Hi all, I read the first 80ish posts on this thread, then saw the total amount and skipped to the bottom, so sorry if there’s a recent answer to what I’m about to post.
I’ve never had (or needed) a credit card before, but recently some people I know have really benefited from the credit cards guarantee:
Two people bought sofas at the same time from the same company, which took about 2 months to make and deliver. A month in, the company folded. The person who used their debit card lost all their money; the one who used their credit card got it all back.
Last year, I went on a group holiday. I was going to book the flights and have people pay me back, but I was busy that weekend so someone else volunteered to do it. We were unlucky enough to book with Monarch, but he used his credit card, so got it all back. It was fortunate I didn’t end up booking, or the group might have lost a large sum of money.
Especially with the recent House of Fraser debacle, I’m starting to think that this guarantee is essential protection. I’ve been a Monzo user for 18 months, and had my salary paid in for the past few, and I love it - it’s just so much easier and transparent. I’ve watched a few of Tom’s interviews on YouTube, and I really buy into his vision for the future of the current account. As such, I don’t want to switch back away from Monzo. I wondered if there were any others in the same position, and any solutions you’ve come up with? The best one for me seems to be to get a credit card, make any payments of £100+ on that, then immediately transfer from my Monzo current amount to the credit card account. Any thoughts?
Thanks in advance!
Tom (not that one)