There are intrepid folk like RIT and TA flaying fees on their investment products. Quite rightly so. Anything to do with storing and processing your money should cost as little as possible, subject to delivering a satisfactory service. After all, your money is embodied life-force. You exchanged hours of your life for it, and you want the leak in the tank to be as low as possible.
Oddly enough, when it comes down to credit cards, this seems to escape people totally. I can live with over 20% APR on my credit cards because I don’t pay it. I pay them off or I use promotional deals. If you carry debt on a credit card at 20% off, that’s like every store you buy things from using that card having a big notice – Anti-Sale – pay 20% more for everything. However, clever marketing folks being what they are, there are even more methods to separate credit card users from their money – even if they don’t pay interest! Step forward modern fintech fast-movers. Y’know, the guys that don’t come with lots of legacy Big Iron in their IT systems, who can most fast and break things, and
rip you off on the Q.T. , make you feel special about the colour or materials your credit card is made of. The thing replaced by that whizzy fintech app is on your phone so you don’t need to use?
The Ermine failed to understand why some of da yoof chooses to spaff £72 p.a. for a Hot Coral Monzo card. It’s not a one off. I sparked up You and Yours on the wireless1. The programme was mainly about Greta Thunberg, but there was a segment about money saving.
Apparently as well as rushing some punters for a brightly coloured card, Monzo is ripping off their even vainer customers charging a premium for a Metal card, as are Revolut. I was tickled to hear Alexander, a fresh-faced and insecure twenty-something digital media wallah opine that a metal card is also more environmentally friendly, well, no use of plastic, innit? Dude, if you are in the presence of a fire, piss on the nearest bit first. That’s your food packaging and Amazon Prime packaging, not a 5×9cm piece of plastic you replace every three years… Continue reading “Monzo, metal cards and bullet journals”