and Credit Cards


Hello - any chance of being opened up to Credit Cards rather than just Debit Cards.

Wonder how many people not happy using debit card online still? I couldn’t accept payment today and have to succumb to cash tomorrow :frowning:

(Adam Williams) #2

If this was possible, I’d waste no time in repeatedly paying my entire credit limit in the form of payments to myself and then paying off the credit card using the amount in my bank. This would generate a decent amount of cashback.

For this reason, plus the fact that credit cards usually cost more to accept, I can’t see this happening anytime soon.

(Allie) #3

This is a massive issue in the US where card rewards are much higher so people find creative ways to do it and banks have specific teams to stop it (e.g. American Express RAT - Rewards Abuse Team).


Sheesh - didn’t even consider this side of things! Can see what you both mean.

Debit cards it is then!

(Daniel White) #5

I think I’d be happy if Monzo took a little bit to cover the cost of the Credit Card transaction. Maybe only allow Credit Cards that are not registered in your name to use (I don’t mean account top-ups obviously) to avoid abuse like @adam.williams alluded to?

(Adam Williams) #6

This would work for malicious actors without friends. Personally if I was going to abuse this I’d be happy to work around this by sending it all to a friend and having them Monzo P2P it back to me. We could split the reward earnings.

(Daniel White) #7

I guess that’s true but you could already do this with PayPal, so I don’t see this being a reason not to do it. At the end of the day, if Monzo are able to cover the fees, it’s the Credit Card companies problem if you abuse it.

Personally, I think that Cashback on Credit Cards, much like Packaged Bank Accounts will become a thing of the past.

(Adam Williams) #8

Presumably PayPal charge a fee for credit card use to cover their costs?

I hope cashback doesn’t go away since I’ve benefitted from it quite a bit myself. At the same time though I can sympathise with the merchants who have to pay for it.

(Allie) #9

Credit card companies in the US (where there are huge sign up bonuses) watch for this type of fraud with PayPal and regularly shut down accounts or deny bonuses…