Monzo Loyalty Scheme / Gamification

[alexs (Alex Sherwood)]

The benefits / reward schemes that are available through other credit card providers have been discussed recently here -

Competitor update

This is the card I would love to get… Theres nothing like this I know of in the UK… I travel a lot… Probably 8 UK - SE Asia flights next year, my wife on a couple of returns… Plus a whole bunch of pan euro business travel basically constantly… The perks this card offers for travellers easily make up for its 450 usd annual cost. Even just the priority pass lounge card makes up for most of it, the airmiles, etc etc…

& here -

Credit card

I am always surprised how many people still use their current account to pay for things. Apart from bills or places that don’t take cards at all, I can’t remember the last time I paid for anything without a credit card. There are two simple reasons for this: air miles and consumer protection. Will you be offering a credit card with these benefits when you launch fully? If not, I’m afraid my Mondo experience would be very limited.

What about credit cards?

What about offering a Mondo credit card, I know that Tom has said as a brand it’s only interested in current accounts but any chance of it happening in the future?

but offering rewards to Monzo users if they use the Monzo features like updating transactions categories hasn’t yet

That sort of thing would potentially make sense for Monzo because once it understands user’s spending habits, the app can point out that a user could save x amount on their credit card purchases of holidays (for example) if they used another provider, offer a range of solutions from different providers for the user to choose from & earn a referral fee as a result

Gamification, in the form of the new Targets feature, has already improved my spending habits so I’m a big fan of this idea!

Competition: Suggestions for better wording wanted!

The Targets have already gamified my spending for me to a certain extent. The idea of spending less just to try & save money, without a specific goal, is too abstract for me to get excited about. But I don’t want to exceed my spending Targets & fail to beat the challenge I’ve set myself. So gamification definitely has to be done carefully but it can be positive too.