Offer credit card 💳

I thought Amex had pulled out of the collabs with other banks?

Monzo customers have been asking for a credit card for a while however something to think about is how many times people complain in the forum about not being eligible for a overdraft or loan.

Monzo’s lending criteria is in simple terms “bipolar” and even people with amazing credit have been turned down by Monzo

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I would love to see stats on decline v acceptance rates. People don’t seem to come on the forum to say ‘yay’ I have been accepted, they seem to come here to moan they haven’t…

Risk apettites with all lenders change on a regular basis, don’t think it’s just a Monzo thing.

Like the idea of a collab with Amex though!! :+1:

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As ever, people are going to want different things: 0% on purchases, 0% on balance transfers, seamless integration with the app, cash back or rewards, free to use abroad, etc

Some of these things don’t feel very monzo to me (I don’t think the 0% offers are terribly consistent with responsible lending for example), and others are very difficult to offer (eg cash back), so I’m not sure how credit cards might look if/when they arrive.

I like the Tymit credit card of splitting each transaction into a fixed amount of payments. With upto three months without interest.

Their technology stack still has teething issues, despite improvements.

Also I want credit card to have a separate card / feed in Monzo for work expenses and Section 75 protection.

Thinking to actually get Santander zero for that purpose alone. As Tymit seems akward.

Have Tymit added Apple Pay yet? I got declined for a Tymit card for some reason - I was offered Tymit Boost, but I ain’t paying monthly to use a credit card

No but it’s apparently coming soon :soon:

What an earth is Tymit Boost? Had Tymit for a while but never heard of that

Helps you build your credit score apparently - I went back to Amex with the same score and instantly got accepted

I’d love to have a Monzo Credit Card, fingers crossed!! :star_struck:

Tymit boost is basically a secured credit card! You can only spend what you load onto the card. But I think If you manage it well they will offer you the normal card after a period of time.

The 0.3% interchange fee cap applies to any amex co branded card. Lloyds discontinued it’s amex cards for this reason. The costco card has had the same fate. Don’t expect big rewards.

Honestly has it lowered processing fees as most small businesses round here take amex even with its uncapped interchange on most it’s cards.