I’m looking forward to receiving my swag, or merch, or whatever we’re calling it
I will stick being a supporter, as I support Monzo and what they have achieved.
I think you really need to iron out the bundles and pricing as people could find a better deal elsewhere.
Not saying the bundles are bad, but they need some work. In terms of the Metal card situation, it’s a bit weird how it’s a “prize draw” when people like N26 and Revolut are offering the metal card right off the bat with their subscription packages.
Although their packages are a wee bit on the pricey side, what Revolut offer for example is actually really cool including things like crypto, insurance, credit etc.
Maybe it would be a good idea to branch out and look for these new ideas and not copy the competitors but get inspiration from them, because they have a lot on offer.
Just some thoughts from a proud Monzo customer. I love what everyone @ Monzo is doing and will support every step of the way
I really do wonder what these cost you. Chip cards are really cheap to produce, but you’re not producing them yourselves so you’ll be paying an overhead on this. It should be less than 5. For metal cards, I also assume you’re not making themselves but you don’t need your own tools created and the likes because the card is no different than any of the other metal cards. They cost several times more than a standard card + whatever the manufacturer is charging you on top but that’s but it shouldn’t be more than 10-30quid at the extreme end…
I know they’re all really expensive - but that’s not the cost to produce which is what I was referring to in the quote. Also, all of them offer significantly more than just the metal card.
I know the point I was making was none of them is near the £10 you suggest as the bottom and of production. I feel if it were around that price, one of them would undercut the competitor to try to bring in a large number of customers. I was suggesting that because none of them have, they are likely only making a small profit especially with the other bits you mention added on.
That’s almost definitely not the case. Those subscription products because of their userbase can get really good pricing on. For example whichever Lounge service they use they’ll get significantly reduced rates and they’re still charging a per visit fee on top of it of however much. They won’t be losing any money.
The metal cards are not cheap to produce like the plastic ones are that might cost you a quid or so but let’s not kid ourselves into thinking they’re expensive.
If they were really expensive to produce no other bank would be offering them. Either that or whoever’s producing Monzo’s card is having a laugh. Plus if they’re paying a quid for a card, 20x or 30x that is ‘expensive’.
Perhaps that’s including postage and their packaging plus any manual work that goes into it. I’d have no reason to doubt that’s the price it’s fairly reasonable considering they’re using a producer and they don’t produce the cards at a ridiculous level like other banks.
Reading that article, and others, it seems everyone is very tight lipped on the metal cards.
I love how Monzo listen and hopefully will change this additional offering for the better, I didn’t opt in as didn’t see it suited my needs I would like to see;
Rewards
Travel insurance
Breakdown cover (maybe?)
Mobile phone insurance
Would you be willing to pay an overall higher price for pick and mix options over a bundle?
I’m wondering if monzo has considered the willingness for people to pay more for more flexibility and a new it able higher cost to implement a pick and mix system.
You need these features to even consider getting people to sign up. These are every day use covers people need.
I’m happily paying Natwest Platinum £18/m for these on a joint account with my wife. As soon as Monzo can offer me these features, I’ll be doing a full switch to Monzo and sign up to Monzo Plus!
Travel insurance
