Monzo Flex Review: Is it better than Klarna? Buy Now, Pay Later Comparison
Вставка
- Опубліковано 29 лип 2024
- Monzo Flex is a new 'buy now, pay later' (BNPL) product from Monzo. Flex allows customers to split the cost of purchases into installments, both online and in-store. In this video I'll be reviewing Monzo Flex and seeing how it compares to Klarna.
Ultimate Monzo Review 👉 bit.ly/3OCp3FO
Relevant Links:
Eligible Monzo Flex Transactions 👉 monzo.com/help/monzo-flex/eli...
Monito is an independent comparison platform and publisher. Our product and service reviews - like this one - are produced independently by our employees, and recommendations given are our own.
Chapters:
0:00 Intro
1:09 What is Monzo Flex? Overview & Klarna Comparison
2:50 How much credit can you have?
3:49 Credit score
4:30 How does Monzo Flex work?
5:25 What if I miss a payment?
6:54 Who's better: Monzo Flex or Klarna?
Terribly amateur question but 29% apr if i cant pay it back in 3 monthly payments. As in i can pay it back in 6 or 12. How much extra will i be charged. Will that be charged after a year (if ive not paid it back?) Or straight away ?
Hey great help, thanks for the information
No problem 👍 ^Jonny
Great video
Can using it in a good way help improve my credit score? Especially if I only pay in 3 instalments
I have Monzo and couldn’t get flex when it first launched. I tried after 3 months wait and I got a 1.5k limit. I’ve used it a dozen times and have moved a debit card transaction over to flex as the restaurant didn’t take Apple Pay (?!?). I now have a 2.5k limit - although I’ve only ever used the 3 instalments. You can pay Flex from a pot although I keep the money in chase for the interest. I use it for large purchases where I want to hang on to a little bit more of the interest myself.
What I didn't like about Klarna is that they take around 10%-15% from the seller when using it in the checkout, while Monzo flex just really gives you the pay now buy later experience without really making a gain from it. I noticed I was less likely to get the BNPL accepted when creating the virtual card with Klarna to buy from stores where didn't have Klarna in their checkout.
Great video just got Monzo flex credit limit £1500 and a physical credit card sent too.
Thanks for sharing Sammie. Are referring to Monzo's physical debit card? I wasn't aware they had a physical card for Flex. ^Jonny
@@Monitodotcom Yea its a physical Flex card
Oh nice! I totally missed that they’re rolling those out. Thanks for sharing. ^J
Is there any set limit for the monzo flex card? For example, every month i should spend a minimum of 200 pounds or so?
Hey Pree, there's no limit on how much you can Flex each month, as long as you have enough available credit. ^Jonny
I’m concerned now about credit score. So if I do make payments back at the right date ect this will not effect it in a bad way?
Hey Jonny, are you using Klarna or Monzo Flex?
Im not using it yet but I have a account with monzo. You mentioned it can impact credit score, but if I make payments back at the due date in a good way rather then a bad way?
Monzo flex is what I’m asking sbout
@@2Wigga4Ubasically making payments on time will show that you are financially responsible and will increase your credit score. Basically use no more than 25% of your credit limit and make sure to pay it off
If i'm unemployed but have over £8k annually (until 2025) thanks to DWP could I be eligible? My PIP claim expires in 2031 and I am doing unpaid work experience for a few months.
Hey Jack. You'll have to check, both will only perform a soft check to see if you're eligible so it won't hurt your credit score if you are declined. ^Jonny
How can I deposit money into Monso. I live in Chester City.Can't find a place to deposit money at all.I go to the post office at Chester cannot be deposited In Chester there is no point to fill.🙏🙏 thank you
Hey Je! All you need to do is visit a local Pay Point and you can deposit there. They're typically located in convenience stores and supermarkets. If you visit consumer.paypoint.com/ and enter your postcode you'll be able to see the locations closest to you in Chester.
Hope that helps, and don't forget the £1 fee for depositing cash. ^Jonny
@@Monitodotcom ขอบคุณค่ะฉันจะพยายามค่ะ
Thank you, I will try.
Let me know how it goes 🙂
@@Monitodotcom hi am I charged for the card even if I don’t use it
Does PayPal pay in 3 also affect your credit score...?
Yes. According to PayPal they'll report your payments and any missed payments to agencies whenever necessary. ^Jonny
I'm a 21-year old student with an income of 14.5k and the only credit limit they gave me was £150, better than nothing I suppose
I'm sure in time they'll boost the limit depending on your usage and compliance. Keep me posted if they increase, I'm yet to hear of anyone getting more than £1000 in limit. ^Jonny
@@Monitodotcom im 21 and earn 22k a year and i applied and they gave me £1500 credit straight away
It’s gonna depend on what information they have on you from your Monzo spending habits, what your credit file holds etc…
just got approved for flex 250 limit so small
That is small! I know initially, Monzo said you'd get up to £3,000. I wonder if they've set £250 to begin with, and in time that'll increase? ^Jonny
So from the looks of things they give 250 limit as a standard to most people, I’m 18 so pretty much have no credit history and they gave me £250 but wouldn’t allow me to raise it when I requested, but you CAN request it to go higher on the app.
interesting! Thanks for the insight. I just logged into my app and saw they are now offering 6 months interest-free on two purchases.
Bro I just signed up and didn’t get rejected 😂
I have a £3500 limit and I have no clue why
Well that's generous!
I got my flex days ago, put some of my previous transactions on it, created a pot with all the required balance to pay it off completely.
Nice Antonio, can I ask you limit they gave you? ^Jonny
Only £450, I hope in a couple of months I can increase it with the Flex and Pot payments.
Interesting. Keep me posted on the limit, I'd be curious to know if they bump your limit as I know they're now offering up to £3,000 but I've not heard anyone say they've gotten that much!
I use klarna .. but it seems monzo flex would do the job better.
I have to agree. I used Klarna for the first time when making the video, and found the whole process to be a bit annoying. With Flex and Google/Apple Pay it would be so easy to use. ^Jonny
Update: they have approved me for 2k
Great to hear!
Apple Pay later will…
Looking forward to this mate!
not "illegible" but "eligible" - ell-i-ji-bl.
Thank you, I’ve always struggled with this word. It’s actually so difficult to unlearn something you’ve incorrectly said for years. Cheers! ^Jonny