Agreed it could be worded better.
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I think this could actually be much clearer, it’s very ambiguous. Flexing cash withdrawals from your main account and withdrawing cash from flex directly are two separate things in my book. And one has implications
I’ve tagged who I think is the right person @TheoGibson
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Cash withdrawals can’t currently be done on Flex at all.
On the credit reference agency reporting - as mentioned above cash withdrawals are reported to the CRA’s.
The other things reported to CRA’s for credit cards (beyond balance, limit, arrears, etc.) are your statement balance and monthly payment amount. Sometimes lenders will report whether you’re on a “promotional rate” but this is really rare and generally isn’t used by lenders because it’s so rare that the data’s not that reliable and so isn’t good to include in lending models.
Withdrawing cash on a credit card can be seen as a negative on your credit score - This is likely because it usually comes with a cost and so is generally used by “higher risk” customers… but like most things credit score related - it won’t be the same across all lenders and it’ll have a small impact compared to something like missing a payment (probably <5% of the impact). Monzo for example doesn’t currently differentiate based on the credit card cash withdrawals data we get from the CRA’s - we might one day but don’t today because it doesn’t improve the predictive power of our models.
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Thanks Theo for the response,
Do you think the wording is clear on this?
One thing I have noticed when buying on Amazon and when they refund part of an oder they don’t seem to know where on my Flex card to refund it to, for example if I bought a TV £1,000 and a sound bar for £200, so total price £1200, but had to cancel/refund the order of the TV for £1,000. Rather than refunding back to my Flex card transaction they instead just dump £1,000 into my main Monzo account to do with what I want, which is usually to pay off the TV manually, but I guess you could use that as a way to get cash from the Monzo Flex indirectly if you wanted to. Other than that I am not sure if you can directly withdraw cash from Monzo.
You can via Monzo but as @TheoGibson says two posts above on flex it’s a no.
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