I received a Starling card today, I must say it looks professional. Putting it next to the Monzo card it makes the Monzo design look rather childish to me, but then I’ve never liked the orange cards.
I was able to send some money to it with an account number and sort code, but I haven’t spent any money on it yet so I can’t make any meaningful comparisons to Monzo. I must admit, I’m looking forward to being able to spend money without people remarking on how bright the card is.I’ll post again once I’ve used it a bit.
Fortunately we’ve got no reason to believe that they won’t.
But assuming that Starling don’t change their fees for foreign transactions / ATM withdrawals, that won’t be something that distinguishes Monzo from Starling, as Starling’s fees are the same (there aren’t any) -
it may just be a choice between those who want a card that is as corporate in feel as a blue RBS card and an app that feels like a lite version of a traditional bank versus those who want not just to reshape the mould but break it and have an app with a non bank feel and a card that makes people shout wow where can I get one
Ah, thanks for that. I hadn’t grasped that the preferential rate thing was
just that - a function of Mastercard and not a feature of particular
company. So any Mastercard used abroad can benefit as do Monzo, Revolut and
Starling?
edit to make clear which part i was responding to!:
So any Mastercard used abroad can benefit as do Monzo, Revolut and
Starling?
Unfortunately not - most banks choose to add a fee on top of mastercards exchange rate - some specialist cards (e.g. Halifax clarity) and the new banks (Monzo, Starling, Revolut) are not adding fees on.
I believe the banks actually have to pay some fee themselves to mastercard for foreign transactions - the banks above are currently absorbing this themselves. Its much lower on card payment than it is for ATM withdrawal (which Tom has mentioned a few times as being expensive for the running of Monzo and that they would prefer if people use the card abroad primarily for payment)
As far as I know, all of the challengers we’ve mentioned only issue MasterCard cards. But if they did offer a Visa card, it would simply come down to who offered the issuer the best FX rate - I don’t which of the two do unfortunately.
Generally MasterCard rates are fractionally better than Visa card (based on long term comparison of midday rates) and this was also commented on by Money Saving Expert website who said
“If you’re choosing a card, remember that Mastercard’s exchange rate almost always beats Visa’s rate, so factor this in when making your decision.”
and
“The rate you’ll get is set by Mastercard, which you can check here – it tends to be slightly better than Visa’s & Amex’s rate.”
The only new fintech I am aware of with Visa Debit cards are moving over to MasterCard Debit cards so all (UK and European) challenger banks will be with this card scheme except one with Mæstro.
Not possible to compare at the moment. But Starling offers me more. I can pay bills by Direct Debit… add Starling card to use with PayPal and more. Monzo is very limited at the moment. So will be able to compare later when Monzo will offer full bank account.
About card colours… Monzo - 18-37 years, Starling - 30-110 :))
I really can’t imagine myself after turning 40 with Monzo coral card
Monzo have to offer various colours … course coral card doesn’t suit everyone