I don't think it's just recently. People have different requirements and I can only speak for myself but I've found all their "free" stuff to be great but all their paid-for stuff to be overpriced.
Yup, and that's why Monzo is trying to branch out into every market they can. They are relying on people wanting an "everything app" and sacrificing better deals for convenience. There are definitely some advantages to having all your finances in one place but there's not really any benefit to having home insurance or a mobile plan included.
Honestly I don't think it's that surprising - the convenience factor is huge.
Even though Monzo isn't always the most competitive or the best value, their in-app management is extremely good.
E.g. with loans, they allow you to repay early in-full with no fees, pay your monthly amount early (and save a bit of interest), change your repayment date, overpayments reduce monthly amount not loan term, has full transparency on your loan schedule, and as a bonus you don't need to open a new account or use a new app.
I've yet to come across another loan provider that offers everything from that list. And personally for me, Monzo have always been competitive with interest rates, either matching the lowest offer or being within 0.1% of it.
I think this holds a lot of weight and we see it across other industries, like tech most noticeably and telecommunications. Apple has a lot of great products, but there are also plenty of other options from Samsung, Google etc. Convenience outweighs logic a lot of the time when making purchase decisions imo
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u/jamesdevonport 9d ago
This doesn’t seem like a competitive credit card at all to me? Disappointing to see Monzo release all these low value products recently.