Monzo, the popular digital bank, has introduced a new cashback feature for its vast customer base of over 8.5 million people. With the holiday season around the corner, customers can now earn cashback ranging from two to ten percent on a wide range of merchants, including eBay, Deliveroo, Boots, National Express, and Virgin Media.
The Trial Phase
Earlier this year, Monzo trialed the cashback feature with a select group of community members. Following a successful trial, the bank has decided to roll out this feature to all of its users, allowing everyone to take advantage of money-saving solutions.
Benefits of Cashback
Cashback has gained popularity as an effective way to stretch one’s hard-earned money in the current economic climate. Monzo’s general manager, Kunal Malani, acknowledges the growing trend among consumers to seek cashback options that are both user-friendly and offer rewards on beloved brands. Monzo’s cashback feature aims to meet these needs by providing customers with real-time visibility on their rewards and access to some of the nation’s most-loved merchants in the food, retail, transport, and entertainment sectors.
The cashback offers include a wide range of categories, ensuring that customers can benefit from various spending areas. From shopping to transportation to dining out, Monzo’s cashback scheme covers all Monzo cards and accounts, including joint accounts and the flex credit card. This ensures that all customers, regardless of their account type, can take advantage of the cashback benefits.
Monzo plans to regularly introduce new deals to keep the cashback feature exciting and relevant for customers. Most of the companies participating in the offer are among the top 10 percent of brands where Monzo customers frequently shop, ensuring that the cashback scheme aligns with their preferences and shopping habits. With new deals added at least monthly, Monzo customers can expect a continuous stream of enticing cashback offers.