Hello,
Thinking about the Round-Ups function and how handy it is, I thought it would be a good idea to set the function to pay things like credit cards with the Round-Ups.
I have a credit card and I think having my Round-Ups paid to it would help to pay it off quicker.
Is this something that others would benefit from if implemented too?
Hopefully with the upcoming integration with AMEX and hopefully other credit cards this could become reality. Good idea.
Monzo pays a small fee for every Faster Payments transaction so I imagine they wouldnāt be too excited about this.
Must be almost just as easy to pay your card with the money in your pot once a month or so?
Yeah would be better maybe to send it to a locked pot that unlocks on the day of your credit card statement each month and then sends it then.
Thatās true depending on the type of payment method used, as it doesnāt have to be faster payment.
Plus, when doing bulk payments thereās usually a small fee for this which would mean that if Monzo distributed funds saved in round-ups per person, they could send a bulk payment out to the individualās selected credit card, payee etc. every month.
Being a cashier, thereās always ways around sending payments without having to pay fees so if Monzo adopts the idea, Iām sure theyād do it on the basis they have looked into how to avert paying large amounts in fees, if any fees at all 
The usefulness of having round ups in a pot is that you can use it to cover whatever you want once it builds up. Integrating any/all of those disparate uses directly into the app is something I donāt really see happening just because it reduces the flexibility and adds complexity to something that i donāt think really needs it.
I see both perspectives here, but I wonder if thereās an excellent compromise - automatically moving the contents of a pot to an external account on a set routine (daily, monthly etc).
On that basis, you could keep the roundups as they are, but set the contents of your round-up pot to pay off your credit card on a monthly basis.
Win win?
Could make a good IFTTT service if they ever get round to revisiting the services. Seems to have launched as a good thing then left to wither on the vine.
Happy birthday Colin 
I believe there are more triggers planned, no idea what though
I get where youāre coming from, but there are some people who would be tempted to withdraw from that pot before it goes towards debt/payees etc. which is why I threw the idea out there.
As for what Peter says, thatās a good idea if the pot was locked and couldnāt be opened without having to make the request.
The point of integrating a feature like this is so you can toggle between saving or paying off debt. Trust me, Iāve worked in insolvency for over 3 years and it would definitely help a lot of people in my view.
OK, I wasnāt thinking of it as a āwhisk the money away before you spend itā feature which is why I was seeing it differently to you I think.
Thatās along the lines I was thinking because, unfortunately, a lot of people fall into the pit of debt because they see money available and spend it without thinking (trust me Iāve spoken to so many people who spend until their card declines) hence why Monzoās features could help to train people, as well as adjusting their mindset to prevent them from falling into these pitfalls.
Some back of a fag packet calculationsā¦
If someone has a starting balance of Ā£1000 on a standard credit card (representative APR 19.9%) and makes the minimum monthly payment after three years theyāll have paid Ā£350 in interest and still owe almost Ā£300.
I average about Ā£20 a month spare change so Iāve used that figure, applying that to the hypothetical credit card balance itās paid off after 29 months and theyāve paid Ā£140 less in interest. That Ā£580 in change has effectively become Ā£720, where else can someone get a guaranteed return of 24% over two and half years?