Monzo, the UK digital bank, has launched a £15-a-month iridescent metal credit card, which it says is the UK’s first credit card that auto-invests cashback as customers spend.
Called Monzo Aura, Monzo is pitching the card, which rolls out today, as helping customers streamline financial administration and help them manage their long-term financial planning.
As well as auto-investing cashback, it also offers perks with big-name brands. Users earn one per cent cashback on groceries and 0.5 per cent on everything else, which can be auto-invested in a range of Monzo investment funds or can be paid out to the customer.
The card offers various perks including Apple TV and Google AI Plus subscriptions.
The digital bank says the perks it offers are worth over £360 a year, and also include airport lounge passes and airport fast-track passes. The card, costing £15 a month or £180 a year, has a credit limit of up to £15,000.
Monzo Aura joins other Monzo credit card products, Monzo Flex Purchase, where customers can spread the cost over monthly payments and Flex Build, a credit-builder for those who don’t qualify for Flex.
Luke Enock, general manager, borrowing, Monzo said: “Aura turns each trip to the shop into investing for the future, whether that’s for a holiday, putting towards a first home or another money goal, all whilst adding value to people’s lives from today with a variety of partner perks."
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