Stay ahead of credit card debt with a Credit Card Pot

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.

App screen prompt asks "How much of your American Express card balance do you want to pay off each month?" The 4 selection options are "5% of balance", "50% of balance", "100% of balance", and Custom - you choose the percentage. The option for 50% of balance is currently selected

How it works 🚧

  1. 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.

  2. 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 We recommend turning on auto-pay so the payment is automatically withdrawn from your Monzo account when it’s due.

  3. 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.

App screen shows transaction feed of a Credit Card Pot with two deposit transactions from the user's Monzo account as calculated from the credit card syncs for 50% and 5% of the credit card balances, respectively

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, and are gradually working to support more credit cards. You can view the list of supported credit cards in our help center.

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.