Monzo Flex getting more competitive

Tymit keep upping interest rates and take forever to work on basic things like statements.

Monzo meanwhile have listened to their customers and scrapped the requirement to pay the first instalment upfront. Now they are offering 2 purchases before the end of the year to be spread over 6 months interest-free instead of 3.

Perfect timing for me with a couple of large purchases coming up. Monzo will get more of my business not just because of the longer interest-free, but because their attitude toward their customers is better.

Hi @chake54 :wave:

Thanks for your feedback on the features of your Tymit account and how that compares to other products in the industry. I’m delighted to hear that you’ve found your perfect match with Monzo!

As a relatively new company, we’re on a journey and we have big aspirations! We’re continuously looking to improve not only the service we provide, but also the flexibility and features that our Tymit card offers our customers.

Your feedback as we move forward is truly valuable to us.

I’ll contact you directly as we’d love to hear more about the features that you’d personally find useful!

Hi @Fedi

Thanks for the reply. I’ve chosen to respond here rather than messaging you back because I sort of think that’s the point of having this kind of forum: to discuss these things openly. Although it has to be said, the discussion here since I joined has now all but entirely fizzled out.

People who used to be ‘regulars’ are now never heard from. I don’t know whether it’s the product and they’ve closed their accounts and moved on for whatever reason or just the general lack of conversation has meant they don’t bother checking in anymore.

One thing I have noticed is that I used to get an email notification when someone replied to a post. Not sure why that stopped.

But on the subject of new features and so on, people want to be given added value. Monzo did this by springing the (limited) offer of a longer interest free period on me just in time for Xmas.

Jaja teamed up with Asda, not only for their new loyalty rewards but with 0.3% cashback on non-Asda purchases. The only reason I’ve not opened an account is I already have a 0.5% cashback card I use for the purchases I pay off every month.

As @Stephen observed about not being Tymit’s target customer, I’m pretty much in the same boat. Neither Tymit nor any other credit card company will ever make much money from me because I don’t pay interest. I pay my balances in full every month or spread purchases interest free just for convenience and to avoid the need to withdraw from savings on which I receive interest. I suppose keeping some small balance helps keep my credit scores tiptop too!

The reason I have a number of cards is because they each have features I like. Being able to withdraw a small amount of cash and it be treated like a purchase is a good feature of Tymit and it’s unique as far as I know. Keep it.

In all truth, the only features that do impress me really are the ones that are advantageous to me, probably at some cost to you. That’s the blunt reality!

But what people don’t like is having features taken away, being promised features that take forever to materialise, if they ever do and already high interest rates increased constantly with the excuse that it’s about ‘remaining competitive in the market’ or some similar hogwash, because we see right through it. I had an Egg Money card at 6.9% APR back when the BoE base rate was about 4.5%.

Again, not that it makes much difference to me because I don’t pay any interest, but as a customer I observe the attitude and ethos of a company I give my business to.

I think tailoring interest rates to customers’ individual credit status (both externally and internally assessed) was a better way of doing business than heading in the one (or two if we include Booster) size fits all direction.

At the end of the day, I don’t really care if my interest rate is 15%, 25% or 75% because I don’t pay it. But I know what makes me feel more valued as a customer.

Same with my credit limit. Even after an almost 50% increase, my Tymit credit limit is just over half my next nearest credit limit. And only a quarter of my highest. It doesn’t matter to me because even my pre-increase Tymit limit was mostly enough to cover my needs. But Tymit still feels stingy because of it.

Am I getting through?

I have no pearls of wisdom to say “go away and create this feature” - copy Monzo’s extended interest free offer if you like. But give people something out of the blue. A surprise. That’s what impressed me with Monzo’s offer.

Oh, seeing as it’s Tymit I’m saying this to, if you’re going to do these things, pull your finger out and get on with it! Don’t keep people waiting months on end. I’m not bothered about statements myself, but it’s an issue for other people. How hard can it be? A new card design was mentioned some time ago. Personally, I like the present design and don’t want to change it. But don’t tell people it’s changing and then just keep them dangling!

And how’s about this? If you going to change the card design, think about running some alternatives past people here. Put it to a vote…

It does seem to me that Tymit spend too much time on style though, when customers would much rather see that effort put in to substance.

Hope that helps.

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