Introducing Monzo Flex – a better way to pay later 🚀

According to this:

Where you can use the virtual Flex card

You can use the virtual card pretty much anywhere to pay later for pretty much anything.

Pay with the virtual Flex card in-store with Apple or Google Pay, wherever contactless is accepted. There is no contactless limit on the card. You can flex any amount as long as you’ve got enough available credit.

You can also shop online using the card details.

You’ll need to have enough money in your current account to cover at least the first minimum instalment, for the payment to go through.

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Can anyone also remind me how the “Flexing Close to your installment date” bit works? I was trying to find a help article that explains the timing but couldn’t see one.

How many days out from your repayment date do you need to be before it moves into the following month?

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It’s two weeks I believe.

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I too have never had trouble with Tymit.

My use case for not wanting the initial payment taking straight away is as follows.

My Monzo joint account only holds our monthly budget plus ~ £200 (in case of overspend). So let’s just say that £1,700 in total with a £1,500 budget. On pay day I scurry the rest into a variety of pots.

So when I have a payment I’d like to use tymit for, I don’t have to do any maths, I don’t have to withdraw from a pot before a transaction and I don’t have to worry about the balance (generally).

With Flex, I’d have to work out the initial payment amount. Then decide if I have enough to cover it or take some money out of a pot, in advance. EDIT: This is more evident towards the end of the month, when the account balance is low. With Tymit, it gives you this information and gives you ~ 1 month to sort.

I know it’s not difficult to workaround, but it’s this friction that caused me to cancel my Flex account. If a delayed initial payment works it’s way into the app (which looks like it may be on the way :eyes:) I’d switch straight back.

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The first payment is always taken - I believe. But if you make a transaction with 14 days of your flex date, the next instalment skips to next month! - ie ultimately up to 6 weeks between initial payment + payment 2

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Yes. This is correct. It’s the only way I used Flex so far. Gets you 3 pay periods to spread the payment over. For me anyway.

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If it’s something I’m purchasing and there’s a bit of flex (heh) on when I can buy it then I’ll wait and time it so I miss the next payment but sometimes, like today with my car fix, that’s not always possible.

I’m for and against having to pay the initial payment right away. I see why it’s done and I see why it’s frustrating to some people.

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Yep it was this bit I was trying to suss out. The optimal and least optimal ways to Flex things.

I think that means the worst version is Flexing something 15 days out from Flex Installement Day - as your 3 payments would be Day 0 / Day 15 / Day 45. I Think

Where as best would be about 75 or so days total? Day 0 / Day 45 / Day 75? (Ish)

I guess this also means if you pick an interest paying plan, the total interest you pay will also be influenced by how close you are to your Flex Installment date?

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Love the update

Using flex is now a lot better with the new feature of being able to pay off the balance directly from pots. I think the next step would be using a categorising feature similar to the one used in trends, to allow the first instalment from flex to be taken from pots. As currently, we have to move cash from the pot to the main pot in order to use flex- very inconvenient. Alternatively, rather than looking at the main pot as being out of balance, flex could look at the summary of all the pots to determine if the first instalment can be taken?

Just increased my limit again, gone from £4,600 to £5,000, think I was originally on about £3,000?

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Monzo still won’t increase my limit above the original £1000 that they set. My income (couple of private pensions plus investment income) is equivalent to what my salary was less mortgage (which is now paid off).

I get that Monzo are being responsible lenders but they seem quite happy to lend me up to £19,000 if I take out a loan with them (which I have no intention of doing)!

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My girlfriend got the below email from Monzo last Thursday, saying how she can pay the first instalment later. I’ve had a search on the forum and can’t see this topic brought up (and I haven’t received this email, either). She has a Basic account and I’m on Premium. Anyone else have it? :man_shrugging:

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Nope not got anything, and will be annoyed as flexed a wedding bill this morning…

I want!

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@TheoGibson :eyes::eyes::eyes:

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Sure Theo will drop by soon to explain :eyes:

This has been hinted at for a while in teardowns!!

Glad to see it was listened to! :grinning:

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Soon as in soon, or soon as in :soon: ? :laughing:

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:man_shrugging:t3:

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I can chase up and update :running_man:

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