Up to £180…
This is how Monzo treat existing Premium and loan customers…. No loyalty at all
That’s not how loyalty works. Do you want the bonus backdating to when you got a loan?
Do you want Tesco to give you 50p because they’ve just reduced the price of fuel compared to when you filled up?
Why backwards ? From day they introduced cashback.
They advertised this as Premium benefit not loan
It is a premium benefit, when you take out a loan. Not money if you’ve ever had a loan.
I’m currently have a loan with Monzo.
Even Barclays started to pay rewards for loans, insurances for ALL existing Blue Rewards customers.
I can agree with you if I applied for a loan without Premium subscription… and then joined Premium and asked for a cashback.
I think they should pay existing loan customers the cashback for a 12 month period, it is advertised as a premium benefit in app. It’s peanuts compared to what they make on loan but would be a nice goodwill gesture. I can also see where revels is coming from, it’s like a sign up bonus, (more common with a credit card) and therefore not for existing customers.
Upto £60 plus
Upto £180 premium
It’s based on a remaining percentage of your loan balance at each month interval and capped at those, can’t recall what the % was exactly.
2% for premium if I remember correctly. I aint done the sums could work out at free plus/premium for the 12 months for some people with a large loan.
I’d like to take out a new loan to pay off my existing loan. At the same interest rate too. Possible?
Rates are variable, and for any new loans, a new assessment is made on eligibility.
I’m not 100% on the specifics but your rate for your new loan will likely differ, as you’d have your current loan included on your checks and affordability as an active creditor to consider.
My post was
slightly scratch that, totally tongue-in-cheek, as a half-arsed attempt at a middle-ground solution for current loan’ers to be able to take up the new cashback offer.
I kinda guessed you were tongue cheek but some people aren’t as fun
Noticed the cheapest rates are now 6.3% rather than 4.7%. Not sure if that’s related or just down to the recent market volatility though?
I have a joint account.
The killer feature for me is Pots with virtual cards.
Monzo Plus for Joint Accounts can’t come soon enough to enable me to Pay online via a virtual card from a pot.
creating pots with my wife to organise money against things like Groceries and then using those pots with virtual cards during the month - it’s sad this is currently out of reach.
Hi @opticalview & welcome
If you haven’t already voted - vote for this feature by clicking/tapping on the topic title at the top of the display, this zooms you to the very top (or just manually scroll to the very top), then click/tap on the blue ‘Vote’ button at the top-left.
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Come On - sort it out & deliver.