Monzo Card Review

Who is the Monzo Card for?

The Monzo Card is a unique debit card that aims to revolutionize the way people spend money. Even though it has not officially entered the US market yet, Monzo’s impact on its clients in the UK has been very significant. As an online-only bank, Monzo services all your banking needs at your fingertips. With 2.2 million customers in the UK, this card definitely has the potential for a larger market share in the US. 

While this is clearly not a credit card and will not earn you rewards, it comes with a slew of modern features that set it apart from traditional debit cards. The Monzo app is an easy-to-use interface that makes managing this card extremely easy. Overall, this card is perfect for someone who just wants a plain and simple debit card that prioritizes customer service and usability over other benefits. 

Monthly Fee

The Monzo card comes with no monthly fee or account charges. This means that you do not have to spend any money to use this card, which makes it easier to switch from different banks to Monzo. 

Features

The Monzo account comes with no monthly minimums, zero fees to instantly send money to friends through the Monzo app, no overdraft fees, no ATM fees at over 38,000 ATMs nationwide.

and no foreign transaction fee. You can also freeze your card instantly in-app if you lose it. The app also notifies you of transactions immediately, unlike other banks which can take days to process your purchases. As it enters the US market, it is partnering with FDIC insured Sutton Bank, so you are protected for up to $250,000. 

With this card, you can set money aside from your main balance with ‘Pots’ which are essentially mini-accounts for potential future expenses like a vacation or just a rainy day. You can also categorize your spending and know where your money goes. Finally, you can round up purchases to save your change. 

Perhaps the most beneficial feature of this card is the customer service that comes along with a Monzo account. You get access to 24/7 customer service that has received excellent feedback from clients in the UK. 

Cautions

Since this is not a credit card, it does not come with any fraud-protection programs, which means that in case of theft or fraudulent transactions, you might be out of luck.

Conclusion

Overall, this card is a great option for young spenders that want an account to be easy-to-use and practical in their daily lives. While it may not offer significant benefits, with its heavy focus on its mobile app, it is definitely a peek into the future of retail banking.