Completely agree - Kudos if Monzo has helped you manage your finances better, but IMO, you are still missing out on the various cashback/rewards offers that are out there.
If you are on top of your finances, I’m struggling to see a solid argument against the likes of amex or any other decent “something for nothing” credit card out there.
Likewise, if you struggle to manage your finances without Monzo, don’t moan about the various offers that other people are taking up
For what it’s worth, I don’t particularly care about Monzo offering any of these rewards, because I think they’ll always be worse than market alternatives (jack of all trades, master of none).
I’ve always had the “use the best product for your need” kind of attitude, and I’d only use Monzo for spending if they managed to trump the benefits of American Express.
I’d much rather see Monzo concentrate on the banking side of things, rather than some of the “fluff” which I’d class this as
this is the point! At some stage Monzo need to look at why people are still using competitive products for spending and look at winning over those spenders.
This is tricky as I don’t think any bank can be the best for everyone and the best at everything at the same time. The thing they can do is be the best at what they do do. These mega banks and credit companies can basically throw whatever they want at their product and they’re still not the best.
Don’t forget, Monzo is growing massively day by day, which means they are taking customers from other banks already.
This is an absolutely stupid idea. It disrupts the cost structure of goods. Will cause some retailers to not take your card, or load prices to pay for these cash backs. Don’t do this. Make sure I can use my Monzo everywhere.
It’s definitely not a stupid idea. I regularly earn over £30 a month in cashback between my Bank Of Scotland and Santander cards… and thats before I get cashback from Barclays for any online stuff too…
For me the only downside is having to plan in advance which card to use where… Still, at the end of the day its free money for minimal effort
The Santander current account offers 1-3% cashback for paying for certain bills. In real terms I get about £20 back per month. It’s not something to balk at.
To simplify that, it’ll cost me £20 per month to move my salary to monzo.
Figures like that always makes me wonder what bills you must pay? There’s no way I could match that income figure with the bills associated with a family of 5. There’s also no way Monzo could/should pay that at the moment (if ever) without the profitable sidelines most banks have. I guarantee that it’s not the utilities etc. paying those rewards.
As someone else said above, I rarely use my debit card unless I am withdrawing cash. And so I have not made a jump to a fintech bank yet. I am still with HSBC. With the combination of Quidco/Amex/Barclaycard Visa, I get good amount of cashback annually. I do not see the benefit of switching simply for a cool app and coral card.
my point entirely! i am sure many people are out there like you. Monzo need to motivate people like you to use their card for daily purchases to really gain value from budgeting features as well as earn revenue from merchant fees
I don’t even have 123 or 123 mini, just the normal Everyday Current Account and still manage to earn a fair whack… My cashback is all based on retail purchases with my debit card…
Thanks that was really helpful. Though on the normal 123 I would lose -£14 a year but with the mini I would gain £3 a year so dont think that it is right for me at the moment but I do think Monzo should look into offering something like this
How do you mean? Most transfers I do from my bank account are instantly processed. In rare occasions it says “up to 2 hours”. Or do you mean instant notifications for transactions?
