In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Frequently asked questions
  • Your reviews
Monzo Flex
4.0
★★★★★
Finder score
Representative example:
When you spend £1,200 at a purchase rate of 29% (variable) p.a., your representative rate is 29% APR (variable).
Foreign transaction charge
0%
Account fee
£0
0% interest on purchases
3 months

Our verdict

Digital banking challenger Monzo has released its first credit card, which could be described as a hybrid of buy now, pay later and a credit card.

If you want the option to spread the cost of any purchases you make over 3, 6 or 12 months, this “Flex” service from Monzo could be worth considering. But is it just like any other buy now, pay later (BNPL) type service in the form of plastic?

Unlike most traditional BNPL services that can only be used at the checkout at selected retailers, Monzo Flex can be used for most transactions online or in-store (similar to the Klarna Card) in the UK or abroad, and there are no additional foreign transaction fees to worry about. Another key difference is that Section 75 protection applies to eligible card purchases of over £100 - just as it does with any credit card. Make sure you check which payments are eligible for this additional protection if you’re planning a big purchase.

However, as Monzo Flex is a form of credit, it’s important to remember that your credit score can be affected depending on how well you manage your repayments. What’s more, if you split your payments over 6 or 12 months, the interest rate charged is fairly high, which means your purchase could become expensive. You might want to consider a 0% purchase credit card instead.

Pros

  • Option to spread out payments
  • Avoid currency conversion charges when spending abroad
  • No annual fee

Cons

  • Fairly high interest rate
  • Section 75 protection applies to eligible card purchases

In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Frequently asked questions
  • Your reviews

If you’re accepted, Monzo Flex could allow you to spread your in-store or online payments over 3, 6 or 12 months.

Details

Product Overview

Issuer Monzo
Network Mastercard
Representative APR 29%
Annual/monthly fees £0
Purchases 0% if paid in full monthly or over 3 months. Reverting to 29% (variable) in 6, 12 or 24 monthly payments.
Maximum credit limit Subject to status
Incentive
Potential costs 4.0 ★★★★★
Doing its job 4.0 ★★★★★
Extras 2.0 ★★★★★
Overall Finder score 4.0 ★★★★★

Fees and charges

Annual/monthly fees £0
Foreign usage charge (EU) 0%
Foreign usage charge (rest of world) 0%

Application Requirements

Minimum Age 18
Additional Criteria You'll need to be a Monzo customer to apply.

What is Monzo Flex?

Launched by digital bank Monzo in September 2021, Monzo Flex is an instalment service designed to give you some flexibility in paying for goods or services.

You can use your Flex card to pay for items in-store and online and then split your payments into 3 interest-free instalments or take more time and pay over 6 or 12 monthly payments with interest added.

You can also enjoy Section 75 protection on purchases made with your Monzo Flex card, just as with a traditional credit card. This means that any item you buy that costs more than £100 and less than £30,000 will be covered if something goes wrong – for example, the item isn’t delivered or the supplier goes bust – and you should get your money back from the card provider.

How does Monzo Flex work?

Monzo Flex offers a credit limit of up to £3,000. If your application is accepted, you can use your card to make a purchase and then pay off your balance in full on your next monthly payment or split it into 3 monthly payments, interest-free.

Alternatively, if you need longer to pay back what you owe, you could split your purchase into 6, 12 or 24 monthly payments, but you’ll be charged interest at 29% APR (representative).

As well as being able to “flex” at the checkout, you can also flex an existing Monzo current account transaction that you made up to 14 days ago and select a payment plan for it. Monzo will then refund you the amount and take the initial payment. You can flex any amount as long as you have enough available credit. But if you choose to flex your current account purchases, you lose your Section 75 protection.

If you’ve selected a shorter payment plan and need longer to pay it, simply edit your instalments in the app. If your instalment plan is interest-free and you switch to a long-term plan, you’ll be charged interest.

How to get Monzo Flex

You’ll need to have a Monzo current account before you can apply for Monzo Flex. If you don’t already have one, you can apply for a current account by downloading the Monzo app. You’ll need to be at least 18 years old and have valid ID.

You can then apply for Monzo Flex on your phone by scanning the QR code on the website. Monzo runs a soft search to check your eligibility – a soft search won’t affect your credit score. If you’re happy to go ahead with your application in full, Monzo carries out a hard credit check, which leaves a mark on your credit file.

Where can you use Monzo Flex?

The Monzo Flex card can be used pretty much anywhere that accepts Mastercard, including when travelling abroad. No foreign transaction fees apply.

