Monzo Credit Card - how would it work?

Monzo Chat
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Does no one really offer instant notifications in the UK? This is just so basic in the US.

I can get email, SMS, or app.

I can even set thresholds/ filters such as: card not present, pay at pump, foreign, over x amount, or when I’ve spent more than x amount of revolving credit.

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I do with Santander, but only if it’s over £20 (might be £25). I get an SMS.

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AMEX gives instant notifications on iOS.

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There are a few basic elements I’d expect of any Credit Card:

  • Purchase protection (I don’t think you can issue one without this, but still)
  • No foreign transaction fees (Major draw, If I use my UK card abroad I need to have confidence I won’t get extra fees)
  • interest free period (I don’t mean a X months 0% introductory offer, I mean the usually 50ish days interest waiver such that if paid off in full every month you don’t get charged)

But the real killer feature is visibility:

  • It should appear alongside my Monzo Debit Card in the app
  • I should get push notifications when it’s used
  • I should be able to view a combined and separate transaction list.
  • It should help me manage debt, suggesting to let me convert balance on the card to a personal loan for example.
  • It should be clear and obvious how and when interest is charged. The UX of the app should help you understand how to manage repayments, and what interest you might incur if you pay in a certain way.

Interest free-periods in particular are notoriously confusing. Take this example from Credit Card Interest-Free Periods Explained | NimbleFins

Let’s say you make £1,000 of purchases during a billing period lasting from 1 March until 31 March, and the payment is due on 25 April. If you pay off £700 of the balance by the due date, you not only have to pay interest on the £300 remaining balance until you pay it off, but you also have to pay interest on the £700 you have cleared for the period from the purchase date until the payment date—by not paying the full balance you are not eligible for an interest-free period. Plus you’ll probably need to pay interest on new purchases in the subsequent billing cycle.

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Cash back
Lounge access
Fee free usage abroad
Visa card

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I’ve just realised today the one thing I want out of a Monzo credit card and that’s the ability to pay from pots.

The problem with IFTTT managing this is that before spending anything from a pot, I need to have sufficient funds in my main balance in order to make the purchase before the funds get returned to me from the pot. With a credit card, this limitation is removed because I’m spending from my credit rather than actual money.

For the rest of it, a standard credit card set of functions but with instant notifications will be fine but where ‘Pot Funds’ are involved, instantaneous credit immediately refunded from the appropriate pot is all I need.

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Like a credit pot with a negative interest rate? Rack up a bill in the pot and pay it off using a pot transfer.

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Yeah, that would work but I also want transaction triggered pot transfers (either through IFTTT or native) to avoid a ‘low balance’ current account stopping me spending pot funds without manually transferring first.

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