N26 Discussion & Feedback


(Andre Borie) #1301

I’m not saying I’m right or wrong, and on paper I am indeed wrong. However this is still my approach as far as dealing with these kinds of shady contracts goes, so I’ll leave my post.

Everyone here is knowledgeable enough to make their own decision as to whether they want to follow this approach. :+1:


(Only available in amateur ) #1302

Not everyone is though. Some people are new to all this and they see someone saying it’s fine so they try it. If you want to say it’s your approach that’s fine but don’t make it out to be 100% guaranteed problem free


(Richard Grey) #1303

Dude, they’re not shady contracts. They’re very up front about what you get, and at what cost. You have form for giving bad advice here (remember the whole forging statement debacle?!?!).


(Andre Borie) #1304

You have form for giving bad advice here

I’m not here to give any kind of “good” or “bad” advice. I don’t work as a financial advisor for this community and don’t claim to.

I’m here to give advice that works fine for me. Whether it works for your situation is another matter that I can’t possibly predict.

On that note I’ll just leave this here:

duty_calls

:joy:


(Jonathon) #1305

I do enjoy how you like posts even when they criticise you :relaxed:


(Richard Grey) #1306

My point is, when your advice is bad, don’t give it. As has already been pointed out, whilst you think it may do no harm, someone else may blindly follow it and get themselves into a complete mess.


(Andre Borie) #1307

Constructive criticism is always welcome. :+1:


#1308

Continuing the amazing “off topic” segway for a moment - I think your point here is very valid.

I’m conscious to try and use “I think” and “in my opinion” or “I could be wrong” as much as possible, just so people don’t think what I am saying is gospel (it very rarely is :joy:), but I’d rather not have to!

I only do it because people seem to come to this forum for genuine advise half the time, forgetting that behind each avatar could be someone completely unqualified to offer said advise, or whose values vary wildly from theirs.

I’d definitely ask @Rjevski some technical/coding questions and listen to his advise… Savings? Yeah… Not to much :joy:

But that’s his way of doing things, which is fine - I wish I could be as free flowing with my money and not lose sleep over it!

Back to the topic at hand…

N26 Metal.

I signed up. Why?

I really wanted to see a Metal card in the flesh - Call it sad, call it what you want, but it was the easiest way to do so (especially given the 30 day cancellation period if necessary).

I like N26 - I like their app, I like their European approach, I like their customer service, and I’m hopeful (perhaps foolishly hopeful) that they can double down on their UK efforts and bring their offering up to par with Monzo/Starling very quickly.

I like their “marketplace/partner” approach to their subscription services - TBH, if the Metal subscription included phone insurance, I’d possibly stick it out for the year (maybe longer).

With the current Metal offering right now, I can’t see many people finding it good value - They’d have to already use the few partners listed, and pretty much live in London to take advantage of it.

Like I said before - If they offered the card for a flat £20, but with the standard account - I’d buy it for the sake of it.


(Andre Borie) #1309

I really wanted to see a Metal card in the flesh - Call it sad, call it what you want, but it was the easiest way to do so (especially given the 30 day cancellation period if necessary).

When you cancel does the card continue to work?


#1310

My understanding is that the Metal benefits will stop immediately, and a new card is ordered (plastic) - Although how “automatic” this is, I don’t know, and whether it can be stopped or not is a question for N26 I guess (but the Metal physical card will work until the plastic one is activated, or the 90 days are up I think).

I think I saw on twitter that N26 are looking to bring more partners to the UK quite quickly, so perhaps they’ll get some good ones to justify the monthly spend.


#1311

So, it arrived just now.

I’m split on if I’ll keep the subscription - A lot will depend on the progress in the next 30 days I guess.
Although given the past month, they do seem to be rolling out quite quickly.

A few photos of the “unboxing” experience…

I have to say, the card is really nice.

The back of it is laser etched so there is no chance of the numbers rubbing off, although the support number is still a German number :roll_eyes:

Also not sure why they couldn’t get the packaging to match up the word metal…

If this was a competition on cards though, N26 would be the winners!

I went for the Silver as I have a few Black cards, and I thought more people would go for the Black.

For those interested, my Monzo card weighs 6 grams, and the N26 Metal weighs almost 3 times as much at 17 grams.

IMG_0330

IMG_0331

IMG_0332

IMG_0333

IMG_0335


(Only available in amateur ) #1312

They’re currently recruiting for English speaking staff based in Berlin so perhaps that’s where all phone enquiries will go


#1313

Just got my N26 card today. I’ll try it out over the next week or so to see how it compares to Monzo.


(Dan Mullen) #1314

That’s one expensive bit of stainless steel!

Seems a bit early to subscribe for £15/month given there are still some basic services to be sorted out, plus the benefits don’t seem that great. If you’re happy with it though, that’s all that matters :smiley:


#1315

Yeah, the benefits are a long way off from being worth it for me, and I wouldn’t have done it were it not for the 30 day cancellation period.

Unless N26 can speed up their roll out, I imagine I’ll end up canceling the Metal sub.

I reckon they will adapt their sign up process for Metal to combat what I imagine will be plenty of people signing up and cancelling, just to receive the Metal card - Not sure how they can do it though (unless they simply remove the 30 day cancellation period).


#1316

I don’t think this would be compatible with consumer law… They’ll probably insist you return it (and then find a lot of forgetful people lose theirs then cancel their sub).


#1317

I’d be interesting to see the numbers from N26’s side (of those who sign up and cancel).

I’m almost positive (although likely wrong) that a £20/30 one off card fee would make them more money.

But I wonder if it’s like the whole gym membership thing - People just forget about it.


#1318

As a consumer, I like the idea of a one-off cost - but N26’s goal will be monthly revenue. If you look at Monzo’s figures for marginal income by customer, you can see that anything over £5 would see a small profit and anything over £10 would be very nice indeed - multiply that by a million and you’re suddenly in profit…

(Assuming that this is gross profit, of course, which it wouldn’t be).


#1319

Absolutely, which is why I’d be interested to know the figures for those signing up, and cancelling within 30 days.

N26 will spend money on making and shipping the Metal card (from Germany), and then have to do the same thing for the plastic card when the Metal is cancelled.

If this was happening a lot, you’d think they might try and figure out how to stop this - Or profit from it by giving people the option to buy a Metal card as a one off.


#1320

Yeah, I agree it doesn’t make sense. Fintech paid plans usually give you a “discount” if you pay for the year upfront, but then even if you pay monthly you cannot cancel because they say it’s an annual subscription despite the payment being montly.

So is it an annual subscription where I pay a surcharge to be able to pay it monthly instead of upfront or is it a monthly subscription where I get a discount if I pay for the whole year upfront?

If it’s the former, they shouldnt call paying upfront a discount and instead say you have a surcharge if you pay monthly. If it’s the later and I’m paying monthly, shouldn’t I be able to cancel at any time?