You can shop with your card in-store and online, and you can choose to use your physical Flex card or the virtual Flex card on your phone through Apple Pay or Google Pay. There is no contactless limit with the card.

Note that you can’t use Monzo Flex for any of the following:

  • Gambling transactions
  • Cash withdrawals
  • Payments made from a Monzo Pot
  • Faster payments and bank transfers
  • Cryptocurrencies
  • Investing platforms
  • Credit card payments
  • Financial services companies
  • Timeshares

Features of Monzo Flex

The key features of Monzo Flex are outlined below:

  • High credit limits. Credit limits of up to £3,000 – this will depend on your agreement.
  • Pay in instalments. Choose to split your payments over 3 months interest-free or 6, 12 or 24 months, but interest will be charged.
  • Section 75 protection. For eligible purchases over £100 and less than £30,000 made on your Flex card only.
  • App-based. Edit your instalments and view your transactions with ease through the app.
  • Early repayments. Choose to make repayments early with no additional fees.
  • Free spending abroad. Use your card at home or overseas with no foreign transaction charges.
  • Flex on past payments. Option to “flex” transactions you made up to 14 days ago. If you choose to flex on payments from your current account, you lose your Section 75 protection.

Repayments

When you choose to split your repayments, Monzo shows you how much each payment will be and when it will be taken from your account. It also shows how much interest you’ll be charged.

If you want to change your repayment plan and give yourself longer to repay the balance, you can easily edit your instalments in the app. On the other hand, if you want to make repayments early, you can also do this without being hit with a penalty fee.

If you miss a repayment, you won’t be charged a fee, but Monzo gives you 7 days to make the payment. If you can’t do this, you’ll be moved to the longest plan available for each purchase.

As Monzo Flex is a form of credit, if you can’t make your payments, missed payments are reported to the credit reference agencies, which could harm your credit score. If you’re concerned making repayments on time, speak to Monzo as soon as possible.

Customer reviews

We haven’t found any specific customer reviews for Monzo Flex. However, Monzo as a whole scored highly in our latest customer satisfaction survey, coming in the top 5. It also scores highly on review site Trustpilot. It has a rating of 4.2 out of 5 from more than 28,000 reviews (updated October 2023), which is considered a “great” rating overall.

Positive comments focus on the easy-to-use app. Some reviewers cited excellent customer service. However, other reviewers have stated that the customer service is poor.

On the Apple App Store, Monzo has a rating of 4.9 out of 5 from more than 190,000 reviews (updated October 2023), and on Google Play, it has a rating of 2.5 out of 5 from more than 125,000 reviews (updated February 2024).

Customer service contact details

The easiest way to contact the Monzo customer service team is to use the chat function in the app. You can also call the team for free on 0800 802 1281 between 7am and 8pm or on +44 20 3872 0620 if you’re abroad.

Bottom line

If you’re looking for a more flexible way to spend and you’re happy to bank with Monzo, there’s a lot to like about Monzo Flex. As well as giving you the option of spreading your payments over 3, 6, 12 or 24 months, you’ll also benefit from fee-free card purchases abroad and protection for eligible purchases over £100.

However, while splitting your payments over 3 months is interest-free, if you need longer to repay your balance, there could be cheaper options out there. A 0% purchase credit card, for example, enables you to spread the cost of your spending over several months interest-free and could be better if you’ve got an expensive purchase coming up.

Other popular purchase cards

Table: sorted by representative APR, promoted deals first
Name Product Purchases Balance transfers Annual/monthly fees Representative APR Link Representative example
M&S Bank Credit Card Purchase Plus Offer Mastercard
0% for 20 months reverting to 24.9%
0% for 12 months reverting to 24.9%
£0
24.9%
Check eligibility
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
NatWest Purchase & Balance Transfer Credit Card
0% for 19 months reverting to 24.9%
0% for 19 months reverting to 24.9%
£0
24.9%
Go to site
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
HSBC Purchase Plus Credit Card
0% for 18 months reverting to 24.9%
0% for 16 months reverting to 24.9%
£0
24.9%
Check eligibility
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Royal Bank of Scotland Purchase & Balance Transfer Credit Card
0% for 19 months reverting to 24.9%
0% for 19 months reverting to 24.9%
£0
24.9%
Go to site
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Santander All in One Credit Card
0% for 15 months reverting to 23.9%
0% for 15 months reverting to 23.9%
£3 per month
29.8%
Check eligibility
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a. with a fee of £3 per month, your representative rate is 29.8% APR (variable).
loading

Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Moneyfacts.

Frequently asked questions

Your reviews

No reviews yet. Write a review
Go to site