Monzo launches metal credit card that auto-invests cashback

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.”