Introducing Monzo Flex – a better way to pay later 🚀

[Rat_au_van (Em)]

@N26throwaway

When the first payment is taken. Normally with credit, I’m not used to making the first payment straight away, and I don’t much like that I have to here.

It’s how clearpay takes their payments. Pay the first instalment straight away. At least they do when I use them

[TheoGibson]

This is great feedback - thank you Quite a few of these things we had thought about (and just need more time to build) but some are different takes on conversations we’ve had and it’s also nice to have some of our thinking and direction confirmed.

to a lot of these things

[RichardL (Rich)]

@N26throwaway

Small niggle, but refund the transaction first, and then take the first payment. The feed doesn’t feel right when the payment is taken first, and then the purchase is refunded.

I think just a small tweak is needed here from the team. It looks like both transactions are triggered at exactly the same second looking at my Google Sheet, so I have this:

[duncang (Duncan)]

I wonder if it’s a race condition ⏏.

[SouthseaOne (Michael)]

Now maybe there is more than one PayPal approach, but I have been using what feels like the main PayPal Pay In 3 approach fairly often and they always take the first of three payments immediately as well

[neovo]

Gained access yesterday really sweet job, nice one all involved

Be nice to hide/ move to settle transactions once they’re paid off

[BenLeo (Ben)]

@N26throwaway

Another small niggle, but make the left to pay on individual transactions a bit easier to see at a glance. It’s one of the more important pieces of information to show to a user, in my opinion.

While I’ve not yet got Flex, I agree with this; left to pay is more important than already paid. The future life of the Flex transaction should be top level, with the past available on the transaction itself.

[o99]

Is it easy to keep track of how much you have left to pay for each purchase and for how long?

I haven’t used it in years but my recollection is it was a bit tricky, and I think that’s the reason I stopped using it.

[nickshe89 (Nicholas)]

Hello can we do flex when we take money out the hole

Thanks

[PaulUK]

@N26throwaway

Only downside is I can’t schedule withdrawals from Marcus, else I’d do that, making the whole thing virtually automated.

Tesco Bank allow scheduled payments, and their Instant Saver rate is 0.59% atm, 0.49% bonus for 12 months.

It’s who I use for scheduled payments. And you are not limited to withdrawing to the one linked current account either.

[Ordog]

Nope.

Search in the help section of the app and it gives you a list

[nickshe89 (Nicholas)]

Thanks you

[PaulUK]

I’ve opened a regular savings account with Ecology for that. First payment, bank transfer, subsequent months will be via DD.

It’s old-fashioned, by post, (the DD setup) but pleasant customer service experience so far.

[xnox]

Moneybox is modern savings app that takes direct debits. I use them to generate free direct debits.

[xnox]

Cash and cash like operations are excluded from flexing. There was screenshot earlier on. I.e. faster payments, ATM withdrawal, gambling, investments are all excluded.

[nickshe89 (Nicholas)]

Thanks you for your time

[sacha]

I enabled Flex yesterday. Very easy to understand the different options. There was nothing much for me to Flex (I didn’t really feel like flexing a Lucky Voice karaoke session ) but I’ve often put “big ticket” expenses onto a credit card to pay back over the following few months so I can see Flex taking that custom, particularly when they start offering S75 protection.

I would be useful for Flex to show the potential transactions which could be flexed without having to scroll back through my timeline to find them.

Also, I’m a bit surprised behind the decision to have a fixed interest rate for all customers. Particularly when other forms of credit like loans and overdrafts have risk based pricing.

[rarther]

@sacha

, I’m a bit surprised behind the decision to have a fixed interest rate for all customers. Particularly when other forms of credit like loans and overdrafts have risk based pricing.

Perhaps you’ve stumbled upon an unwritten fact… Flex will only be for one risk tier - prime borrowers, and so there is no need for pricing tiers for higher risk borrowers.

Just speculating. Anyone flexing with a sketchy credit history able to debunk this theory?

[Peter_G]

Hmm, I wonder if we can do some crowd sourcing?

So… (and for @alexs) what’s your credit score in app? Or, for those without Plus/Premium, in Credit Karma.

• 0 - 100 - I have been offered Flex
• 0 - 100 - I have been rejected for Flex
• 0 - 100 - I haven’t applied / can’t apply for Flex.
• 101 - 200 - I have been offered Flex
• 101 - 200 - I have been rejected for Flex
• 101 - 200 - I haven’t applied / can’t apply for Flex.
• 201 - 300 - I have been offered Flex
• 201 - 300 - I have been rejected for Flex
• 201 - 300 - I haven’t applied / can’t apply for Flex.
• 301 - 400 - I have been offered Flex
• 301 - 400 - I have been rejected for Flex
• 301 - 400 - I haven’t applied / can’t apply for Flex.
• 401 - 500 - I have been offered Flex
• 401 - 500 - I have been rejected for Flex
• 401 - 500 - I haven’t applied / can’t apply for Flex.
• 501 - 600 - I have been offered Flex
• 501 - 600 - I have been rejected for Flex
• 501 - 600 - I haven’t applied / can’t apply for Flex.
• 601 - 700 - I have been offered Flex
• 601 - 700 - I have been rejected for Flex
• 601 - 700 - I haven’t applied / can’t apply for Flex.
• 700+ - I have been offered Flex
• 700+ - I have been rejected for Flex
• 700+ - I haven’t applied / can’t apply for Flex.

All results should be anonymous!

[SouthseaOne (Michael)]

@N26throwaway

PayPal’s pay in 3 is quite new

Seriously the last couple of years feels like it has been five years!