Understanding interest rates for Monzo Flex
When you apply for Flex, if you’re eligible we’ll tell you your personalised interest rate and credit limit.
If you've already got Flex, you can find out your personalised interest rate and offer in your app. Here's how:
Tap on your Flex card within the home screen,
Scroll down to the 'Details' section and tap on 'Your Flex Offer'.
APR stands for Annual Percentage Rate.
It tells you the rate of interest you'll pay on an annual basis including any fees, like hidden or late fees – but we don’t charge these.
'Variable' means we have the right to change this interest rate.
We'll always give you notice if we plan to and we won't change your interest rate on any purchases you’ve already made.
'Representative' means that more than half of customers will have this interest rate.
This might not be the rate you get. We’ll always tell you the exact rate you’ll pay before you borrow from us.
We'll offer a rate based on an assessment of your circumstances, taking into account your credit history and finances.
Interest Free Options There is no interest when paying in full on your next payment date.
If you have Flex Purchase, you can choose to repay purchases of £100 or more over 3 months at 0% interest.
If you have Flex Build, you'll need to unlock interest free options by making 3 monthly repayments on time and keeping up to date with your other borrowing.
