Digital bank Monzo has introduced a new cashback feature for its 7.5 million customers, allowing them to earn between two and 10 per cent back on a wide range of merchants. This feature, which was initially tested with a select group of community members, is now available to all Monzo users.
Benefits of Cashback
In the current economic climate, many people are seeking money-saving solutions, such as cashback, to make their hard-earned money go further. Monzo’s cashback offering aims to bridge the gap in the market by providing customers with real-time visibility on their rewards and access to popular brands in sectors like food, retail, transport, and entertainment.
Wide Selection of Merchants
Customers can currently earn cashback on purchases from eBay, Deliveroo, Boots, National Express, and Virgin Media. These merchants are among the top 10 per cent of brands where Monzo customers frequently shop. Monzo plans to introduce new deals on a monthly basis, expanding the selection of participating merchants.
The cashback feature is available to all Monzo customers, including those with joint accounts and the flex credit card. This ensures that customers can take advantage of cashback offers regardless of their account type.