I think it would be nice to have a reward for people who complete the checklist. At the point where you’ve been through all those steps you’ve committed quite a bit of effort of time and effort into Monzo-ing your finances.
I thought the following might serve as good rewards:
Choosing your card colour
Getting a special card, maybe displaying “Full Monzo”
The cost issue definitely makes sense. I also think it would be extremely wasteful for everyone to get a card when they join and then get another one soon after for completing their checklist.
I just think there has to be a better option than badges (which also seem to be invisible and of absolutely no use)