Does Monzo eventually plan to release a credit card as well as a debit card?
Monzo have said they have no plans in the future to offer a credit card at the moment
Is Monzo planning to offer a credit card? For those who travel this is a must. Rental cars and hotels require a credit card.
I can’t canel my current banking relationship until this is offered.
I’d always keep a credit card separate and on a different payment network, i.e Visa. That way you’ve got a bit of redundancy if there was any issues at Monzo, or MasterCard. I’m always bouncing between different credit card companies as to chase the 0% interest offers.
Up to you, but that’s my opinion
From what I’ve read this isn’t something they are looking at, They want to focus on making the best current account possible.
I’d recommend this if you’re specifically looking for a credit card to use abroad https://www.halifax.co.uk/creditcards/clarity-card/
More credit card providers should give customers the option of choosing between Visa or MasterCard after being accepted. Is there any reason this can’t be done at present?
I know that mbna offers dual Visa and Amex cards for the same credit card account at the moment.
Good recommendation but as previously mentioned one should diversify. So if you are Monzo customers go for Visa as Halifax CC runs on MasterCard network.
I have had such bad experiences with legacy banks that it would be great if Monzo offered a credit card. Is there a reason why it’s not on the roadmap?
Agree that having the option between Visa and MasterCard would be good to diversify networks given recent issues.
Credit card providers and banks are separate entities. There isn’t really any reason to have them with the same company - indeed you miss out on the best offers that way.
My credit card has 0% on transactions for 18 months. When that runs out I’ll get another one with the best deal available at that time. No way I’d stick with one company, or expect a bank to match that.
Unfortunately for those trying to avoid the same network, all the best travel cards seem to be on Mastercard. Barclaycard seems to be your best option for a zero fees Visa, and that’s time limited (albeit until 2022!)
Why should credit cards and banks be different entities?
Only reason I use a credit card is because rental car companies and hotels require one (also useful when traveling with work). I would never ever consider using a credit card with the crazy interest rates. Plus interest free periods and reward points just seem like a waste of time.
I’ve always used my debit card for car rental and hotels in the past? Even those who say they want a credit card are happy with debit, although I assume you need enough money in there for them to reserve the insurance excess or buffers for emptying the minibar or whatever, I guess that’s where the difference is?
Credit card transactions have protection that debit cards don’t. See below…
Hi Luke, just to let you know - I’ve moved your post here to keep all of the discussion about Monzo providing credit cards in one place. I hope that’s ok!
However, from experience this protection is meh - maybe I just didn’t push hard enough but Capital One (my CC provider) didn’t seem interested at all in charging back a erroneous Virgin Media payment.
I have had big debates with rental companies in particular. Some will 100% not accept debit cards, even with me offering a £5k deposit. Drives me mad given credit card hold is only a few hundred pounds but apparently that is policy. This is the only reason I still have a credit card.
‘Chargeback’ is different. It is at the will of the credit card provider.
Section 75 protection, however, is not “meh” it’s legally mandated so there won’t be any question, if you qualify to be able to trigger it, you will receive it. That protection is enshrined in law.
Not any more, Amex have stopped allowing 3rd party issuers after the cap on interchange fees.
If you pay it off each month it is just like using a debit card, no crazy interest at all.
I get hundreds of pounds back on my cash back card and many airmiles on my BA card. Double these up with a 241 voucher and that’s an international business class ticket for two worth up to 10k.
I wouldn’t call that a waste of time!
I keep saying this, so apologies for sounding like a broken record…
But I have no idea why anyone who can get a credit card/amex (appreciate some people can’t), which offers cash back/rewards, wouldn’t use it for as much as they can.
I’ve just had a holiday to Europe for a family of 4, which I paid using amex points (plus £115 in taxes).
The only downside is you then don’t get all of the relevant insights and analytics from Monzo - But the £1,000’s of pounds you can save is worth it!
If Monzo had better payee management - which, ultimately is all you’d need if you used a credit card for all day to day spending… and yes, I know it’s coming soon so I’m very excited for it, I’d seriously consider making it my main account for everything else.