It’s here for me now:
And you can select Flex as a funding source account when paying someone. Nice, but 3% extra to do so.
3 Likes
Still nothing for me. I’m on iOS, or I’m not eligible.
When we expect it, we will flex.
Nothing for me at the moment but again maybe not eligible.
Have there been any indications from Monzo that they are looking at adding Flex to Joint accounts? I’ve been using Monzo for a few months now, and as of this weekend we’re officially a Monzo family (having opened an account for my wife, a joint account, and two Monzo under 16 accounts for the children). Currently the only thing keeping me from moving all our finances wholly to Monzo is the lack of a Joint Flex card - our finances are 100% joint, but we also tend to put everything on a credit card which we pay off fully each month. I’d love to get the tracking features Monzo provides, but we really don’t want to switch to using personal Flex cards not visible to each other. (I’m also hesitant to switch our daily spending to the Joint card, as that would require a one-time forwar shift of an entire month’s expenses…)
Do banks offer joint credit cards? Or just an additional card holder?
2 Likes
That’s a good point… We’ve been with Natwest for 15+ years now - joint checking and savings accounts, and a Natwest credit card. I guess the credit card is likely mine with her as an additional named card holder… Does Flex offer additional card holders? (The key point being we’d like to track ALL of our money together, where we can both see it easily.)
Flex in its current form doesn’t offer additional card holders.
Given the design of Flex in repayment plans, I can imagine it’s a bit of a nightmare for two people to manage it.
1 Like
Does anybody know how long after someone signs up for a new Monzo account they’ll be able to sign up for Flex? I’ve been with Monzo for about six months now and just signed up for Flex, but I don’t remember when I first got pinged about it… My wife just opened her first account on Saturday (along with a Joint account with me, and under 16 accounts for both of our kids… 
) and once she has Flex we’ll be moving all of our daily finance stuff to Monzo.
I could be wrong but I think if you’re eligible it would have prompted you to apply on account opening.
2 Likes
I dread to think what the monthly cost of using all that £10,000 would be 
3 Likes
They just offered to increase mine to £1,950 and I thought I was doing well!! I should really use credit more frequently.
2 Likes
Having the extra capacity is good. It’s not that hard to use several thousand putting a long haul break on it, and then suddenly you might have been using 4-5k of an original 6k limit. Looks better for credit rating and all that stuff.
Is there a soft / hard credit score to increase the limit ?
Oh I’m not saying you shouldn’t go for it, but I remember when Flex was first announced I thought if they are going to venture into £10,000+ limits then they might find people are unlikely to ever be able to afford repayments of using all their credit available.
I thought they would introduce a combination payment - Flex monthly alongside a standard 5% style repayment. Obviously not but it’s a wild limit to have when it’s all repayable in a maximum 2 years (plus interest).
2 Likes
Obviously Monzo will say they will only lend £10,000 to those most likely to repay but I do think that even if technically all a-okay legally you are venturing into the immoral lending when theoretically someone could have a minimum monthly payment in the thousands.
(I do await the wrath of comments disagreeing, as I did last time 
)
2 Likes
Was just about to post this. Nice clear email and easy to do in the app. £10,000 limit is great and compares with my other credit cards
1 Like
I’m not sure how to even check, but I know that [a not to be named] family member has around £3,400 on Flex all over 24 months and her monthly repayment is about £310.
[Yes I am working on that issue in an of itself but it’s the ballpark I can go by]
I’d hope Monzo apply limit increases sensibly and not in a predatory way.
Eg. If you use Flex extensively for low value items or what might be deemed regular household expenses you’re not able to increase.
I tend to put electronics or holidays on Flex. I could pay them off immediately (and Monzo will know that based on the savings products I have) but perhaps they hope I will eventually put something expensive onto an interest bearing plan rather than always using the 3 months free option 
1 Like