What about credit cards?


Why do credit cards offer these benefits and not a debit card with a free overdraft?

Obviously section 75 is different

(Patrick) #331

I have 4 cards, one with an £8,600 limit, a £3,500 limit, a £6,500 limit and one with a £3,900 limit.

I never let the combined balance get to more than one months income (between £1,800 and £2,000). I’m never tempted to overspend.

I originally got an Amex Nectar credit card, then swapped it to a regular Amex rewards one when they did that deal with the Daily Mail. Got another (Nationwide) for free foreign transactions, got a Tesco one because they offered me 3.9% interest. Then got another (Post Office/Bank of Ireland) for a 32 month balance transfer offer, so I don’t get any interest on my tiny balance if I want to leave it to minimum payments for a few months.

I had the Tandem card - but closed that a few months ago because it was worse than any legacy bank card that I’ve ever had. If any bank ever sends me anything in the post that isn’t completely necessary I immediately close that account. They were sending me paper statements for god’s sake.

(lewis oconnor) #332

Dont know if anyone has experienced anything familiar regarding a credit card
Ive paid off my amex credit card with my curve card yesterday, the funds left my account buts its still showing a full balance on amex and not showing ive paid any funds


Didn’t try an Amex but when I paid off my Capital One via debit card they too take a few days for it to reflect (seems like they wait for the transaction to settle before applying it towards your balance).

Nowadays I just pay it off via Faster Payments.

(lewis oconnor) #334

weirdly enough i paid another £5 onto it and it fixed it


Blame the legacy rust. :joy:

(Rob) #336

Why wouldn’t Monzo do a credit card?

Monzo need to get to profit soon, would offering a credit card not help with that?

(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.


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:


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: