Monzo Plus: Two Months On Poll

I think the ideal thing would be to release a few extra free bits in the next couple of weeks

Then use your idea and also release add ons for an extra cost, like gadget insurance, lounge access etc.

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I hate to say it, but this might have been more prescient than I thought it would.

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I hope Monzo do read these messages!

If they want to hire me for product ideas then they know where to find me lol

I’ve just watched a video from IFTTT introducing a Pro level of membership. The relevance to Monzo Plus is that they are allowing users to sign up for a year on a ‘pay what you think it’s worth basis.’

Monzo could’ve done something similar with Plus. “Pay what it’s worth to you until December and then we’ll let you know how much it’s going to be and you can decide whether or not you want to continue,” for example.

The video is here, if you want to watch it.

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I’m cancelling. I joined as soon as it was released and I really wanted to like this, but there just isn’t anything useful or premium about it to me.

  • I may be in the minority, but I just don’t like how the holographic card looks. It doesn’t look premium to me. To the point that I haven’t even activated it this whole time.
  • The account aggregation stuff is not even half-baked yet. It’s a proof of concept prototype. You can’t do anything useful with the transactions, some big banks and cards aren’t supported, no notifications or budgeting or categories or anything whatsoever. It’s a prototype, not a fully baked feature.
  • Interest is capped, so it’s just essentially a variable discount on the Plus fee, and you only get the maximum value from it if you maintain a balance of £2,000 just sitting there, every day of the year (which if you do have, you’re probably better off investing it anyway)
  • Custom categories: these might be useful for others, but I keep all my spending on rewards credit cards, so it’s not very useful to me
  • Virtual cards don’t have spending limits or pots, so they’re useless.
  • Advanced roundups as a feature is from the friggin moon
  • Credit tracker only shows the least useful CRA in the UK, only updates every 30 days and provides no full credit report or any details. You can get way more info, updated way more frequently, for free, with Credit Karma and Credit Club. Another half-baked proof of concept.
  • Offers could be very valuable, but there’s very few of them and they’re hardly exclusive. Anyone who’s ever ordered anything online will have gotten a HelloFresh or NakedWines voucher with it, and the 25% off Fiit TV is just the standard referral discount found in the app. Almost all the offers are single-use only, so if you use the 25% on the first month of Fiit, then it’s done, and the offer is valueless to you going forward. In 2 months, they have not added any new offers whatsoever. Amex has added like 50 new offers in that time.
  • Export to Google Sheets: there’s no way I’m giving Google direct access to my bank account
  • 1 free cash deposit a month: I get unlimited free cash deposits with my high street bank account that I have to maintain anyway to receive international transfers reliably.
  • Fee-free withdrawals abroad: Not going abroad anytime soon for obvious reasons.

Not only are none of these features worth subscribing today, in 2 months I haven’t seen any improvement to any of it, so I have no reason to believe it’ll get significantly better in the short-to-medium term.

If it does improve (a lot), I will re-subscribe. For now, I’m not interested in paying Monzo to participate in this beta test.

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Following on from a point above re account aggregation being half baked…

Can’t really be bothered with looking back through the original and huge thread, but I think staff on announcement day said that this was just the beginning and we should look out for more exciting open banking stuff coming soon? Anyone else remember this?

(I know soon has no meaning in Monzo land but yaknow)

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:soon: :tm: in Monzo terms means sometime between today and the heat death of the universe

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Dark mode!

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As a paid extra?

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Can you imagine the drama!!

I do remember that.

I also remember loads of people saying they’re subscribing “just to show my support” or “as an investment”. I think many subscribed to Plus not based on what it’s like today, but based on what they imagine it might be like in the future.

As amazing as we can all imagine these features to be :soon:, in the state that they are today, it’s not worth any money (to me).

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I think that’s exactly where Pluses v1 and v2 fell flat on their faces. Limited initial offering, people signing up for promises of what may come and then radio silence.

While the current offering does seem more polished from the offset, staff have promised improvements that they must know people will want.

Also, that initial polished look starts to come apart at the seams when you have a closer look. Many things haven’t been properly implemented in the background - I’m sure there have been a few examples but card replacements if you cancel is the most obvious I can think of. Instead of putting in five minutes work for the cancellation flow to check for a Plus card they put in 30 seconds work to replace even the perfectly fine coral cards for people who didn’t ask for a holographic card.

I signed up because of the incentive and will 100% cancel if there is no progress by the end of the third month

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Oh, after cancelling I need to have my original coral card replaced even if I never activated the Plus card? That… sucks

I will probably cancel at the end of month 3 when there’s no early cancellation fee.

There are some good things in plus, but I’m not making as much use of all the features as I thought I would.

This may change in the future, but doesn’t suit me anymore at this point in time.

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I’ve voted and I can see Monzo Plus is growing but has its problems.

I love the idea of virtual card but I have some frustrations:

  1. If you create a card and realise you want to change the card colour or amend the name you can’t. I found this out the hard way.

  2. It’s hard to copy the card details to then enter on a website you want to use. I found myself having to go back and forth between apps or a website on my phone.

  3. If I do choose to have a website to charge from a virtual card but say it’s for a payment in a few months, I have the issue of not knowing what is going to charge from what card. It would be great to have a note section of a given virtual card and add what sites I have deemed to be charging from it.

  4. When you sign up your not actually informed that the new Monzo Plus will have new card numbers so it’s a real shock finding out I have to rush about changing card details on websites before they start declining. I understand this is a good use for virtual cards but feel like it’s forced father than optional.

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Yes, others reported that that’s what happened to them

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If you have an iPhone (or if android has a similar feature), I store my virtual card details with Safari’s autofill feature, so it automatically enters the details of whichever card I choose to use for me. I only need to memorise (or copy from Monzo) the CVV number.

You have provoked a potentially interesting idea though. Their exists an API that allows apps like 1Password to autofill your passwords into apps and websites. I don’t know if Apple have extended this for other forms yet, but if they have, or when they do, it would nice for Monzo to support this functionality for virtual cards.

I like this idea a lot

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Yes, this happened, but this time around staff were very clear that people shouldn’t sign up on the basis of what might be added in future.

While I agree that Plus is likely to see tweaks and improvements in future, nothing has been promised, and I’m not expecting anything to happen particularly quickly.

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They were last time, if I recall correctly.

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