Agreed, but they’ve had a lot of people asking for another card and they haven’t budged. I think they’ve got a very good balance of what they want to do and what customers want them to do.
With the launch of Revolut metal and the upcoming launch of Curve metal I think this is a good topic to revisit.
I personally would love a Monzo metal card. I would be willing to pay a one off premium obviously. If Monzo are looking for additional revenue streams then I think this is an easy win? Yes it’s a gimmick but it’s cool af and I’d jump all over you to get one
Them comments from Revolut though
I also would definitely be up for a metal card. I’d have no problem paying either
The benefits of metal cards as I see them:
- Possibly easier to recycle than plastic (but how difficult would it to be to extract the chip/aerial and would the recycability be negated by being harder/more resources to produce?),
- Longer lasting than plastic cards (but is ‘card wear’ a big reason for replacement - or is expiration, loss/theft etc more likely - and if it’s cheaper resource/cost to produce 3x plastic cards than 1 metal card…)
- Look good (but hot coral!)
[I’m not bothered about metal cards tbh]
The issue with this idea is what happens when:
- The card expires.
- The card is cancelled because it was lost or stolen.
- The card stops working.
Because with a plastic card the answer is that Monzo pays for the replacement.
But with a metal card that you paid for, would you expect Monzo to pay for it? I suspect most cards stop working and get lost or stolen because of user actions not Monzos, and the card expiring is a foregone conclusion, so say the card is £15 to buy, would everyone be so willing to part with £15 every time the card needed replacing?
This is where the initial novelty might be enough demand, but having cards made up on an ongoing basis for replacements would probably not be high enough demand as people realise when they lost their card they have to pay £15 again and instead opt for the free option.
IIRC (and I remember reading something vaguely about this a while back, so might be wrong…) You do not actually own the bank card, the bank does.
So presumably N26/Revolut/any provider of metal cards, have them insured (did a quick google and I can’t see any mention of charges for lost or stolen cards)
On the flip side… it surely costs Monzo to keep reissuing plastic cards everytime someone re-orders one, then there’s the environmental impact of plastic etc etc
How many years until the physical card is dead and everything is NFC?
Harder to snap! I find my card is getting warm pretty quickly and if I put my wallet in my back pocket… Oops!
Agree! Monzo definitely need to bring out new cards and some form of premium plan. Perhaps offer mobile insurance, holiday insurance, etc too.
Folks seem to forget that Monzo is a bank out of necessity, not desire, they’ve not gone into this to create the best bank in the world that does everything the others do.
They’ve gone into this to create the Go Compare of the banking world, to use the access to your accounts to offer you deals that are cheaper than your current offer, and then take a cut for that conversion.
Monzo has never shown interest in fees and if you listen to their staff in their town hall meetings on YouTube they repeatedly point this out when investers ask questions about when is a premium… or how is money going to be made from …
Agreed, but times change and opinions alter. I’m not pressing for it, but I imagine a subscription model of some sort looks really attractive from a revenue perspective…
Yes they certainly will face pressure from share holders if they can’t show success with the model they planned, or if that looks to be taking longer than planned, because it slows the burn rate, but it might be difficult to do as they can’t exactly offer inclusive insurance or other benefits with a premium account, whilst also building a service that offers you the best deal on that.
It would instead make sense to just start offering deals on travel insurance if it detects you using travel websites to buy holidays, etc… i.e. a basic version of the service.
I doubt it would work, How would the NFC antenna work through the card if it were a metal conductor. Perhaps if the metal surface was the antenna it might work.
Nice idea! But in comparison to other cards, I wouldn’t think the cost would make sense. Maybe leave them as a reward, e.g 1 Year with Monzo = Award, 2 Years with Monzo = Metal Card?
OK, yeah, I like this idea a idea, a metal Monzo birthday card!