Introducing the new Monzo Plus

We also tested this internally :sweat_smile: (well, at least I had a prototype one briefly…)

edit: Adding virtual cards to Apple/Google Pay doesn’t make sense right now, because the money comes from the same place, and cards on your phone are already “tokenized” and secure.

19 Likes

Ah I get ya, thought I’d missed something at first, thanks for clearing it up

Fantastic work guys, a great improvement over the original plus. Virtual cards, multiple accounts and even the free cash deposit a month make it easily worth the money.

Ohhh and the shiny new card :heart_eyes:

5 Likes

"I think flop in the making isn’t quite accurate. "

Pretty hard to judge either way before it launches but I am still going with dud - really weak features that I will apply to a niche group of users.

2 Likes

omg, you should just hook me up with the internal testing, then I’ll stop suggesting things you have already done :eyes:

1 Like

We’d love to do this, and we did some tests on it! You could then add it to Apple Pay, and have a “fun money pot” or do envelope style budgeting.

The bulk of the work would be ensuring we’re compliant with all the regulations - as soon as you add a card to a pot it could be classed as a “payment account” and trigger a bunch of legal and compliance work :sweat_smile:.

38 Likes

Does this mean regular subscriptions like Netflix can be paid from a pot now?

I think this initial launch looks great so far. There’s definitely a solid foundation of features that can be built on. The price is great too, £15 to test it with the opportunity to earn some of that back through interest seems like a no-brainer.

I’m definitely looking forward to AMEX being added. I know you’ve said they use a different API, is that something the team are working on now, or should we expect to see it much further down the line?

It would also be great if you could expand on this. What sort of direction were you heading in and is it likely we’ll still see some of these features on the other end of the pandemic?

Final question, I assume the new holographic card only comes in one design, i.e. no ‘Investor’ marking?

2 Likes

Yep, that’s exactly how it works! Just pay for all your subscriptions on a virtual card and if you lose your physical card, the subscription payments will just keep going through on the virtual card :slightly_smiling_face: .

12 Likes

Not yet it seems. Per @richardcadman comment above it suggests only personal account funding for now and now tweaks otherwise

I would love for virtual apply pay cards too.

Some of the things I use Pots and IFTTT for could be entirely managed by that alone. (Though appreciate the extra work)

Are there any limits to how many Virtual Cards? :eyes:

3 Likes

Are there any limits to how many Virtual Cards? :eyes:

You can have five at any time, but if you close one, you can open a new one.

4 Likes

We include the investor tag on the back, along with the rest of the details.

I’ll see if anyone on the team can share a picture…

25 Likes

And If I cancel one what happens when a payment is attempted? Assume rejected rather than just taken from the current account?

Yea, I’d imagine - as it’s treated just like a normal card. ie. isn’t valid.

No metal card yet then :eyes:

1 Like

Any chance the google sheet could import all your history too?

And next question. Sorry…

Is there a limit to custom categories?

1 Like

I think this looks great, so congrats all!

I don’t think it’s quite for me, sadly as I do all my spending from my credit cards and keep very little money in Monzo.

The interest on account balance means I might sign up for three months and keep some money here to try the virtual cards. Also, account aggregation will be worth it for me once it supports Amex.

It’s a bit of a shame that joint accounts aren’t supported as for the above reason my Joint Account is used much more

Also, does the early release mean no dance-off? @tjvr

2 Likes

Looking forward to trying the new Plus out, I was one of the early adopters.

I’ll judge new plus on new plus (no preconceptions) all I ask is that this time, please don’t release it, then months down the line have a pivot and close off the features again. I can’t wait to see what you’ll do with it :slight_smile: