Monzo Credit Card 2020

Others have done this already, and everything in banking is regulated, so I don’t think that there are insurmountable hurdles here.

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Yes! I’d love one.

It’s not about whether the hurdles are insurmountable. It’s whether Monzo judge that the return they will get will be worth the work. See also: cheque imaging.

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I’d wager more people have kids than need cheque imaging.

Kids accounts wouldnt be profitable though would they?

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Probably not directly (aside from interchange fees)?

May be a good long-term bet though. My parents signed me up to Nationwide when I was 10ish and I’m still with them.

Similarly, Monzo could mandate that every child account is linked to an 18+ account, and drive a few more ‘money-making’ customers that way.

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Why not? Attracts users as a very useful feature, and they make the interchange.

How much in terms of balance would the average kid account have on a monthly basis?

I think theyd fall below the actual cost of running the account so would be operating at a loss on these accounts unless like gohenry they be subsidised with a monthly fee.

Kids accounts have always been discussed, as far back s I can remember, as their own paid option as part of some sort of family account bundle. I always read into that that there was no money to be made from them in and of themselves.

Investments for future profits are probably fine but only if you have current profits to pay the ongoing costs in my book.

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I’ve always thought kids accounts were just future profit makers, particularly back when people just didn’t change banks.

I remember Halifax giving out cool little houses to put coins in and once a week they would come to my junior school and we would queue while the lady let us weigh our coins and watch her write into our cashbooks how much we had saved that week.

20 years later I was still with Halifax with a credit card, overdraft and loan. Literally just didn’t move banks so they got my custom.

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Having a credit card might help more people do what monzo want and switch to full monzo. Lots of people want everything with 1 bank in 1 app so not having a credit card means they can’t do this.

I’d be really keen on a monzo credit card. There’s nothing on the market with: visa/MasterCard, instant notifications, and Google pay.

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That’s a shame. I get my instant notifications through Apple Pay with my ‘dumb’ credit cards.

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I’d rather they partner with LOQBOX. I always hated debt, especially CCs and when I moved somewhere cheaper I promised no more debt that wasn’t replacing a sunk monthly cost (like paying a mortgage instead of rent, getting a car if a job requires regular driving, etc.)

I’m not against them providing it for others, but I’m more interested in savings, investment, etc.

As do I with GPay

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Uses amex app and has card in apple pay

Gets two notifications when I use the physical card

Profit

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Same. But that doesn’t cover online/phone/some other payments. And doesn’t cover the fraud risk of someone else spending your money as a notification. And doesn’t renotify if the amount changes for fuel or similar.

Yeh amex isn’t accepted in enough places and I infrequently use 1 credit card. I don’t want to have to have a second backup MasterCard/visa

I don’t use credit cards for debt. I use them for protection. E.g. if I’m buying a holiday or a kitchen on a credit card and the company goes bust - the credit card are liable through section 75 and other protections.

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And that’s good! I’m also, as I said, not against them providing it for others. I’d be more interested in investment (I mostly use Monzo for fixed savings accounts) and LOQBOX partnership (I use them for Credit Ladder now.)

RBS used to give you a little plastic piggy bank for your coins. I used them for years, I’d probably still use them if it wasn’t because of uni and Santander offering 4 year railcards