What about credit cards?


(Michael) #337

Two reasons I see personally:

  1. Do they have sufficient capital to do so?

  2. Does it fit with their view of Monzo and making money easier for everyone? Tom has previously voiced doubts about credit cards and, while that could change with events, I think it is at least a good guide to the thinking


(Rob) #338

I suppose it could fit with making Monzo a financial control centre if you have a credit card in the same place. Credit cards are money and currently you could argue it isn’t working. So perhaps a Monzo Credit card could ‘help make credit work for everyone’


(Rob) #339

Could always fundraise to help specifically launch this. Or would they not be able to borrow from BoE?


(Jamie 🏳️‍🌈) #340

I’d say that was the exact opposite of Monzo providing the ‘best from the rest’. Monzo don’t have to provide everything themselves.

In reality, credit cards are basic, they all do the same thing within a limited feature set, and I can’t see how Monzo can being anything new to the credit card market.


(Leon) #341

I can think of a good few things off the top of my head. 1st Instant notification with map of where the purchase was made. 2nd The option of freezing your card. 3rd Gambling block. 4th Having a hot coral credit card. :face_vomiting: 5th Tighter integration between current account and credit card. For example, you could pay off your credit card on the due date if you have a Monzo current account. (Instant transfers.)


(Michael) #342

I think this earlier comment is relevant:

Maybe credit cards is something we should be moving past rather than towards


(Rob) #343

No but if they want to start making money they may wish to consider it, there must be a reason other banks offer these things themselves rather than offer other banks products, presumably that reason is it’s more profitable to offer it yourself?


(Ben ) #344

I would love for my Credit card to be managed in the same eco-system as Monzo. Monzo has done wonders for my ability to stay on top of my finances (paired with YNAB) - and I think a credit offering in the same app would be nice.

I used to use an Amex for as many purchases as I possibly could (got to chase them rewards) but found I could have better control overall when everything was done in Monzo.

At the moment I only use my Amex on either high £ amount stuff, or retailers where I think “it’s better” to put it on the AMEX (just in case). I’d say really where I think I’d benefit from S75 protection - but I don’t have a huge amount of logic in that.


#345

If we can get the benefits of Section 75, bundled up in a hot coral offering, I’m in :ok_hand:

Edit: not sure why my post was a reply to Michael. It’s too early to function properly on a weekend.


(Michael) #346

Yeah, Discourse has its interesting moments!

Something like Section 75, but not for a credit card would represent a wild thing that only Monzo might do (to think to that other thread)


(SimonL) #347

After been stuck with a high interest rate and just £200 credit limit for 5 years with capital one despite paying off every month have just got a chrome visa credit with a £1,000 credit limit and lower interest rate although still quite high at 24.7% but I clear in full every month


(Jolin) #348

I agree with both of these sentiments. Given that Starling are going to launch a credit card this year, maybe what Monzo should do is to use the Starling API to show and manage Starling’s credit card from within the Monzo app. :thinking:


#349

Why not go a step further and integrate the Starling current accounts too? Then become a payment initiator and a REAL financial control centre :slight_smile:


#350

You could even piggy back on Starling’s in-credit interest


(Andrew King) #351

I think as a bank it’s good to have a Credit card I see the next gen credit cards have removed the long embossed numbers for lazzered engraved numbers on the back of the card look at Virgin Atlantic CC.

Many more banks are doing this I hear one provider is removing the white strip on the back of the Credit Card and more stuff coming soon


(TWM) #352

I think jaja could/ will be the next big Credit card, it appears to be doing to credit cards what monzo did to the everyday current account.

Check it out and if you fancy you can help me up the ladder, if not no worries I won’t take it personally… :rofl::joy::rofl:


(Jamie 🏳️‍🌈) #353

It’s literally got about 100 users.

Not sure how much anyone can fundamentally change a credit card, but hey.


(Elliot ) #354

Signed up, interested to see what they have to offer :slight_smile:


#355

Love these suggestions!


#356

I always use a credit card for travel, as you get the advantage of “joint & several” liability of the credit card company when things go “tits-up”. Many times I’ve been grateful for being able to claim against the credit card company when a service provider has gone bust or not performed the contract, etc.