I took a couple extra hot coral cards from the SF event to give to friends. Most of my friends were pretty hesitant, mostly because they don’t see a need for another bank account. Everyone is using American Express or Chase Sapphire Reserved. This is mostly because of the benefits. I’ve been thinking about ways Monzo US could entice US customers.
- Offer debit card rewards, (I know this is hard and it’s tough to beat credit cards, since they make more money on the interchange), the Chase Sapphire Reserve became super popular in the US in the early days, because chase offered 100k free points.
- Offer a cool benefit, Priority Pass or something without the need for a credit card could be cool. Especially if you could do it without any annual fees.
- Travel Credit
- Get interest on the money you keep in your checking account.
- The ability to use one card but have multiple numbers, used for each transaction. Kinda like how the Apple credit card does it. That way if your card information gets stolen you don’t need to get a new card in the mail.
Anyone else have ideas that would make people switch?