Challenger bank Monzo has launched a new cashback feature to give its 8m customers money back when they use their debit cards at certain retailers.
Cashback will be available when customers use their Monzo card to make a purchase at retailers including Asda, Boots, H&M, eBay, Disney+ and Deliveroo. Shoppers will typically get between 2% and 10% cashback – but in some cases, it can be as high as 35%. The money you get back is automatically moved to a pot in the Monzo app to keep it separate from the customer’s main account
If you are a Monzo customer, you’ll need to activate the cashback feature first in the app, but once you have done this, cashback will be applied automatically. Monzo customers will also be alerted to new offers from retailers when they become available, and new cashback deals will be updated monthly.
The cashback feature follows a trieal with a few customers earlier in the year, and will be rolled out to all current account customers by early December. Kunal Malani, general manager at Monzo, said: “We know that in the current climate, more and more people are looking to money-saving solutions such as cashback, as a way to make their hard-earned cash go further.
“But it’s difficult to find a model that doesn’t have a complicated redemption process or one that offers cashback on brands people truly love. Our cashback offering plugs this gap in the market, giving customers real-time visibility on their rewards, with access to some of the nation’s most-loved merchants in food, retail, transport and entertainment. We look forward to helping customers earn cashback, on their everyday spend, with ease.”
The initial list of retailers who are offering cashback with Monzo is;
Monzo launched in 2015 and was one of the earliest of a number of new app-based challenger banks in the UK. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. It has no branches and all banking is carried out via its app.
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