What about credit cards?


(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.


(MikeF) #357

The comparative nature of this sort of statement always interests me. In 30 years of credit card use, I’ve never had to claim anything against anyone meaning this is beyond my experience and so hard to imagine. What sort of things has anyone claimed for in paractce?


#358

I would imagine when a company goes bust without delivering the goods but had been paid for is when they come into their own. A sofa place went bust last year and made it to watchdog where the advice was then to pay for anything like that on a credit card.

I would hope that Monzo would help more than the traditional banks would (not sure why I think this but I just do).


(MikeF) #359

Oh, I know the theory. I’ve just not come across (in real life) anyone who claims to have actually had to do it in practice. As a result, people who’ve had to go through it many times seem like they should be statistically interesting in some way so I’m interested in real world examples just to see.


(Ashley) #360

It depends on the level of financial protection the supplier has…


(Jack) #361

I put £200 down on a car to reserve for a test drive last year.
During the test drive it had a weird engine issue.
The garage said I’d get my £200 back within 5 days. Nothing came through, I chased them multiple times with no response (they went very quiet on the matter).
I put a claim in against Amex and they sorted it very quickly :raised_hands:t3:


(MikeF) #362

Nice, thanks.