Introducing Monzo Flex – a better way to pay later 🚀

Monzo Chat News & Updates
424

You’d have to cancel said direct debit with company, pay with Monzo card or flex card, and set flex plan.

I can’t think what use cases you’d want to, as having a direct debit with a company would generally either be a bill that doesn’t charge for DD or interest in some cases, and is already over a set schedule, you’d also need to factor in the interest charges over Monzo vs other company.

I can’t think of a use case this would be useful for?

Edit:

One I can think of is O2 refresh, I pay £30 handset for 24 months, but also £19.99 a month for a phone service that is absolutely diabolical and unusable so I use another sim for data.

Flex - 19% on £720 = £136.80 + £720 = £856.80 total

Refresh - £19.99 x 24 = £469.76 + £720 = £1,189.76 total

So in this example yes it would be financially viable to pay it off instead of direct debit because of the total cost savings I guess.

Answered my own question, but what other use cases?

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426

Why 136.80? 19% from remaining balance or ?

427

Well, after a flexciting* few days, I have to say that the :monzo: dev, product & marketing team(s) have done a flexceptional job at launching a flexclusive set of features for a flexceptional customer base.

A true bunch of fintech flexperts :clap:

*credit to @Rat_au_van for this one!

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428

Yeah so 19% on the remaining handset balance vs the remaining balance and running sim only contract alongside that I pretty much get zero benefit from.

429

They’re flexing brilliant if you can flexcuse my language

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430

Fixed that for you

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431

Good spot! Thank you -and post edited :heart::pray:

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432

This is going to be like plupdate all over again, isn’t it? :grin:

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433

iDW_facepalm

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434

So flextrating that I didn’t get chosen today :sob:

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435

flexcrutiating?

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436

No need to get plupset

You’ll get a flextra chance tomorrow

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437

Does anyone know how this would show up on a credit report? For example, would it be an unsecured loan for the full flex credit limit or only what is currently being borrowed?

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438

I expect that it will show up as a credit card with the full Flex credit limit and the amount currently borrowed shown as the balance.

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439

This is exactly how it works!

When you sign up for Monzo Flex you pick your preferred repayment day and we take a single payment each month that covers all of your Flexed transactions :raised_hands:

Edit: oops, didn’t spot that you already answered this @Addzy :see_no_evil:

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441

I’m pretty sure BNPL used to be called “Never Never”

As it is, Access had some great adverts on the 1980/90s such as https://youtu.be/IJd9t5uDN5E

442

I would LOVE a physical version of this! It would have made a great Plus card!

443

Patiently waiting for that sweet Flex notification to drop :smiley:

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444

Great flexpectations

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446

I wouldn’t mind that as it could replace the virtual card then but it all boils down to the costs for Monzo and the environment I suppose.

I don’t mind having a virtual card for Flex. It’s safer then in my Apple wallet only

1 Like