Noob new to Monzo! - Monzo & My Credit Score + Closing My Monzo Account

(Nathan Simmons) #1

Firstly great to be here and hello to all!

So I decided to take the plunge and open a Monzo account and debited the required £100. Today I received my card and firstly, wow. From the quality of the paper down to the quality of the card - I’m impressed.

I activated my card and instantly my £100 popped up. I am still yet to use it which is where I’m hoping you friendly folk could give me a hand.

So I’ve never had a prepaid card so firstly, will this/having a Monzo account/having a card with Monzo in anyway affect my credit score? I noticed it’s classed as debit but not 100% sure - apologies if this comes across as a stupid question.

Should I wish to cancel my account with Monzo is this something I can do? I’m not forced into a contract or a subscription or anything of the sort am I?

Thanks for now!

(Alex Sherwood) #2

Hi Nathan, welcome to the community! :wave:

As the prepaid card isn’t a credit solution so having / using it won’t affect your credit score.

Yes you can, you would need to contact the support team in order to do this, take a look at this topic for more discussion on this & a preview of the option to do this in the app.

From cancellation rights in the T’s & C’s -

If you change your mind about having the card, you can cancel it at any time without charge. We will refund any balance remaining on the card to you.

There is no contract / subscription / obligation to carry on using your Monzo card…but soon you’ll never want to use your old bank again :wink:

(Nathan Simmons) #3

Wow, thanks for the reply!

That’s cleared alot up for me and puts a little bit more confidence in me using it haha.

Another question is, say I use my £100 on the card and leave my account with NILL/£0 balance. What happens then? There aren’t any hidden overdrafts I could go into are there?

Also say I use the £100 and leave my balance as £0 for a very long period, what would happen to my account?

Would I be able to reapply should I cancel the account too?

(Alex Sherwood) #4

Monzo doesn’t charge any fees so you wouldn’t go into an overdraft. It’s almost impossible to go into an overdraft with your prepaid card. If you did manage to, there still aren’t any charges for this listed in the T’s & C’s.

As far as I know, your account would remain open, although once Monzo launches it’s current accounts (& issues new debit cards) I expect the prepaid cards will be deactivated at some point. Obviously Monzo would give you notice.

Yes…you really won’t want to cancel it though! :slight_smile: