Tymit Vs Monzo Flex

Hello All,

Just received my invite to join Monzo Flex, and wanted to share the details for those curious or wanted to know the differences…

  • Tymit offers 15% APR, where as Monzo Flex is 20% APR.
  • Tymit offers payments up to 36 months, where as Monzo Flex is between 6 and 12 months for amounts over £30.
  • My limit with Tymit is £3000, where my max offer with Monzo Flex is £2700.
  • Amend: They both offer the same 3 months interest free (thanks @jase)

I’ll be sticking with Tymit.

Not sure if this is different for each applicant depending on their personal circumstances. But thought I’d share mine.

Hope this is useful for anyone interested.

Thanks for listening.

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The rates are dependent on the risk and you can flex payments over 3 months as well those mentioned above. The 3 months is interest free.

I prefer Tymit as with Monzo flex, the first payment is taken from the account instantly rather than on the next billing cycle with a credit card.

Yes @jase. I did seem to omit the obvious 3 months free feature from my list. I guess because it was the only real similarity. (I amended by original post).

Yes, your reference to the billing is certainly more favourable with Tymit. Suppose it depends how quickly you want to pay it off.

I really don’t proclaim to be any kind of finance specialist. Ha ha. Forgive me @jase. :joy:

I was hoping that I would have a replacement for tymit in Monzo flex. I am unashamedly a big Monzo fan. But the reality is, that instant payment and £30 limit has really restricted my ability to use Flex.

The biggest let down for me is not being able to add flexed payments to a shared tab in Monzo. My better half and I use shared tabs a lot to settle payments each month.

Having purchased about 7 things on flex recently, each one had to be added to the shared tab manually.

I am hoping Tymit soon offers shared payments or joint cards, as this would mean we can do this all in the same app.

Also, agree with you @StuMac on the £30 limit, really annoying but I’m happy with Tymit.

Did you get the invite by post? Pre-approved?

I got a popup a few months ago via the app alerting me to the offer being available soon, and to sign up to be notified when it was available. Once it was, I then went through some soft search questions for eligiblity and credit limit. I then stopped my application there as I didn’t sign up to it.

So no, I don’t believe you are pre-approved.

I don’t believe Monzo does anything via post. The only thing I got through the post from them was the physical card. Anything else is done via the app.

I was part of an early group using it and there is their own internal risk screening before going through a soft-search to check eligibility criteria.

Monzo Flex now offered for payments under £30. Minimum £3 a month payment unlike Tymit which will let you spread anything.

Still prefer Tymit for almost all my spending.:ok_hand:

Sometimes companies need to bend to the needs of their customers.

Just curious.

Are there any limits with Tymit or Monzo Flex on how many times I can split purchases?

I tend to use my Tymit card a lot to spread payments, but I always thought i might get a notification from Tymit pop up one day advising me I’m unable to split so and so purchase because I have already got x amount.

It’s a good idea that Monzo Flex has resided the limit from £30. But until or if they ever decide to change the first payment, so it’s not instant. I won’t be using it as my default payment.

You can split every purchase if you like as long as you stay within your credit limit.

Even just planning everything to 3 months interest free there are no limits to it other than your credit limit.

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Thanks for clearing that up. I thought there was a limit on the number of times you could do this.

No not at all, sometimes it’s nice just to put everything on 3 months as it evens out the cost of more expensive months and makes it easier to budget.

I split most purchases to 3 months but my van insurance I spread over 12 and it saves me quite a bit compared to what the insurance company charges for monthly installments.

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One thing I definitely don’t like about Monzo Flex is their weird instalment calculation. Even when the purchase is divisible by 3, they round the first two instalments up to the nearest pound and collect the remainder on the third.

My first purchase was £159.99, which went £54, £54, £51.99. Why on earth not just 3 x £53.33?

I can’t see myself using it a lot, although they did give me a better credit limit than Tymit.

So, I thought I’d give Monzo Flex a go. I was offer a decent 9% rate of interest, and a £3900 limit. I took it.

I used it for the first time yesterday and the transaction was declined. Found out later on that the Flex card is linked to my personal account, and you have to have at least a third of the transaction available in your account to cover the first payment, which they take straight away. I use our joint account for everything, so my current account was empty, which is why the payment was declined.

You can Flex previous payments from up to two weeks ago, but only from your personal account.

Unfortunately this means as someone that predominantly uses the joint account, Monzo Flex isn’t going to work. Unless I give myself an allowance from the joint into my personal account. Hmm…

I think my partner and I are in the minority that we are both all in with our joint account, and don’t use individual accounts. We only have them because you needed one to set to a joint Monzo account.

In summary, with Tymit being a standalone credit card, it’s easier to use, especially in my circumstances.

Just wanted to share my experience for those who might be interested.


I prefer Monzo. Tymit is a half baked product with a lazy and unfit for purpose business structure

If you read the Monzo forum, its not that unusual for those with joint accounts.

However, Monzo leave a lot to be described re: joint account features vs personal accounts.

My Monzo flex limit went up to £4000 today from £1000.

I’ve made every payment to Tymit on time and still no credit limit increase from £1000 which I had when I joined in the early days of Tymit.

My barclaycard has a £6000 credit limit