Monzo flex payment question

RavingMad

Hi, I've had a Monzo account for a while which I use for trips abroad and I've just gotten a flex card now

When it comes to payment time, does it come from my Monzo account? IE I have to have the available funds to pay it off?

Thanks 

PinstripePhantom

Yes it comes straight out of your Monzo account on your payment date. If you have an overdraft with Monzo it will come out of that if you don't have available funds, if you don't have an overdraft I don't know what happens.

RavingMad

Thanks! I didn't realise there was an overdraft facility with Monzo. I only ever use it for foreign transactions.
So as long as I transfer the money into my account before payment due date, then I will be fine.

PinstripePhantom

Yep! I usually choose the pay in 3 instalments as it's interest free even though I have the funds available to pay off in full. I put it all away away into a Monzo savings pot to earn a couple quid in interest over the 3 months. Can't remember if Monzo sends a notification about Monzo Flex payment coming out the day before (I'm sure it does) but if I forget it comes out of my overdraft and it definitely sends a notification saying my payments gone out and that it came out of my overdraft, to which I then withdraw the necessary funds out of the savings pot into the current account on the day.

la531983

You can also make the payments manually ahead of time. No need to wait for them to take it. 

RavingMad

Has anyone got a decent limit? Mine is only £250.  Not an issue as you can pay it off at any point but I've always used a cc so we can keep track of everything we spend in a month, which can be over £2k 

PinstripePhantom

RavingMad said:

Has anyone got a decent limit? Mine is only £250.  Not an issue as you can pay it off at any point but I've always used a cc so we can keep track of everything we spend in a month, which can be over £2k 

My credit limit is £2.9k on Monzo Flex.

spinningsheep

RavingMad said:

Has anyone got a decent limit? Mine is only £250.  Not an issue as you can pay it off at any point but I've always used a cc so we can keep track of everything we spend in a month, which can be over £2k 

Mine started at £400 in Oct 21 and is now at £5500, I've used it frequently and well well under my credit limit, paid on time and sometimes early, has gradually gone up, o/d also is at £2000 which started at £500. Monzo isn't my main account that my salary is paid into, but I do have some DD set to pay from Monzo. 

RavingMad

Thanks. I'll keep using it and hopefully see it increase after a while

dertinbay

Did anybody else ever have issues getting an increase on their flex limit?

RavingMad

I've yet to get any increase but my wife has gone from £500 initial amount to £2.5k without requesting it!?