Does Monzo have any reward services ? If not, are there plans of any reward programs to be offered ?
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Hey!
As far as I am aware they only do the referring a friend (£5 for you and £5 for them).
But would be cool to know of any future plans 
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Do you mean programs like cashback on purchases and things like that?
Or referral programs?
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Welcome to the forum @Dipdop @tomwilson 
What kind of reward program would you be interested in?
Hiya @simonb - huge Apple fan here and when I heard the do cash back on their new Apple Card I fell in love. So maybe something like that?
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@simonb Yes , I mean why stick to referrals when you can pull more end users by providing reward points or cash back. Could probably tie up with different merchants and initiate joint offers that not just benefits the merchants but also Monzo and ultimately the users
I agree! That’s a super sell! 2% on every transaction I read
So we 100% want to be able to offer cashback but the playing field is pretty different here compared to what Apple are going to do in the USA with Apple Card.
Basically the interchange fees in the US are much higher than they are in the UK. Those are the fees that the merchant pays back to the card issuer whenever you make a payment, and that’s basically where the cashback comes from - the card issuer simply gives a chunk of that fee back to the customer.
Over here though, interchange is capped at 0.2% on debit cards, so it’s not really possible to offer cashback in the same way. Apple wouldn’t be able to introduce Apple Card here that works in the same way, for the same reason.
That being said, there are other ways to offer cashback, to encourage shoppers to use certain merchants. You could theoretically tie up a bunch of deals with big chains etc, but you wouldn’t be able to offer cashback on everything.
We’re exploring what we can do in this area though, so watch this space!
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Ah that makes sense! Gotcha.
Thanks 
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But I hear AMEX in UK gives cash back, how do they offer that? Does the network bear the cost in that case ?
High APR fees, purchasing fees, and annual costs of having the AMEX contribute I guess, plus the cashback is capped. My AMEX has a £75 fee, for example. The example below appears to have a high cashback only for 3 months and up to £125.
Also AMEX has higher interchange rates than VI and MC - AMEX is not regulated in the same way; so they have a bit of an advantage and can offer better cash back. In the US AMEX does not necessarily offer the best rewards like it does in the UK, as other cards such as Chase Sapphire as as good if not better in terms of rewards.
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Fair enough, makes sense
Anything that would tempt me to stop using my BA AMEX for day to day purchases, which I only do to rack up their points. I normally then cash them in for flights for stag dos and the like.
Tbh honest they’re not that useful or great value, so it wouldn’t take that much incentive to make Monzo default for purchases.
More stuff like the tie in with EAT. I’m already using Monzo there instead of my AMEX, to get the loyalty discounts.
But overarching points would be even better. Maybe we could cash the points in for Monzo plus, store credit, holiday related stuff?
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