MoneyLion review

The account charges a monthly fee of $1. That is a small charge in itself, but it sits on top of card spending, where the currency conversion fee of 3% is the bigger cost. Rival cards such as Monzo Flex carry a £0 monthly fee instead.

Conversions cost 3%, above the site median of 1% across listed cards. MoneyLion also sits low in the ranking on this measure, at 202 out of 237 brands compared, so anyone paying in another currency pays a premium.

It is a debit card on the mastercard network, so spending draws directly on the balance in the account. Debit is the most common card type in this category, at 73.4% of the brands compared.

Yes. Spending through the account earns cashback of 1%. That reward helps offset the monthly fee of $1, so the charge is easier to justify for everyday card use than it looks at first.

The account is run by MoneyLion Technologies Inc., a company based in the United States that was founded in 2013. It is a US product, so readers in the UK or the euro area should look at local providers instead.

MoneyLion charges $1 a month, while Monzo Flex charges £0, Wise charges £0 and Bitpanda charges €0. On the monthly fee alone, all of the alternatives cost less to keep open.

Probably not as a primary card. The company behind the account sits in the United States, and its fees are set in dollars, with a monthly fee of $1 and a conversion fee of 3%. UK residents comparing Monzo Flex or Wise see £0 and £0 a month instead.

It suits US residents who use the card often enough for the cashback of 1% to matter, and who are comfortable paying $1 a month for it. People who rarely touch the balance may find a monthly fee alongside 3% on conversion harder to justify.