You’re having fun, you’re making memories, you’re doing all the things! Then BOOM. You look at your statement and see you’ve racked up a huge bill on your credit card. Now it’s going to take forever to pay that off.
What is a Credit Card Pot 💳
A Credit Card Pot helps you automatically set money aside and use it to pay your credit card balance. You choose how much you want to set aside each month, and we’ll do the math to keep you on track.
How it works 🚧
Tell us how much you want to set aside for each credit card 🖐️
We have preset options of 5%, 50% or 100% of your card balance, or you can enter your own. Paying a smaller percentage every month might mean you’ll have a larger interest payment.
Set your credit card payments to come from your Monzo account 💰
You’ll need to go to your credit card issuer for this step. Give them your Monzo account and routing numbers to pay from your Monzo account. We recommend turning on auto-pay so the payment is automatically withdrawn from your Monzo account when it’s due.
Your money is automatically moved to the Pot 🪄
We’ll move money into your Credit Card Pot as you spend on your credit card, which will then be used to pay off your balance. It’s like magic - but instead of magic, it’s math. We do all the math for you so the only thing you need to worry about is what you’re going to do with all the time you save.
You can change or stop this for any or all of your credit cards by tapping the Settings button under each card linked to the Pot. Any auto-pay settings will need to be changed with your credit card issuer.
We’re initially only supporting the most popular credit cards linked to Monzo via Plaid.
Bank of America
Credit One Bank
If your credit card is not supported yet, let us know through the in-app feedback form so we can look into it.
Many Americans have some credit card debt and 43% don’t even know the interest rates of their credit cards, according to this survey. While there’s no “one-size-fits-all” method to manage your balance, having money set aside for it can help make regular payments and keep you on track with your goals.