Introducing the new Monzo Plus

OK great, I’m not one for wasting cards. I’m in

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On Android, it’s not on Testflight but main app. Try app store

Virtual cards are going to be brilliant for those trial periods that ask for a card and forget to cancel. Generate card, sign up to trial. Delete card :grinning:

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Does it still cancel your obligation to the service though?

That could lead to demands for unpaid subscriptions.

Otherwise, perfect use.

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Love the features but very disappointed they don’t extend to the joint account as this is where they would be most useful.

Both our personal accounts just receive wages most of which then transferred into joint then into pots. The plus features would be more useful here, especially Custom Categories d Advanced Roundups.

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We have some designs for this, I agree! But we wanted to start with the “general purpose” version. You can create a card and then delete it immediately after use. If we see people doing this a lot, we’ll consider building the auto-delete version :blush: . Similar for the “pay from pot” version too - if that’s the feedback we get.

We expected people to put all their core subscriptions on one card, have one for disposable use, and then use the remaining three for free trials and stuff. We can consider upping it if 5 isn’t enough!

In short, you don’t get to keep any of the benefits of Plus when you cancel You can see this in the app on the cancellation page :pray:

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Most of these sub services auto cancel if payment isn’t received and take payment in advance of getting the service/product

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I’m impressed with this in all honesty - I don’t know if it’s worth the £5 a month in reality, but it has a lot of nice to haves that I don’t mind paying it. I’ll trial it for 3-6 months and see how it goes.

Some feedback on bits that could be improved though:

Round up:
I like this idea, however (and this might just be a me preference), the best thing about the roundup was to always have a round figure in my account. However, with this multiplier, it is no longer rounding to a £. I would love to be able to say x2 to the next £ or something similar.

Connected Cards
Love it - being able to see cards and transactions are brilliant. I can’t see any way to re-arrange them currently? And it defaults to the order you connect them. Would be nice to be able to sort this like pots.

Virtual Cards:
Very nicely done - but I think having a connection to save to google pay or something would be smoother. Still a nice feature that I’m happy with though.

Credit Score:
Nice and smooth process, I have it visible elsewhere, but I like having things in one place so this is good. Also included with Monzo offerings is a nice touch - so I can see my score and what it causing it, and then what Monzo can give me as a loan.

Custom Categories
Nice and simple, anything against this would just be nitpicking rather than an improvement to the offering.

I probably need to live with it a bit longer to see if there’s anything else that pops up.

Overall:
Really smooth process, clean and transparent as we have always wanted from Monzo.

Congratulations on the launch! I hope people give it a shot to see how it can work for them. @tjvr @tomdavies

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Old Monzo Plus subscriber here.
Extremely disappointed, to me this new Monzo Plus relaunch is a total product failure.

Let’s look at all the new perks:

  • 1.00% AER/Gross (variable) interest on up to £2,000

Used to be 1.5% up to 4k which means if you always kept 4k on your account you would get the old Monzo Plus (3£/month) for free.

  • View your other bank accounts in Monzo

Why do I have to pay to get this? I can get all of this (and probably even more) with Yolt.
Even old Barclays is letting me add other bank accounts if I want, for free.

  • Virtual cards

Not something I’m interested tbh with all the recent changes to 2FA for transactions, using virtual cards is kinda less useful.

  • Your credit score in Monzo

I can already see it for free, not sure what advantage I get or why it should be a premium feature to pay for.

  • An exclusive holographic card

Ok nice, not worth 5£ a month though.

  • Offers

I get this for free with Perkbox at my workplace, even if I didn’t I wouldn’t pay 5£ month to get some random offers.

  • Custom categories

Does someone really need this? Seriously?

  • Transaction splitting

Not even sure what this mean

  • Advanced roundups

Again, did someone ask for this feature? I find it so weird / useless and definitely not something to pay for.

  • 1 free cash deposit a month

LOL?

  • £400 fee-free ATM withdrawals overseas

Average person in my circle of friends goes on holiday abroad 2-3 times a year probably and most of the places unless you are going in the middle of Vietnam take card payments.
In reality this is a very niche feature, most of the people would save money if they just pay the commissions when they take out money abroad rather than paying 5£/month for something they will rarely use in a year.

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I think Cahoot used to provide something similar back in the day

One-time-use virtual card numbers.

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Doubtful. They only try and take payment when the trial period ends. So that would just cancel your subscription.

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Thanks, reinstalling the app fixed the issue. A bit annoying having to do that!

Some FAQ:

For those that don’t want to trawl through loads of posts…

Can I change the payment date?
No, this isn’t possible, your payment will reccur on the date you registered. Some other users are getting round this by using the scheduled pot withdrawal feature.

Do I have to get a new card?
No, you can skip this, and always pick one up later when your current one expires.

How many virtual cards can I have?
You can have up to 5 at once, you can always delete/remove old ones to add more.

Can I get a Virtual Card to pay from a pot?
Nope, this isn’t supported at this point in time.

What is the limit on Custom Categories?
You can have up to 50 custom categories.

I can’t see a way to sign up in TestFlight
Nope, the latest version skipped TF - either use the App Store app, or use the link in the blog post to go straight to the signup flow.

What happens to my existing Monzo.me link?
You get to keep it, you won’t lose your customised link.

Are Joint Accounts supported?
No, not at this point in time.

What happens if I cancel?
You lose the perks. Your card will be cancelled, your custom categories will be archived and not usable anymore. Read the Terms :+1:

Show me the new physical card pls
https://twitter.com/blob8108/status/1283679188873031681

Will I still have “investor” on the card!
Yea, but on the back this time:

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I know it’s been said for a while that Apply Pay and Virtual Cards is harder to implement, and might not actually get implemented - but here’s a use case I would like to see:

  • Set the Virtual Card as “Express Transit” card in iOS.
  • Set the Virtual Card for “Pay from Pot” - my TFL Pot, which I top up routinely each month.
  • Do my daily travel with Virtual Card on Apple Pay, money comes straight from the pot.

Currently achieve this now with IFTTT and obviously the main card, but this is why I’d like Apple Pay Virtual Cards, and Pay from Pot.

Same applies for other spending where I do similar things.

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Is there anywhere where we can see which providers are under consideration, being worked on, etc?
It seems the John Lewis Partnership Card always gets left out of these sorts of things XD

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So it would delete all custom categories from the transactions made while you still had plus?

Can we pin this? :sweat_smile:

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I don’t know how to - you’re a staff person thing, can’t you do it? :stuck_out_tongue:

Also, when’s the dance off? :eyes:

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@mattia_asti

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They seem to be a subsidiary of HSBC - so I would imagine have the same Open Banking implementation?