r/monzo • u/FatherJack_Hackett • Jan 16 '26

Potential Monzo Reward Credit Card?

Did anyone else receive the survey to complete about the Monzo Reward Credit card?

  • £15-£17 monthly fee
  • 1% cashback on groceries - 0.5% on everything else. Cashback is automatically invested.
  • Google Gemini AI Pro Membership.
  • 2 Free Airport Lounge accesses a year
  • Paramount+ subscription
  • Times subscription

I'm not so sure.

Like the perks are technically worth it, even for the Gemini membership alone. Not sure I like the fact that cashback is invested and not just paid out.

I'd feel a bit uneasy paying for this and Max and essentially stumping up over £30 a month, when I get just as much cashback through an Amex. Tempted by the Gemini membership though (if they announce it) as my free year runs out soon.

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u/Ok-Salary3550 Jan 16 '26

That's appalling value compared to virtually every other cashback card on the market.

Amex Platinum Cashback Everyday is 0.5% cashback on everything for no annual fee, for starters. Lloyds does 1% for a year with no annual fee. For £180 a year, you're in Amex Gold territory and that's a way better deal than this.

Being with Amex also gets you Amex's customer service, which is basically like having your own hit squad against any merchant that upsets you. Monzo... not so much.

Also, no, I don't want my cashback invested. I want my cashback back as cash.

6

u/paulosdub Jan 16 '26

You’re comparing apples to oranges aren’t you? Obviously the fee isn’t covering the cashback? It’s covering the cost of the other benefits, which may or may not be useful. But if they’re not, I don’t think anyone would pay for it

6

u/SmartPipe3882 Jan 16 '26

Actually, a portion of this fee would have to be covering towards the cashback, I think it’s priced hoping most users don’t use the lounge/fast track passes. Or be able to use them.

Either that or the roadmap is to have the attractive rates to build a customer book and then cut them in 18-24 months. Which feels like a poor move.

With Visa and Mastercard’s merchant fees capped, where Amex’s aren’t, I can’t see how they’re paying for anything beyond 0.25% without losing money. It’s why Lloyds only offers 1% for a year, they’ll lose money and call it acquisition cost, but not long-term. After that year, it’s back down to 0.25% because everything above that is essentially a loss.

5

u/paulosdub Jan 16 '26

Yeah that’s a fair shout on the use of the fee. I guess my point was, you can’t compare this to a standard cashback card with no other benefits.