How refunds work for Monzo Credit Cards

Refunds depend on how you used your credit card – whether you paid with the card as normal or moved a past transaction from up to 2 weeks ago.

You can read more about the two ways to pay.

Refunds for a Monzo current account transaction you’ve moved onto your credit card

If you paid with your current account card and moved it after, a refund will come back to your current account. You can use that refund to pay off your monthly payment by paying extra or keep it in your current account and just pay off the remaining amount on your payment date.

Refunds if you used your credit card at the checkout

If you paid with the card, the refund might come into your current account, but more often it will directly go towards paying off the purchase.

If the refund is for the full purchase amount, there will often be some left over which we’ll put back into your current account.

So, if you bought something for £30, chose to pay for it over 3 monthly payments and then sent it back for a full refund, you’d see £20 of the refund paid off the purchase, and your first payment of £10 refunded to your current account.

If you’ve been told by the retailer that they’ve sent you a refund, it’s always worth checking the purchase to see if some of the balance has been paid off, and whether a smaller amount has come back to your current account at the same time.

Most refunds will come back within a day or two but sometimes they can take up to 2 weeks, so it's always worth checking your credit card purchases and your current account.

If you receive a refund after closing your credit card account, we’ll put the money in your current account.

I’ve received a refund on Aura, what happens with my investments/cashback

Refunds can arrive either by reducing the balance on the original purchase or by sending money back to your current account, depending on how the refund is processed.⁠⁠

Cashback is calculated off what you actually ended up paying. So if the purchase is later refunded (fully or partially), the cashback is adjusted too.⁠⁠

If cashback for that purchase hasn’t been invested yet: we’ll simply reduce/remove it.

If cashback has already been paid and invested: we’ll still reverse the cashback amount for the refunded purchase, but we don’t “pull back” the investment that was already bought. Instead, we’ll collect the cashback reversal from your rewards pot first, and if there isn’t enough there, we’ll take the remaining amount from your current account.⁠⁠⁠⁠

You’ll see this as a cashback adjustment (and you’ll still keep any investments you already hold — their value can go up or down).