Even with the financial aggregators like EMMA, I still find myself manually checking everything anyway - I guess I don’t trust those system to work it out perfectly yet.
That 5 mins of admin per month, is all it takes to reap the rewards (I saved £1500 alone on flight tickets last month).
Taking nothing away from what Monzo is doing, which I think is bloody marvellous, and will help a huge amount of people with their finances.
If ease of use is your number one priority, it’s hard to look last Monzo for everything.
Actually they are subsidising in the way of sky high charges to catch out the undisciplined. It’s just like the free current account model…Someone has to pay and if they do how?
So what level of charges do you think is fair, bearing in mind business running costs, profit margin, provision for bad debt, providing a credit line on demand, admin, 24 hour staffing, product R&D, legal costs, due diligence etc?
I like the idea, mentioned by a few in this thread and also brought up in the Q&A yesterday, of having 3rd party credit card transactions show up inside the Monzo app via open banking connections.
To be most useful it would require credit cards that could supply real-time spending data. I understand Amex have this in their app. Do any other credit cards have it in their apps?
Capital One show it as pending within a couple of hours (haven’t looked before that so might be sooner) but payments can take 48 hours to show, never less than 24hours
I am completely the same. Spend literally everything on our BA premium Amex cards, get 2 241s a year, fly to India first class usually. Once achieved the spend, churn a few gold cards for the extra points. Great return for the spend!
Capital one now instantly credit your card if you pay by faster payments, you get it instantly as available balance. Just thought I’d mention incase anyone didn’t know !
How do you do that? For direct debit they only ask for card number and additional payments the app only has pay by card option, no bank transfer mentioned anywhere
You’ve taught me something new. I didn’t know you could do this even with Amex but it seems you can. I currently pay by DD but FPS will be handy in the future rather than paying by card on their website, should I need to.
More control too, if for any reason you need to delay a day or two.
Not sure if it helps but I keep a £10 direct debit setup too, I’ve read they only consider you as reliable if you have it setup?! Might be urban myth though !
A very old post I appreciate, but it caught my eye as I scrolled through this thread to some of the more recent updates…
I have a credit card that I use predominantly for work expenses and fuel, along with occasional “significant” purchases that I want some extra protection for. Likewise occasions where a pre-authorisation is needed. In all cases I clear the balance off each month from my main account. I could get by without a credit card, but I like the separation (and protection) it offers me for this use case?
Out of interest, what alternatives (if any) would you deem more appropriate than a credit card for this?
The question was in response to Tom’s comments from way back:
For me, a credit card is the perfect solution for what i’m trying to do, and whilst I’m not precious about the provider I use, I am a fan of minimising the touch points that I have when it comes to finances.
A (non pre-pay) Monzo credit card would be capable of integrating with the current account offering far more elegantly than Barclaycard / Capital One / American Express etc. etc. and I would be interested to see what additional functionality could be driven through a Monzo based product given their approach and capability. A blanket “no, we won’t ever do that” is a shame IMO.
