Can You Get Monzo Cashback? (+£5 Referral Code)
Monzo is an online banking app that I use pretty much every day to help me keep track of my money. I really love its ‘pot’ functionality, which is definitely my favourite feature!
It’s so useful for budgeting and putting aside money for different spending categories like bills, baby classes, holidays, nursery fees, etc.
But what I like even more is that Monzo has officially launched its cashback feature. That’s right, you can now get cashback using Monzo. This is not a drill people!
Keep reading to find out everything you need to know about Monzo cashback…
How do I get cashback with Monzo?
Monzo have made it super easy to earn cashback on the app. Here is how to get started:
- Create an account (if you haven’t already, sign up here and get £5 free credit) and download the app. Or simply log in and open the app if you’re already a Monzo account holder
- Scroll down until you see the ‘cashback with Monzo’ section and click the arrow
- View the offers and click the plus button and they’ll appear in your ‘ready to use’ section
- Once you spend with the retailer, the cashback will appear on your account statement shortly after
- When your cashback has been confirmed, it’s yours to withdraw and spend or save in one of your Monzo pots
Click into each cashback offer to find out more information about it, like:
- Cashback percentage offer
- Any minimum spend that applies
- How many times you can use the deal e.g. one time or multi-use
- The offer expiry date
- Maximum amount of cashback you can earn
There is also a section at the bottom that lists any exclusions, e.g. payment types and purchases that aren’t included in the cashback offer.
Like other cashback bank accounts, you have to manually apply the offers, so make sure you’re logging in regularly to check the offers. Some expire quicker than others, and many are in-store or online only. So it pays to check the T&Cs before you commit to your purchase.
What are the benefits of Monzo cashback?
I would say the main benefit to using Monzo cashback is that you get cashback from places you’re actually likely to shop. Some cashback sites and banks offer cashback at the most random places where you’ll probably never shop in a million years!
The difference with Monzo is, they’ve done their research and only offer cashback at places that their customers shop. So you’ll get cashback on your weekly shop at Asda or get rewarded for buying that vintage Topshop dress on eBay.
You’ll also get cashback on your train commute or eating out with friends. Basically all the things you do anyway! Obviously, watching your Monzo account stack up is pretty nice too.
Do I need a premium account to get cashback?
Absolutely not! Monzo cashback is available to anyone who has a free personal account, joint account or Monzo Flex credit card. Of course, you can also earn cashback on Plus and Premium accounts, if you do happen to have one of these too.
Can I get Monzo cashback if I use Google Pay, Apple Pay, or PayPal?
Yes, Monzo supports Apple Pay and Google Pay for purchases, but doesn’t currently support PayPal payments. So if you pay using PayPal or another digital wallet other than Apple or Google, you won’t receive cashback on these transactions.
How much cashback can I earn?
There isn’t actually any cap on the amount of cashback you can earn in total using Monzo – hurrah! However, each retailer has individual maximum caps, so make sure you check these.
The cashback rates available at the minute range from between 2% and 10% depending on which retailer you’re shopping with.
What retailers offer cashback on Monzo?
The offers available vary but here are some of the retailers I’ve seen on the app recently:
- Argos
- Asda
- Boots
- Currys
- Decathlon
- Deliver
- Dunelm
- eBay
- Footlocker
- Franco Manca
- H&M
- Lidl
- LNER
- Matalan
- Morrisons
- Pizza Express
- River Island
- Sainsbury’s
- Sports Direct
- Uber Eats
How long does Monzo Cashback take to track?
Once you’ve shopped with a selected retailer, Monzo will pay cashback into your pot within 3-4 days. You can then withdraw money by selecting ‘withdraw’ under your balance on the app.
Can you keep cashback if you refund things?
Sadly not, no. If you return part or all of your purchase, Monzo will recalculate this and take the cashback back from you. You can read more about that in their terms and conditions.
New to Monzo? Get a £5 welcome offer
If you’ve not joined Monzo yet, then make sure you use my referral link to sign up for free in minutes and get a free fiver. (Disclaimer, we’ll both get £5, so it’s a win, win!)
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Collette is a self-confessed cashback geek, who knows everything there is to know about cashback. She’s saved thousands of pounds through using cashback sites and apps, and is passionate about helping others do the same.
