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Me too, such a good feature if you really need cash.
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I think Monzo should be courteous and refund you that 15p for being the willing guinea pig in taking it for a test drive for the rest of us.
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Just messing with it and I honestly don’t think the fee is too bad, £600 paid back over 0% 3 months is only £6 a month extra, not a bad trade off if you needed cash.
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I quite like the flat up front one off super transparent in big letters fee. It’s on the expensive side, but it sure beats what the traditional credit cards do.
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0% interest on the outstanding balance other than 3% fee for 3 month plan seems good at face value. I wonder if there are any limits placed on how often you can use money transfers and how much of your available limit can be used for money transfers?
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You could borrow all your credit, I presume once a month if you paid it all off or once every 3 months?
Over 24 months that’s: £6148
That is a lot better than their loan rate, for short term loans, I have not done the proper maths on it, if you were to take out a 24 month loan and pay it within 3 months
It’s unfair to compare, but here you go:
£5150 over 24 months is: 5851. So the loan is cheaper over 24 months
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Thanks Andrew, interesting stuff, looks promising!
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With a potential mortgage application coming up, part of me is considering binning Flex. With the BNPL type arrangements being frowned upon and Flex still not reporting consistently as one or the other, I’m not sure how I’d even declare it and I wouldn’t want it to reflect badly on my file.
I haven’t really been using it all that much either. The only thing keeping me back is that it’s currently my only FX-free credit product. C’mon, Chase!
I’d be very surprised if Monzo Flex got your mortgage application denied.
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I’ve been through the mortgage process last year having had Monzo Flex for a couple of years and it didn’t affect the application. It was just treated as another credit card. Main question was how much would be on it at the end of the month, ie are you paying it off monthly or keeping rolling credit. Paying it off each month isn’t an issue. Keeping some over longer term could reduce the amount they are willing to lend you.
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I’ve been using to spread the cost over 3 months a few times in the past, but I’m not really intending to do that.
Would I say there will be nothing at the end of the month? As that would contradict account history. This is why I don’t like it much! It gets me worried and it’s been almost five years since my last application.
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You’re definitely over-thinking it. Whether it’s a BNPL product or a CC, it’s going to have such a small impact in itself.
If you’re at max debt everywhere and you’re buying everything to spread the cost over 3 months, that’s very different to maximising your interest/cashflow by using 0%
If everything else is all good, I wouldn’t worry about it at all.
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You were right!
I forgot about it after I posted, but tried to increase the limit today and got the usual rejection. I immediately closed Flex and then applied again; was accepted and with a higher limit 
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It’s like the decision took can’t forget the original application data and consider the new somehow.
It’s a credit card, they will ask for highest balance in the last three months. Use whichever highest balance was reported in credit report apps.
When asked how much you pay for it monthly, answer a third.
That’s it.
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I find this bizarre and probably something Monzo should look into. You’re either eligible or you’re not, and being a current Flex customer shouldn’t disadvantage you.
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Yes, quite bizarre!
I know this post is from 2021, but maybe they never got round to fixing the issue?
Maybe I should try that.
I was never allowed a higher limit. Then I moved everything to chase and I’ve since been allowed 3, tripling my limit from what I started with.
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It’s crazy.
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