Exciting news for Monzo Flex users! The digital bank has introduced a fantastic update, allowing you to spread the cost of your shopping in-store just like you do online. Now, with Monzo Flex, you can break down the cost of your purchases into three interest-free monthly payments, or choose to spread it over six or 12 months with interest.
Initially, you had to pay in full and then choose to split the cost via the app, but now, you can decide your repayment plan instantly while using Apple Pay, adding even more convenience to your checkout experience.
Just keep in mind, if you miss a payment, you’ve got a seven-day grace period to catch up via the app. Otherwise, your credit score might take a hit, and you could be moved to an extended repayment plan with added interest.
Keep an eye out on the changes in buy now, pay later (BNPL) regulations. The Financial Conduct Authority is working on new rules to help ensure customers can afford repayments and get the support they need if they run into financial trouble. These efforts are part of a wider move to bring buy now, pay later services under stricter control, set to take effect in July 2026.
This is a timely update as more people are using BNPL services. Recent figures show that one in five UK adults now use these services, and the need for regulated practices is on the rise. Stay informed and make sure you’re making the most of the Monzo Flex updates while keeping financial health in check!