Monzo Flex Credit Limit

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Hello everyone. I just got approved for Monzo Flex and I’m absolutely elated. It’s my first credit card as well. They’ve given me a credit limit of £50, which I understand is quite low, but as it’s my first credit card I’m still happy.

My question is, if I use flex responsibly over the next few months, can I expect a credit limit increase? Or is it tied purely to income? If I can get a limit for using it responsibly and paying everything back, how long until I can expect to get a limit increase?

Thanks so much!

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There’s no hard & fast rule about how to get more credit, using your Monzo account, and your Flex account successfully, positively and without missed payments etc, may (or may not) contribute to you getting an increased limit! :slight_smile:

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If you’ve not had credit, monzo won’t know how you handle credit. Over time, responsible usage and other things like using monzo as your main account, having your income paid into it so they can see how much you earn and also see how you spend it, you are in better odds of being eligible for an increase in most instances.

It’s never guaranteed though.

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Thank you so much for your replies! According to Experian I’ve also been pre-approved for a capital one credit card, which on the website says has a minimum credit limit of £250. Do you think it’s a good idea to apply and get this credit card as well and use it sensibly alongside monzo, or is it likely monzo would view another credit card negatively?

Thank you!

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Don’t take credit just because it’s there otherwise it may lead to a downward spiral.

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Thanks so much. I won’t go for the capital one card then, I’ll just use flex and make sure everything is always paid back and hope for the best!

Last question, you said about getting income paid into monzo, does it count if I’m getting it paid into my Santander account (as they have a monthly minimum payment) and then having it transferred straight away into monzo?

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That’s not being paid into Monzo, that’s transferring money to Monzo.

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Plan B could be ONMO credit card :grin:

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Benefit on being paid into Monzo is that you get paid early

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Yep I know! I would like to keep my Santander open as well though as a back up and they want my salary paid into it as a minimum requirement, so I don’t have a choice unfortunately. I do have open-banking on Monzo Plus so maybe they can get a better overall picture of my income that way.

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Not coming up on clear score for me, just the CapitalOne card I got pre-approved for above. I think I need to build my credit history with Monzo as above before considering applying for other credit cards!

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That’s a very odd requirement. - I have not heard of having to have salary paid in to keep an account open before

Building credit can be difficult to start with. I started with HSBC - the people who I already banked with, when I wanted to make a start on it

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Who told you that? I’ve accounts with £1 in and they’re never closed.

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Likely Santander CS, to keep him :smiley:

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On the 123 graduate account, on “key facts” document it says the following: “There is no monthly minimum funding requirement, however you must pay money into your account with your primary form of funding, for example, your salary”. I assumed that meant I have to have salary go into it?

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Unless they can recognise a Bacs payment from a transfer, you could just pay in £100 and then back out again.

Though never seen any issues in the past from others.

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To mitigate the hassle, transfer in £100 and leave it there as out of sight, out of mind savings

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Monzo Flex is not a credit card, even though it may share certain features.

By all means, I would get a “proper” credit card but make sure you set up a direct debit to ensure it is paid off in full each month.

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Would it not show as a credit card on CRAs? I thought it would as it has section 75 protection etc like other credit cards? So you’d recommend I do get the capital one card? Thanks!

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Not in my experience (its in its own category on TransUnion)

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