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Monzo Flex review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Monzo Flex suits people who want a no annual fee credit card and clear spending notifications, and it costs nothing to hold at £0. Borrowing from it costs more, since the card APR is 29% and a personal loan carries an origination fee of 0 on a 12 to 84 term.

Key facts

Best for
A free to hold credit card with no foreign transaction fee, tied to an existing current account.
Annual fee
£0↗
APR
29%↗
Currency conversion fee
0%↗
Rewards type
None↗
Credit needed
Fair↗
Perks
0% interest over 3 months on purchases of GBP 100 or more, repeatable, 0% interest if you pay in full, No overseas fees (Mastercard exchange rate only), Section 75 purchase protection, Credit limit up to GBP 10,000, Flex purchases from up to 2 weeks ago, Instant notifications and real-time balance updates, Separate paid card: Aura (GBP 15 a month) adds 1% cashback on groceries, 0.5% on everything else uncapped, auto-invested cashback, Apple TV, Google AI Plus, 2 airport lounge and 2 fast track passes a year↗
Card kind
Credit↗
Legal entity
Monzo Bank Limited↗
Headquarters
United Kingdom↗
Founded
2015↗
Support channels
Help-centre, Chat
Pricing model
No annual fee
Features
Virtual card, Travel
Audience
Kids, Business
Official website
monzo.com

Loans

Loan amount
£10,000 to £35,000↗
Term
12 to 84 months↗
Arrangement fee
0↗
Funding time
Minutes after approval, into the Monzo account↗
Representative example
Borrow £4,800 over 36 months, 35 monthly repayments of £181 plus one final payment of £150.99, 20.9% fixed interest rate, 23.0% representative APR, total repay £6,485.99↗
Rate type
Fixed↗
Lender type
Direct lender↗
Free early repayment
Yes↗
Eligibility
UK residents aged 18+, Monzo Current Account required↗
Loan types
Personal, Debt-consolidation, Car↗
Use cases
Home-improvement↗

Debit cards

Monthly fee
£0↗
Free ATM withdrawals
£200↗
Card type
Debit↗
Card network
Mastercard↗
Currencies
38↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • Annual fee of £0 and currency conversion fee of 0% both rank 1 of 186 brands on our data
  • Free early repayment on the personal loan, with an origination fee of 0
  • Loan money lands Minutes after approval, into the Monzo account, and the card sends instant notifications and real time balance updates
  • Perks include purchase protection and a repeatable interest free period on larger purchases

Cons

  • The card APR of 29% sits well above the site median of 15.5% for cards
  • Rewards are none on the standard card, with cashback only on the separate paid Aura card
  • Support runs on help centre and chat only, with a help centre and chat rather than a phone line
Monzo Flex

Ready to try Monzo Flex?

Scored 8.8 / 10 by SumCue.

See alternatives

Who it suits

  • Existing Monzo Current Account holders who pay the balance in full each month
  • Travellers who want a card with a currency conversion fee of 0%
  • Borrowers wanting a fixed rate personal loan with free early repayment

Who should look elsewhere

  • Anyone who wants cashback or points on the standard card, where rewards are none
  • Borrowers who need a soft credit check, as the loan asks for fair credit
  • People who need phone support, since support runs on help centre and chat

How it compares on our data

On the measures we rank, the card leads on price and trails on rate. An annual fee of £0 places it 1 of 312 brands, and a currency conversion fee of 0% puts it 1 of 186. Borrowing runs the other way, with an APR of 29% ranking 111 of 138. The value here sits in holding costs and travel, not in the rate charged on credit.

Fees and FX

Holding costs are the strong point. The credit card charges an annual fee of £0 and a currency conversion fee of 0%, so overseas spending goes through at the Mastercard exchange rate with nothing added. What you do pay for is credit, since the card APR of 29% applies once a balance is carried from one statement to the next. A paid tier also exists alongside the free card, with its own monthly charge listed separately.

