I have to agree with the credit card over Flex approach in that it’s more superior for me rather than a “rigid” credit account - in which case I could actually use Tymit because I can pay over a term up to 36 months without making a payment upfront (though Monzo Flex is a lot more stylish and clean compared to Tymit).
On a separate note, is it possible to allow the Monzo Flex Virtual Card to allow verification transactions?
Things like Curve, PayPal etc usually verify the card using a small amount in pennies, but because of the £30 minimum limit it automatically declines unfortunately.
I haven’t mentioned credit or debit, only “verify” which could be either one of these really… It’s usually the debit which is why the transaction declines because it doesn’t reach the £30 threshold to process which is why the card can’t be verified
I love flex I have few things on it and I love it but one feature is missing it pay early next month and it’s still have 3 months so we don’t have wait until due date
There was mention above by @TheoGibson about enabling authorisation payments, but there wasn’t any timeline etc given. So it’s unfortunately not possible currently for >£0 authorisation/verification payments to be accepted.
Not entirely sure how the waiting list works, I signed up within the hour of announcement and still waiting but my partner hasn’t even joined the waiting list and has got a invite.
There’s more to it than just putting yourself on the list. But I think they did the initial joiners for a few weeks and then wanted to focus on adding improvements rather than more users.
They used the waiting list and randomly selected a bunch of people from it to give them priority access.
You just weren’t one of them, you were just unlucky. There’s no big conspiracy theory here and there was no promises made that everyone who signed up would be given early access or a timeframe when everyone on the list would be invited.
We haven’t invited anyone to apply yet who hasn’t first signed up to the waiting list.
We invited people in order of when they signed up to the waitlist however we haven’t invited one or two population groups that we pretty much know won’t be eligible for Flex yet. We have a couple of “legacy” credit rules that we ideally wanted to remove before inviting those customer groups (whether we still wait is a bit tbc as we realise it has been a while now).
We had a lot of demand for Flex with lots of people signing up to the waitlist and since we’re lending money where there’s unfortunately the potential for customers to get into financial difficulty and for Monzo to lose money we need to take a more gradual approach compared to other products with the aim off reducing potential harm as much as possible.
Presumably I do not clear that particular hurdle for similar reasons to why I do not get past even the first of the four steps on the loan eligibility page
For the little it is worth, all my “credit scores” continue to look fine, so does feel like a Monzo set of specific requirements, which is fine as it is their business (in all senses of the word)
We have a couple of “legacy” credit rules that we ideally wanted to remove before inviting those customer groups (whether we still wait is a bit tbc as we realise it has been a while now).