We’ve got another new type of Pot for everyone: meet Credit Card Pots!
A Credit Card Pot is designed to help you automatically set money aside and use that money to pay your credit card balance.
All you have to do is choose how much of your credit card bill you want to pay off each month. We’ll do the math and move that money into your Credit Card Pot as you spend with your credit cards.
You’ll need to set up payments to come from your Monzo account through your credit card issuer. You can also set up auto-pay so the bill is automatically paid from your Credit Card Pot when it’s due.
Would this only work if you had the premium account where you can get open banking to link all your credit cards? I’ve moved everything to ulster now and open banking is Freeee with main stream banks. Kinda trust the bricks and mortar banks better at the moment and customer service seems to be lacking on the challenger banks
This is a US product where all customers get the ability to connect accounts through Plaid.
For the UK, I’d very much hope for there to be a native Flex pot soon, followed by any open banking connected account.
My suspicion is that Plus will probably end up being discontinued with only Premium as the paid for account. That’ll probably mean that credit cards can be connected for free. A credit card pot would be a massive draw as part of that.
But who knows?
That all said, US team is rocking is right now. Standing on the shoulders of UK giants.
Have Monzo quietly acquired DASBudget or am I reading too much into this tweet?
The whole Our apps thing could simply be because the creator works at Monzo too, but still seems odd.
Perhaps just wishful thinking on my part though. Like the person who tweeted them, I’d love to see that happen as well.
Edit: I think I’m just completely misinterpreting their use of our! Our can also mean mine and theirs, so upon reflection I think that’s what they mean. Which means ignore me, nothing to see here! wishful thinking
They’re both tackling the same problem in different ways, with Monzo still being very much a work in progress, but with the lessons learnt from Das, Simple and all that came before it.
I can’t wait to see what happens next (and for the UK to start getting good stuff from the US team in return ).
Just incase anyone wants Monzo’s credit card pot image for their own pot they pay their credit card bills from, since even that isn’t available in the U.K., I’ve extracted it from the blog post:
Folks, thanks to some wonderful customers who wrote in to request support, we’ve been able to turn on support for the following additional institutions in Credit Card Pots:
PayPal Mastercard Cashback and PayPal Credit
Best Buy Citi Store Card
Venmo Credit Card
Target Store Card
Amazon Store Card
Petal
Merrick Bank Credit Card
Fifth Third Bank
Boeing Employees Credit Union
Ollo
If you have credit card payments made in Monzo for an institution that does not yet have support, please use the feedback form and we will take a look for you
Yeah, well we’re probably not gonna get it. This is one of many really cool things the US team have done for their US customers this year that haven’t been done in the U.K.
I suspect it’s part of their plan to diverge development to be better suited for each market. Which is to say the things that are US only have been designed for the way Americans manage their money (that’s how Monzo said they’d be approaching America, so there will never be parity between the two). I think that thinking is a mistake, and it’s why Monzo in the U.K. completely hobbled their Simple copy-cat features for the U.K. market, making it harder, less intuitive, and involve a lot more friction.
It’s also why the US team has solved the clock issue, and the U.K. hasn’t. It’s why they’ve built the feature to assign merchants to pots, and the U.K. hasn’t (though I suspect the reason we don’t have this, is more because we were told time and again it was impossible, and is why we have the very clunky virtual cards implementation which we have to pay for).
The US team is killing it in terms of building a Monzo I would love to use, whilst the U.K. team are going pell-mell in the opposite direction.
wishful thinking 
).
