POLL! A Monzo Credit Card? Why Monzo? Why not others? šŸ’³ :monzocard:

Monzo Chat
21

Yeah youā€™re probably correct, but the features I suggest all exist within Monzo products so one can hope ā€¦.

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22

Got it. Thanks for explaining!

23

Here is my 2ps worth:

What do you want in a Monzo credit card?

  • physical card for when i am abroad and they donā€™t have contactless
  • zero foreign transaction fees
  • maybe a VISA, i know that the MasterCard service doesnā€™t go down often, but would give us a bit extra coverage
  • match my existing credit limits - if Monzo did this I would close down my Barclaycard Platinum in an instant - like the current account switch, match the line of credit and shut down the existing account (appreciate this would take buy in from otherbanks and a whole system would need to be built)
  • cash back, similar to Amex
  • How could a Monzo credit card be a bit different and :magic_wand:bring the Monzo magic :magic_wand: ?
  • i guess, it could be just additional benefits to the flex product, allowing you to use it as BNPL or a CC
  • long balance transfers at 0%
  • share the credit with someone else, my partner doesnā€™t have a CC - but the existing joint CC process for most credit cards seems clunky
  • create a points system, which rather than cashback, you can chose to convert to Ā£Ā£ to donate to a charity
  • an intelligent way to allow an extra line of credit buffer based on the savings you have in yours pots
  • What is it about existing credit cards that you hate, would drive you elsewhere, or you want Monzo to avoid?
  • i hate that DDs take forever to setup and change, including pay in full, fixed payment, minimum payment - also, changing the date on when it comes out is soooo painful

Hope this is in some way useful! :blush:

5 Likes
24

Havenā€™t read the entire thread - so some comments may be repeated, but hereā€™s my two cents.

First Off - Gotta address the Elephant in my credit card sized heartā€¦ Flex isnā€™t 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 donā€™t 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 itā€™s 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.

8 Likes
25

Just wanted to add that, for me, I donā€™t 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 peopleā€™s spending. I would go for a Monzo credit card purely for the features I mentioned earlier, no further incentive needed for me!

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26

Is Monzo still removing and reducing overdrafts if you donā€™t use them? Iā€™d be concerned that my credit limit would just get lowered if not used for a while.

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27

I thought that was just if you didnt use your account (rather than the overdraft)?

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28

Weā€™ve 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.

No guarantees itā€™ll always be like this though!

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29

Now with polls!

Get voting :stuck_out_tongue_winking_eye:

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30

For this choice, Iā€™d be wanting no card whatsoever, just a virtual one.

A funky different type of card (eco, wood, something ooh)

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32

Ermā€¦

<boolean name="flex_physical_card_staff_launch" value="false" />

Anyone here (staff) that can comment?

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33

So itā€™s coming soonā€¦ā€¦ā€¦

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34

Okay, this is the real top secret intel!

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35

It was mentioned back in October that physical card was something they were working on, so itā€™s not come as a surprise to me, that staff will be testing it out 1st, before it comes to us mere mortals.

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36

No comment :zipper_mouth_face:

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37

Just curious for the October source? Maybe a comment on here that Iā€™ve missed?

Having revisited the code, the first time I saw anything ā€˜physical cardā€™ related was in v5.2.0 which dropped on 24-November [not a rickroll - honest], along with firmer connected ā€˜mortgage cardā€™ & Investment Pot clues.

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38

Itā€™s in the flex discussion, a list of things that Monzo want to be working on for it.

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39

Cheers :+1: - I found it.

I just like connecting clue-dots together. Sad.

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40

Sorry I would of linked to it, but was been lazy and didnā€™t want to search. At least youā€™ve found it now :sweat_smile:

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41

I personally donā€™t 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.

3 Likes