How I’ve Been Using Monzo Flex

Monzo Flex has been available for most customers for around 18 months. When it had been out for a few months, I published a post about how I found it and how to use Monzo Flex. But it’s high time I did a bit of an update on how I’ve been using it throughout this time.

I pride myself on being pretty good with money; I budget and plan. And I always know how much we have and where the money goes. If anything, I’m a bit too planned with it. Not everyone will be like this, so if you struggle with money or are in debt, it probably won’t be for you, as Monzo Flex is a credit product.

Monzo Flex overview

If you’re not sure what Monzo Flex is, it’s a payment plan available to Monzo card customers where you can split the purchase price into monthly instalments.

You can choose to flex a purchase over three instalments (each a month apart), and this would be at 0% interest. There’s a choice of six or 12 instalments at 19% APR.

You have to apply to get Monzo Flex, and you’ll be given a credit limit of how much you can spend on it. When you apply, you select a payment date each month to plan when to pay your instalments.

When Flex launched, you had to pay the first instalment upfront. But that’s no longer the case; you pay on your set payment date.

How to use Monzo Flex

You can use the flex option in two different ways. If you’re buying something online, use the dedicated card details for your flex account. When doing this, you can select how many instalments you want to break it down. And the app will give you a breakdown of how much payments will be and when they’ll come out.

Alternatively, you can pay via Monzo as usual and then flex payments up to two weeks after you make them.

You can have multiple flex payments simultaneously as long as the total doesn’t exceed your credit limit.

You can overpay your flex payments. When it first launched, any additional money always came off the end instalments, but now you can choose to pay your next instalment early, which is useful. So if I have a bit of spare cash, I can pay my next one early.

Is Monzo flex a credit card?

Monzo Flex is quite different from a credit card. With a credit card, you must pay off your full balance each month to avoid interest. But with Monzo Flex, you can split over three months completely interest-free.

Although both credit options will affect your credit score if you miss a payment, so don’t go in thinking it’s less ‘serious’ than a credit card. You still have to apply, get a credit limit, and pay off your instalments.

For me, I think Monzo Flex is more transparent than a credit card as you know exactly how much you need to pay to not be charged interest.

How I’ve been using Monzo Flex

I’ve been using the flex function since it’s been available.

One useful way I’ve been using it is if I pay for something like theatre or gig tickets and I’m owed money from someone else. I can flex the whole payment and pay off my part; when my friend sends their money, I can clear it off. It then doesn’t matter if a friend can’t pay until payday, as there’s time. And in the meanwhile, I am not out of pocket.

I also use Flex if I’m saving for something and then spot it in the sale. For example, I save a little every week towards Luke’s birthday, and just before Christmas, I spotted something on sale that I wanted to buy. But I hadn’t quite saved enough as his birthday is in March. Having Flex meant I could buy it on the promotion, pay off everything I had saved so far, and then clear it off as I saved for the final few months.

It’s also handy when I have an expensive week just before payday. However, I would never want to rely on it consistently.

Have you ever used Monzo Flex?

Pin It