Best Cashback Cards Article Discussion Area

Streetwise_2

Has anyone else heard that Morgan Stanley are going to start charging annual fee of £20? from lst June - there is nothing on their website but a friend of mine has had her statement today and advises her that this is the case?

iamsam

SSuzanne wrote: »

Egg Beware!

Could you get your husband to apply for an Egg Money card and then get you included as a secondary card holder on his account? He will, presumably, be offered a much higher credit limit (and has to pay the bill...).

Alternatively, I know you said that you didn't want to use it as a debit card (with pre-loading), but there are some differences - you still get cashback, 4% interest, and Section 75 protection.

Chadsman

SSuzanne, take a look at the 'reclaim your bank charges' forum. The same rules apply to credit card penalty charges as to current account penalty charges.
Sue 'em!


...the Yorkshire BS credit card offers 1% cashback on the first £2000 spend and 0.5% thereafter.
The Bank of Ireland Moneyback credit card offers 0.5% cashback on the first £3000 and 1% thereafter. This IS denominated in GBP.

Snazbaz

My Egg card limit is currently £2,400. I pay my balance off in full by direct debit each month.

Egg have just charged me a £16 'over limit charge' for going over my £2,400 limit by £5.25 for one day (a Bank Holiday Monday). When I wrote to them to complain that I thought a £16 charge was a bit steep under the circumstances, they said it was in their Terms & Conditions (so basically, 'tough').

nawar7379

Does this statement correct where Egg customers can also earn interest on any of their prepayments that don't get spent? What is the interest rate by the way?

iamsam

nawar7379 wrote: »

Does this statement correct where Egg customers can also earn interest on any of their prepayments that don't get spent? What is the interest rate by the way?

You get 4% interest on any positive balance (but you don't get the 56 day interest free period that you'd get using it as a credit card - i.e. purchases are deducted from your balance straight away).

iamsam wrote: »

[...] use it as a debit card (with pre-loading) [...] you still get cashback, 4% interest

chelseablue

I received my Morgan Stanley Platinum Card in the post yesterday (only took a month :mad: )

After reading on here about the £20 fee I called them to ask. My conversation went like this:

"I hear you have started charging customers a £20 fee per year, is this true?"

The guy said "Only on the classic card, not the platinum."

From what I've read on here though people with the cashback card are being charged? Or do you get cashback on the classic card too?

Wahm

Yeah I got the notice about the 20 pound fee. I have the Morgan Stanley classic card. So I called up and asked to be paid my cashback and will cancel once the next DD comes out... Lousers.

Snazbaz

Snazbaz wrote: »

My Egg card limit is currently £2,400. I pay my balance off in full by direct debit each month.

Egg have just charged me a £16 'over limit charge' for going over my £2,400 limit by £5.25 for one day (a Bank Holiday Monday). When I wrote to them to complain that I thought a £16 charge was a bit steep under the circumstances, they said it was in their Terms & Conditions (so basically, 'tough').

More news from Egg when I complained further, and I quote:

The charges set out in condition 7 of the Agreement are calculated by taking into account the costs incurred by Egg in maintaining these systems and processes and dividing this sum by the estimated number of customers who will exceed their Credit Limits or fail to make payments. These charges therefore represent a genuine pre-estimate of the loss caused to Egg by customers who break the terms of their Agreement.

Egg does not believe that the terms and conditions of the Agreement are in any way unlawful or unfair. Egg recognises that customers sometimes exceed their Credit Limits and/or fail to make a payment and has systems and processes in place to deal with this. These include the use of computer systems, staff and other necessary costs.

trisontana

Because of the £20 fee I am going to cancel my Morgan Stanley card. Instead I have applied for a cash-back card from the Yorkshire B.S. (operated by the Co-Op Bank) :- http://www.ybs.co.uk/creditcards/index.jsp

As you can see this gives 1% cash-back without any annual fee.