Integration with either Freetrade or Trading 212 would be nice, although I’m not sure if it’s possible at the moment
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American Express connection should ask you for your statement date so that it shows overall debt as well
as your statement balance for amounts.
statement_balance = sum([ x.amount
for x in payments
if x.transaction_date <= next_statement_date and
x.transaction_date > previous_statement_date
])
US only means it’s not a comparable product. Maybe it will come here, but until it does, it doesn’t matter if there’s 100,000 cards for free with better options.
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Explain your logic here. Is the service by privacy.com so radically different it should be held to a different standard than Monzo Plus? How can you argue something is good, or value for money, if you are not looking at similar offerings in the market? Just because it’s not available in the UK doesn’t mean it should be ignored - it’s actually demonstrating that virtual cards can generate revenue, therefore slapping a fee to use them is not value for the consumer.
Didn’t you just prove the point though? Given there’s no comparable products over here, and the US has demonstrated virtual cards can generate revenue… There’s proof that Monzo can charge for offering them? Or… Did I miss something?
Oh also keep in mind that there’s a higher interchange fee in the US compared to the UK. Banks in the UK are capped on how much they can earn via interchange, so they’re not comparable marketplaces from the beginning.
4 Likes
Ah, I’ll clarify - virtual cards can generate revenue when being offered for free, so to slap a charge on a virtual card system that offers less than a free counterpart seems like poor value for money.
I really think virtual cards are a brilliant idea, but Monzo Plus’ implementation is very limiting and basic. Given that it isn’t pushed nearly as much as other features of Monzo Plus, I’d like to see it become considerably better over time.
And where does the revenue come from?
Interchange fees? Which aren’t capped on the US but are in the UK. So there’s already a glass ceiling as to how much revenue they’d likely generate vs the cost (?) of acquiring a new BIN to issue numbers from.
I agree that I’d like to see virtual cards developed, but I still don’t think we can compare them to a US product where the market, legislation and infrastructure is different. Compare the feature sets, sure, but I wouldn’t look at business models or revenue streams.
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A card that is genuinely unique not a clone of other cards.
The current holographic card looks like a revolut basic card.
I would love the ability to be able to pay from pots for things other than direct debits/standing orders, Netflix, Amazon Prime etc.
Also pot to pot transfers would be really nice.
I am still hanging on to YNAB almost 18 months after joining Monzo as the budgeting within Monzo isn’t quite there yet (for me)
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The main reason for me to try it was being able to see my credit card in the same place (and Monzo app is nicer than the one from my other bank). But then I discovered that I can’t pay directly to the credit card.
If I can’t easily transfer my money to the connected bank accounts, this doesn’t work out as a single control centre for me. So I’ll probably unsubscribe after the initial three months until further improvement of this part.
They’ve already started to make improvements in this area, who knows what else they’re keeping under wraps 
https://community.monzo.com/t/you-can-now-add-amex-to-monzo-with-monzo-plus/106180/52?u=ordog
Yeah, I’m definitely keeping an eye on this space.
Do we know if there will be an in app notification to almost “re-authenticate” after the 3 months have passed or will it just roll on?
Trying to think if they’ll try and hastily add in some updates before the 3 months are up or if there is no real rush there
This member of the community is still paying £3 per month for I have no idea what. Either I stop paying or I move to the new plan which does not convince me as yet.
Anyone remember what £3 pm got you?
I’ve actually moved more transactions to Revolut, who now have a meaty premium service. Survival of the Fittest.
Plus interest into a pot.
I don’t use it so hard to say what the biggest problems are, plus I’m not a typical user.
My ‘system’ means my monthly income goes into another Bank. I have two accounts with that bank, one is where ALL my direct debits/SOs are paid from, and as they are mostly static I put enough in it to cover. The rest I keep in the other bank account for ‘just in case’.
My weekly income goes into Monzo, and that’s all for spending/groceries/fuel … all variable amounts. I sometimes ‘top up’ from the ‘other Bank’ account if I need it (or have just spent too much).
I have pots in Monzo with small amounts going in each week to simulate some form of saving (£5 a week kinda thing).
Without doing a CASS, summary is kinda pointless for me as it’s largely focussed around BILLS, not micro spending (or whatever you wanna call what I do). How much did I spend on coffee, how much on lunches, how much in which shop last month? It would be useful.
P.S. Ultimately I not changing my system as I prefer my bills (DDs/SOs) to be hidden away out of view, a Bill Pot doesn’t quite manage that for me as it’s within the same app - a small piece of friction perhaps but it works for me.
Sorry I can’t be of more help! I do believe @BritishLibrary has some great ideas though…
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