How Monzo Flex compares

Where Monzo Flex is available

Available
United Kingdom
Licence in United Kingdom
Financial Conduct Authority (730427), checked September 26, 2026
Licence in United Kingdom
Prudential Regulation Authority, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

Is there an annual fee on Monzo Flex?+

There is no annual fee, listed as £0. The model is no annual fee, and the same brand charges a monthly fee of £0 on the current account side. Optional extras, such as the paid Aura card, sit outside that and carry their own charge.

What APR does Monzo Flex charge?+

The card APR is 29%, which is well above the site median of 15.5% and ranks 111 of 138 on our data. The perks list interest free months on larger purchases, and interest free spending if you pay in full. Repaying the balance each month keeps interest at nothing.

Does Monzo Flex charge a fee abroad?+

The currency conversion fee is 0%, and the card runs on the mastercard network, so overseas spending is charged at the exchange rate alone. That places it 1 of 186 brands on the same measure. Free ATM withdrawals abroad run to £200 on the travel features listed for the brand.

Who regulates Monzo Flex?+

It is regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority, and the Financial Conduct Authority licence number is 730427. The legal entity behind the brand is Monzo Bank Limited, headquartered in the United Kingdom. Purchase protection also appears in the listed card perks.

Does Monzo Flex pay any rewards?+

Rewards on the standard card are none, so there is no cashback or points built into it. Cashback sits on the separate paid Aura card, which the perks describe as adding a higher rate on groceries, a smaller uncapped rate elsewhere, and auto invested cashback, all for a monthly charge. Flex also stretches purchases made in recent weeks.

Can I repay a Monzo loan early?+

Free early repayment is available, so you can overpay or settle the balance without a charge. The rate is fixed and the loans cover personal, debt consolidation and car. Funding comes Minutes after approval, into the Monzo account, the origination fee is 0, and the brand lends directly rather than through a broker.

Who can apply for Monzo Flex and its loan?+

Eligibility is listed as UK residents aged 18+, Monzo Current Account required, so a current account with the brand is a condition for the loan. Applicants are judged on fair credit, and loans run from £10,000 to £35,000 over a 12 to 84 term. Listed uses include home improvement, alongside car and debt consolidation borrowing.

How do I get help from Monzo?+

Support runs on help centre and chat, with a help centre and live chat rather than a phone line. Account features listed include a virtual card and travel add-ons, and the card sends instant notifications with real time balance updates. The card is a credit card, while the account side is a debit card, and both run in the UK.

Sources

  • en.wikipedia.org/wiki/Monzo_(bank) checked September 26, 2026

    Backs: Card type, Founded

    “Customers signing up for the current account are issued a Debit Mastercard”

  • monzo.com/credit-cards checked September 26, 2026

    Backs: Annual fee, APR, Card kind, Currency conversion fee, Headquarters, Legal entity, Pricing model, Perks, Rewards type, Licences

    “Flex Purchase - No monthly fee”

  • monzo.com/current-account/plans checked September 26, 2026

    Backs: Features, Monthly fee

    “Virtual cards (Extra, Perks, Max); Worldwide travel insurance (Max)”

  • monzo.com/features/travel checked September 26, 2026

    Backs: Free ATM withdrawals, Audience, Currencies, Card network

    “If Monzo's your main bank account, make unlimited fee-free withdrawals in the European Economic Area (EEA), and up to GBP 200 every 30 days anywhere else. After that, we'll charge 3%”

  • monzo.com/loans checked September 26, 2026

    Backs: Loan amount, Eligibility, Funding time, Lender type, Loan types, Arrangement fee, Use cases

    “Our representative APR for loans of more than £10,000 and up to £35,000 is 10.0% APR”

  • monzo.com/loans/personal-loan-calculator checked September 26, 2026

    Backs: Credit needed, Free early repayment, Rate type, Representative example, Term

    “There isn't a particular score that means you qualify for a loan, as lenders (including Monzo) look at lots of different factors in your financial history”

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Monzo Flex

Monzo Flex

A free to hold credit card with no foreign transaction fee, tied to an existing current account.

8.8/10See alternatives