Havenāt read the entire thread - so some comments may be repeated, but hereās my two cents.
First Off - Gotta address the Elephant in my credit card sized heartā¦ Flex isnāt a good credit card replacement.
Yes, it has a lot of credit-like features - and some would say with a lot of effort you could use it like a credit. But boy oh boy is that a pain to do.
I genuinely donāt understand the development path of making Flex more and more credit-card like, but a clunky, hard to use, hidden data kind of credit card.
Why not at this point just make a credit card?
But what do I want:
Obviously, all the key features of standard credit cards - S75, a buffer of time before money hits my account, yada yada.
But what I want from Monzo:
Trends insights
Data Access (through API or Export) though I have less confidence in this working given how flex breaks data export
And generally, just all the things that Make (/made, at the time) Monzo a step above the rest in itās current account vs other banks - i.e. a credit card managed in the ecospehere of Monzo.
which includes all the basics of,
Instant notifcations
easy account managment.
easy bill payments.
etc etc.
Please give me a credit card that works like a credit card.
Just wanted to add that, for me, I donāt need to have any kind of cashback/reward incentive to open a Monzo credit card if one is released.
Cashback used to be alright, now any cashback credit card I have seen is something like 0.25% which is not worth it for most peopleās spending. I would go for a Monzo credit card purely for the features I mentioned earlier, no further incentive needed for me!
Is Monzo still removing and reducing overdrafts if you donāt use them? Iād be concerned that my credit limit would just get lowered if not used for a while.
Weāve done this once in 2020. When we did it we took into account whether you had used your overdraft and whether you used your current account. Customers also had a opt out option where if they wanted to keep their overdraft then they could by just clicking a button.
It was mentioned back in October that physical card was something they were working on, so itās not come as a surprise to me, that staff will be testing it out 1st, before it comes to us mere mortals.
Just curious for the October source? Maybe a comment on here that Iāve missed?
Having revisited the code, the first time I saw anything āphysical cardā related was in v5.2.0 which dropped on 24-November[not a rickroll - honest], along with firmer connected āmortgage cardā & Investment Pot clues.
I personally donāt like flex, I just want a Monzo credit card like any other bank but with all the magic of Monzo. A card I put all my spending on and pay off in full end of the month so I get the S75 protection.
For clarity to those who may not understand, your Tesco shop in full (over Ā£100) is not covered under s75 unless one single item was Ā£100 or more from Tesco, youād be covered for that one single item.
Essentially you could use flex for your use case, Monzo just need to let you choose a default amount/date IE pay in full next due date.
- I found it.