can probably guess - there’s a whole load more to this that I’m not sharing but this is the high level picture - I’ve also purposely not shared any scales eg. what proportion of customers prefer it one way vs the other. Note that customers can still chose to pay extra/ pay early and have the same experience as before if they prefer paying the first instalment straight away.
See what I said above about things we’re exploring
14 Likes
I’d be interested to hear what you can do with a credit card that you can’t do with Flex?
Or to flip the question, what would you need from Flex for you to consider it an alternative to a credit card?
6 Likes
A decent credit limit. I’ve only ever been offered a £1000 limit for Flex but even my most recent credit card had a £5000 limit. I would seriously consider closing at least one of my credit card accounts if you were more flexible with this.
(But it does look like this is something that might be under consideration at some point from @TheoGibson’s post)
8 Likes
A physical card and the benefits/usability that comes with that, and no payment plans
8 Likes
Pretty sure someone else on the team has asked this before.
Some answers previously given:
Ability to hire cars abroad where a physical card is required. Ability to check into hotels abroad where a physical card is required. Ability to use when don’t have phone with me/battery has died
10 Likes
I don’t really understand the push for Monzo to have a credit card.
I know the app will likely be better than the others, but you won’t get cash back, or 24% months interest free, or Avios or anything because they can’t afford to spend here.
If you could only have one credit product then sure, but you can have lots!
5 Likes
For me it’s two things:
- like @lpoolrob says, having a card that I can use for merchant holds etc (esp in hotels and car hire etc)
- the upfront interest free period (i.e. you don’t pay until your bill is due)
Why Monzo? Because I want tight integration with things like Trends, to have instant notifications etc, better prediction of upcoming cc payments in Monzo. All that outweighs 0% periods etc for me.
11 Likes
That is kind of the other side of the coin. It would be for Monzo’s financial benefit - and they need revenue streams. I’m not saying they should, or campaigning for them to do it - but it could make business sense for them.
6 Likes
I would love this, now i have a higher limit it’s this and longer payment plans that keep me using Tymit instead most of the time, this would be a massive step to me switching over
1 Like