These terms are in addition to the terms that apply to your Monzo account.
With Plus or Premium, you can get cashback for the first 12 months of your loan
With Monzo Plus or Monzo Premium, you can earn cashback for the first 12 months of Monzo loans taken after 27 September 2022. If you upgrade to Monzo Plus or Monzo Premium within 12 months of taking a loan, you’ll get cashback for the remaining period. So for example, if you get Monzo Premium 7 months after taking a loan, you’ll get cashback for the next 5 months.
We’ll pay the money into your current account each month on the loan repayment date you’ve agreed with us. The amount you’ll earn will depend on whether you have Monzo Plus or Monzo Premium.
The maximum cashback you can earn with Monzo Plus is £60 a year
With Monzo Plus we’ll give you cashback which is equivalent to 1.5% of the remaining balance of the loan (excluding interest) calculated each day and paid each month. The way we calculate this is by capping your maximum daily cashback at £0.1644. The maximum cashback you can earn each month is £0.1644 multiplied by the number of days in that month. You can earn a maximum of £60 per year.
The maximum cashback you can earn with Monzo Premium is £180 a year
With Monzo Premium we’ll give you cashback which is equivalent to 2% of the remaining balance of the loan (excluding interest) calculated each day and paid each month. The way we calculate this is by capping your maximum daily cashback at £0.49316. The maximum cashback you can earn each month is £0.49316 multiplied by the number of days in that month. You can earn a maximum of £180 per year.
You won’t get cashback if you miss a loan repayment by more than 7 days
If you don't make a loan repayment within 7 days of the repayment date you’ve agreed with us, you’ll stop earning cashback. If you’re able to catch up with your loan repayments, you’ll start being able to get cashback again and we’ll start paying it after you’ve made a loan repayment on the date you’ve agreed with us. We also have the right not to pay cashback you’ve earned. This might happen if you earned cashback fraudulently or by breaching an agreement you have with Monzo.
You’ll stop earning cashback if your subscription ends or you pay the loan in full
If your Monzo Plus or Monzo Premium subscription ends, or you repay your loan in full, then these terms will no longer apply and you’ll stop earning cashback. We’ll make a final payment on the next loan repayment date to cover any cashback you’ve earned but haven’t received as long as you’ve made repayments in line with what you’ve agreed with us.
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You might have to pay income tax on the cashback you earn. Contact HMRC if you’re unsure about what you owe. We’ll collect, store and process the data for everyone who takes part in line with our Privacy Notice. And the last thing from us: English law applies to these terms and conditions. Anyone who earns cashback on their loan submits to the exclusive jurisdiction of the English courts.
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