Introducing Monzo Flex – a better way to pay later 🚀

Monzo Chat News & Updates
5024

To my knowledge, there are no fully joint credit cards, at least not in the UK.
A joint bank account is in two names and usually makes both people “jointly and severally” liable for everything that goes through it, including any overdraft debt, however this concept does not exist for credit cards.

A credit card can only be in one name. You can have additional cardholders, but they are not legally liable for the debt.

Now, if Monzo were to introduce the concept of a fully joint credit card, that would be interesting!

For me and my wife, we have a credit card that’s in one of us’s name, and we treat it as joint, i.e. only joint purchases go on it and it gets paid from the joint account. That’s as close to a joint credit card as you can get, and Monzo Flex can be treated the same way.

5025

The easiest solution here is that a Flex card should remain linked to a Personal account BUT can be auto-paid from the Joint account, where the Flex holder also has a Joint account.

Doing it this way means the personal credit link remains intact, the personal statement & feed remains personal, but the funding to pay the card can be chosen from Personal or Joint.

1 Like
5026

Interesting :eyes:

You might be able to make your monthly payment using an alternative payment method like Open Banking in the future. We’ll let you know in app if you can.

From an email today about updated Terms!

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5027

Hey Flex fans. If you’ve got an iPhone or iPad , this one might be for you :eyes:

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5028

Hey folks,

I have a short but exciting update about Money Transfers for you today. As always, let’s get the legals out of the way first:

  • Not everyone will be eligible for Flex. We will run a soft credit search to assess if you’re eligible, and a hard search if you open Flex.
  • As a minimum, you’ll have to be over 18 and a UK resident, and you’ll need a Monzo current account to apply.
  • Flex Purchase offer representative example: 29% APR representative (variable). £1,200 credit limit. 29% yearly interest (variable).
  • Missing a payment may negatively impact your credit score. Ts&Cs apply.
  • We charge a 3% fee for money transfers, and they aren’t covered by Section 75 purchase protection.

Back in January we announced we’re introducing Money Transfers, and said you’d soon be able to transfer money from Flex to someone else.

It’s taken a little longer than expected! But I’m happy to share it’s here, and over the next couple of weeks we’re going to test it with a small group of customers.

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If you’re keen to be one of the early testers, fill out this form by 5pm Friday 27th September. As a reminder - not everyone is eligible for Money Transfers. We’ll only be able to give you early access if you’ve already got Money Transfers.

:information_source: If you’re on iOS, we found a bug with Money Transfers last week that stopped it working. We’ve fixed it now, but you might need to update your app to the latest version before you can use it.

Update 27th Sept: I’ve closed the form. We’ll likely start rolling this out in the next couple of weeks :+1:

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5029

I can just see all of the “Monzo froze my account” threads on the horizon on FB :joy:

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5030

I saw this pop up on iOS 18.0, but since I’ve upgraded to iOS 18.1 beta, the function seems to have disappeared.

Would this be due to:

  1. Using a beta version of iOS?
  2. Changing my settings to US English in order to test Apple Intelligence?
5031

Any idea when this will be rolled out more widely?

5032

Your guess is as good as the next man, but I’m sure you’ll hear it here when it happens.

1 Like
5033

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What’s happened here? Did I forget and it’s defaulted to the longest, but it can’t be 12 months for a small amount?

5034

Looks like it. The smallest your payments can be are £2. So 4 months is the longest this payment can be.

5035

Any reason why that is?