✅ Offer credit card 💳

I’d rather have a credit card within the Monzo app than one app for current account and different app for credit card. I also get the feeling the platform / white label side of Jaja’s business is more important to them than the direct consumer side.

Credit limits aren’t suppose to be maxed out or going near that. Credit utilisation helps your credit score - how much combined credit you have been given vs how much you actually used. If you keep the percentage small your score will go up. Higher credit lines will help to get the percentage smaller. A higher score and good credit management will give you better rates for other lending products such as mortgages in the future.

The main problem actually is that not many people are taught how to use credit responsibly. I was one of them until I actually looked into it to tackle my debts and finances.

Many on the “waiting list” will be old and grey by then :skull:

To be able to hire a car - they generally require a phyisical credit card.

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Will give my two pence worth. Obviously with most banks you would expect them to offer credit cards. And of course Monzo will have thought about this at some point and its probably on a backlog list somewhere for discussion in the future, as its not as important as getting things running smoothly all of the time not just part of the time. I think its an idea to look into, for me personally I got stung with Credit Cards so I’m not necessarily going to apply for one even if I could.

Think #Monzo have alot on their plate at the moment just getting new functionality included and working as the customer perceives it to work. #Monzo get things running smoothly (i.e. a stable App) and I think things will start to fall into place with being able implement your roadmap better.

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I only use my credit card occasionally for building my credit score. I rarely get to use Section 75 protection as my credit limit is too low on all my cards. I have like 15x more money in the bank than my credit limit on all my cards combined. :pensive:

I thought that was only an issue if you didn’t have enough in your current account to cover the damage waivers and other costs.

Hi, perhaps it varies by company but I was recently not able to take a hire car I’d booked because I didn’t have a physical credit card. The credit card details weren’t sufficient, and nor would they take a debit card (I have plenty in my account)

I know it’s not Monzo, but I have an Aqua credit card that not only gives cashback, I can use it abroad with no Non-stirling transaction fees,if that’s any help

Aqua does that? That’s pretty impressive. I was denied by Aqua. I have a Vanquis and CapitalOne card however, but they both charge for being used abroad.

Oh, that’s crap! Sorry to hear that. We’ve just got back from Singapore and while my Monzo card was a talking point for the colour, I bought a birthday prezzie for 'im indoors on my aqua credit card, with no fees and managed to claim tourist tax back which went straight onto my Monzo card no problems

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I really like having all my transactions in one place though - I’ve even stopped using paypal. Once monzo fully integrates with other credit cards (full details of all payments) it won’t matter of course.

Me too @Chrisjbatts, we rent cars several times a year in Spain and you’ve got to have a credit card for them to lock off the deposit. Poor guy in front of me was in tears as they wouldn’t give him a car, eventually he had to take their daily waiver at €18 a day for 28 days. Ouch!

Hey,

Credit cards is something I’m definitely interested in and will make me fall in love with Monzo more so than I am now. Simply because Monzo will be an all in one platform, offering current accounts, loans, credit cards and more. The one stop shop!

I’m 23, finances are ok ish. Well not ok, but soon they will be due to starting a new job, whipee… here comes the salary… time to clear off debts.

For me, I’m not bothered about rewards, cashbacks etc at this stage of my life. I tend to use credit cards for three purposes (combined); short term interest free borrowing - helps with prioritising the £s to match my needs. Longer term credit for buying bigger ticket items, this is probably a pivotal reason, it just gets us out of a hole I guess to purchase what we need or want. Hands up, credit cards in general dig another hole, but it’s something we’ve got control of and if used correctly can be beneficial. Lastly, to improve credit rating. Me being 23, I know how important a credit rating is. So I’m trying to do all I can to keep it in tip top shape.

One other thing, consumer credit act is a must. It just gives that added peace of mind which we’re all after whether we think we are or not.

So in a nutshell, for me, trash rewards cashback etc, and innovate long term and short term borrowing with Monzo’s own credit cards.

Laters guys, nearly 12am, need to watch the Aj v Ruiz match again, still shocked. Early start, doh!

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Interesting to hear a chap from StepChange (debt charity) encouraging people to live in “financial real time,” rather than storing up problems in credit cards. This really seems to be @tom’s philosophy.

I agree,
I can see the benefit of using other providers market cap to pull people into Monzo’s ecosystem. However I do believe that a lot of people join Monzo because we fundamentally object to dealing with antiquated banks that make up the current other offering. The alternative would be to get a credit card from one of the other new banks though I feel that would actually hinder Monzo’s growth.

So in short, please can we get a Monzo credit card now pretty please. Apple Card seems like the only other viable option on the horizon for me in the UK as it stands.

Why Apple Card over another credit card provider?

What makes you think the Apple Card is coming to the UK any time soon?

If it did, it wouldn’t be the same as the US version in terms of cashback etc

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Funny I was thinking apple card but for a different reason.

Goldman Sachs provides that for Apple, why doesn’t Monzo get someone like MBNA or Amex to provide theirs?

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Honestly, because it is part of an ecosystem I am already in. My interest in a credit card is purely to build credit rating as I start to think ahead to my 30s. So ease of use and management at hand (on my phone) is key. Apple Card just seems like the most frictionless option beyond a Monzo in app solution. Everything else requires engaging with another company which isn’t out of the picture. I am just a layman who values simplicity and ease of access/management at this stage in my life.