Moving Money Around At A Later Date


(Terry) #1

I was driving to work this morning and was thinking about Mondo (As you do) and I thought wouldn’t it be nice if I could make a purchase on my Mondo card such as a TV, lets say £1000. A week later I go into the app and it could go 'Hey Terry! We noticed you spent a large amount of money at Currys last week, from our calculations this means you will run out of money 2 weeks earlier that expected. You have told us that you have Barclaycard Credit Card with 0% for the next 12 months, would you like to move this purchase over to that card?" I click Yes! and Mondo charges my Barclaycard with the £1000 TV transaction, freeing up my Mondo balance.

It could even go a step further and automatically increase my monthly direct debit to compensate for the TV (Example: I could select pay the £1000 off within 4 months, the app calculated that this means adding an extra £250 a month to my Barclaycard payments and arranges this all for me automatically)

I often spend a little too much on my Mondo card that I think actually I should of put it on my credit card, but in the legacy banking world, there is no way to move this money around.

What do you think?


(Jon Farquharson) #2

Interesting idea…

If you could create very specific rules on how this would work, perhaps different rules depending on value thresholds I think it could be very useful.

As long as we’re always in control…


(Terry) #3

In my OP I gave an example of a way Mondo could proactively do this. I can’t see any reason why you wouldn’t be able to click into a particular transaction and then whizz it off to a credit card going you full control over what you want to move.


(Charlie) #4

Interesting idea, @terryharman!

One way I see this being taken even further than your suggestion is to look at the (potential) future Mondo credit offerings, and rather than move money around at a later date, do this instantly!

A use case where I see this being extremely useful is when making a big purchase, such as a holiday. :palm_tree:

As I’m sure you’re aware, your credit card must protect purchases over £100 for free. So, in the future, how cool would it be if there’s some :mondo: magic that occurs in the background, meaning that this type of purchase on your Mondo card is actually processed a credit card purchase, adding all sorts of consumer protection :lock: and, as you say, freeing :unlock: up your balance.

Now obviously there are a lot of factors to be considered in this use case: available funds, customer permissions, credit score, credit limit, execution/response time, and so many more. In fact, it’s probably (almost definitely) not remotely feasible!

But, it would be awesome! :sunglasses:


#5

while it is great in principal the practicalities impact on interest rates. Say a TV is purchased on card A it is at the lower interest rate, if purchased on card B but then the finance passed to card A it may be at a higher interest rate such as a cash advance as it not actually deemed a purchase by that card institution


(Terry) #6

Mondo would charge the card as a purchase rather than a cash advance in essence it will be a little like topping up via credit card.