I really don’t agree. Let me explain why by looking at Monzo’s strategy and then the credit card business and how fintech might seek to disrupt it.
So for Monzo’s strategy, they’ve continuously said that they want to make the best personal current account on the market. There’s still some way to go to achieve that ambition - particularly when you look at them wanting over 1 billion users worldwide. For every additional product they release, the less focus Monzo has on the current account. Now, you might argue that joint accounts showed that this mission had been diluted slightly. That might be true, but there’s a long way to go through international expansion, additional features, business accounts etc before you arrive at credit cards.
Also on the strategy, Monzo wants to help people manage money better (or create a financial control centre) - they can do this by integrating credit cards provided by third parties. They don’t need to provide every financial product themselves.
Then there’s the question of credit cards and fintech. Tandem aside (which I’ll get onto) no fintech has attempted to enter this market. I suspect it’s because you firstly need loads of capital to lend, but also that the innovation that we associate with fintech (instant notification, spend analytics, low/no fees etc) don’t naturally marry with credit cards. To make money a fintech would need to hope that people persisted in credit - the more helpful and intuitive spending insights the more unlikely that is to happen. I mentioned Tandem earlier, but its implementation seems to be very old bank (paper statements!) rather than fintech.
I may well be proved wrong but I can’t see a credit card in the Monzo’s short to medium term future. I can see integrations with third party providers, sure. And maybe Monzo trying to rethink the benefits of a credit card in a different way - a way for section 75 type protection, for example, or a month’s worth of 0% interest - but not a classic credit card.
Just my views - time will tell!
(Edit: Despite all that I’d quite like a decent fintech credit card!)