What about credit cards?


(Jack) #205

You’ve taught me something new. I didn’t know you could do this even with Amex but it seems you can. I currently pay by DD but FPS will be handy in the future rather than paying by card on their website, should I need to.


#206

More control too, if for any reason you need to delay a day or two.

Not sure if it helps but I keep a £10 direct debit setup too, I’ve read they only consider you as reliable if you have it setup?! Might be urban myth though !


(Kelvin Papp) #207

A very old post I appreciate, but it caught my eye as I scrolled through this thread to some of the more recent updates…

I have a credit card that I use predominantly for work expenses and fuel, along with occasional “significant” purchases that I want some extra protection for. Likewise occasions where a pre-authorisation is needed. In all cases I clear the balance off each month from my main account. I could get by without a credit card, but I like the separation (and protection) it offers me for this use case?

Out of interest, what alternatives (if any) would you deem more appropriate than a credit card for this?


#208

It’s not really bad to have a credit card per-se, so I don’t know why you would like to get rid of it.

Buffering huge authorisations like car rentals is a perfectly valid use-case for a credit card. :+1:


(Kelvin Papp) #209

@anon23935806 I agree, and I don’t :slight_smile:

The question was in response to Tom’s comments from way back:

For me, a credit card is the perfect solution for what i’m trying to do, and whilst I’m not precious about the provider I use, I am a fan of minimising the touch points that I have when it comes to finances.

A (non pre-pay) Monzo credit card would be capable of integrating with the current account offering far more elegantly than Barclaycard / Capital One / American Express etc. etc. and I would be interested to see what additional functionality could be driven through a Monzo based product given their approach and capability. A blanket “no, we won’t ever do that” is a shame IMO.

Kelvin


#210

How do you solve the lack of Consumer Credit Act protection in your everyday spending if you don’t use a credit card?


(Leon) #211

Uh huh let’s see what unholy monster they try to cobble together. Should be fun to watch at least…


#212


#213

Monzo Credit Card would help them and their customers. I don’t get the opposition to it. :anguished:


(Jack) #214

They’re focusing on making the best current account possible for now. That’s all I know.


#215

Hopefully it will get done sooner rather than later and we will get the chance to apply for Monzo CC one day. Credit cards are more useful compared to debit cards :grin:


#216

If you are someone who finds credit cards useful for the “perks”, I’m not sure Monzo would ever be able to match the likes of AMEX with the rewards (unless the marketplace becomes a real winner).


#217

I don’t bother with air miles or stuff like that. But i wouldn’t purchase holidays or anything expensive without Consumer Credit Act protection. So no debit card for big purchases, no big, fat interchange fee for Monzo in this case, and I would like it to go to them :smile:


#218

I’m not trying to tell you what to do, but you are massively missing out on free money (literally), if you only do it to take advantage of the extra protection etc.

Even a basic cash back credit card would be a start (I just saved over £1500 by cashing in Air Miles with Amex).


(Ravi) #220

Take the original Monzo prepaid card. Made it a real credit card with 0.5% cashback. Done.

Hell even charge me £20 a year for it.


(Leon) #221

£20.00 a year with half a percent cash back? No thanks.


#222

Who pays for the cashback?


#223

Interchange fees.


#224

Why? You’d break even after the first £4k


(Toby Toller) #225

How do you do this with Amex?

I make daily payments to Amex online through the app, but I think FPS would be cheaper for Monzo so would love to do it that way if possible!