Monzo - Cash Withdrawals

Jamesdf5 · 8 August 2019 at 3:40PM

Hi again,

I've recently taken out a Monzo Account to get tight with my finances. I really like what I see so far but I've realised it appears to appear like a credit card rather than a debit card, so my question is:

Will withdrawing cash from it affect my credit rating?

Regards

James

m-holland · 8 August 2019 at 3:44PM

No, Monzo in a normal current account, for which you have a Mastercard Debit Card.

Withdrawing cash with Monzo will not affect your credit profile in any way. (also, ignore your credit "rating", its a work of fiction)

Additionally, Monzo only report to TransUnion (CallCredit)

Source: Am a Monzo customer

Jamesdf5 · 8 August 2019 at 3:55PM

Thank you. I only just noticed DEBIT on the back of the card.

Useful information. Thanks

[Deleted User] · 8 August 2019 at 3:55PM

What do you mean “appears like a credit card”?

Finchy2018 · 8 August 2019 at 6:29PM

I assume because it's a MasterCard and not visa (all my other debit cards have always been visas)

PRAISETHESUN · 9 August 2019 at 1:47PM

Monzo is a current account product with a debit Mastercard so unless you have an overdraft there is no way to get into debt - as such it will not affect your credit file (except for the hard search when you opened the account). Ignore the "score" or "rating" as these are not seen by lenders or used as an indicator of creditworthiness by anyone, focus instead on maintaining good credit history.