7 quid a month on revolut gets 90 day per trip travel insurance and cheaper 20 quid lounge access. Those 2 being the primary things I value as appeals to the Monzo offering. So for me it fails the value test at twice as much a month for less.
Plus I am a multi currency person and need / want EUR / USD balances so while Monzo has a nice app, it can only ever be part of what I need in its current form. Starling gives me EUR, TW and Revolut multi currency deposit accounts, N26 a maestro card in EUR for Holland, etc etc.
Agreed a decent (doesnt need to be the worlds best) cashback would be a big selling point. I end up going through phases of using a new credit card or new account to tip over some spending limit in X months to get avios or miles or some perk. A card that just consistently did ‘ok’ would help to keep me.
My reasons for not upgrading are primarily that I get free travel insurance from work and phone is insured already so it doesn’t make sense for me. If I lost that free travel insurance I may consider it but for now it doesn’t make sense for me.