Morgan Stanley - Cashback Qs.

hendragon

:mad:
MorganStanley have cut cashback to 0.5% flat rate on all spending. In addition you have to claim the cashback by contacting their customer services. Be warned people unless you have your password they will not speak to you. They claim that they don't have a secure e-mail system so you can't make anything other than general enquiries using their website. Get ready for MS "customer services" to be both unhelpful and obstructive. By the way writing to request a new password results in your letter being ignored.
When my partner and I manage to wring our cashback from thier grubby little hands it will be time for a change of card!

Chris357

The same applies to the Leeds credit card which is run by Morgan Stanley. These people had the cheek to announce recently that they believe customers are more interested in reward schemes like theirs than 0% deals. Then they go and cut the cashback rate. !!!!!!!s.

I think this is happening because the Government has forced credit card companies to reduce penalty fees down from £25 to £12. The banks are thinking of charging to use a current account for the same reason. As many of us have more than one current account, I foresee a lot of current accounts being closed if this were to happen.

Anyway, I intend to apply for a GE card but I will have to wait because I have recently acquired a 0% deal with Sainsburys - don't want to damage the credit rating.

Chris357

The same applies to the Leeds credit card which is run by Morgan Stanley. These people had the cheek to announce recently that they believe customers are more interested in reward schemes like theirs than 0% deals. Then they go and cut the cashback rate. !!!!!!!s.

I think this is happening because the Government has forced credit card companies to reduce penalty fees down from £25 to £12. The banks are thinking of charging to use a current account for the same reason. As many of us have more than one current account, I foresee a lot of current accounts being closed if this were to happen.

Anyway, I intend to apply for a GE card but I will have to wait because I have recently acquired a 0% deal with Sainsburys - don't want to damage the credit rating.

malky39

ffacoffipawb wrote:

Minimum is £15 and multiples thereof.

So if you have £29 you can only get a cheque for £15. Or it can now be paid into the credit card account. The other £14 remains until it exceeds £15.

no i think that you can claim the whole lot just if you had 29 and claimed 15 you would have to wait until you had 15 again to claim.

malky39

Chris357 wrote:

The same applies to the Leeds credit card which is run by Morgan Stanley. These people had the cheek to announce recently that they believe customers are more interested in reward schemes like theirs than 0% deals. Then they go and cut the cashback rate. !!!!!!!s.

I think this is happening because the Government has forced credit card companies to reduce penalty fees down from £25 to £12. The banks are thinking of charging to use a current account for the same reason. As many of us have more than one current account, I foresee a lot of current accounts being closed if this were to happen.

Anyway, I intend to apply for a GE card but I will have to wait because I have recently acquired a 0% deal with Sainsburys - don't want to damage the credit rating.

well i am still getting 1% on the first 2000 then 0.5% after that

ffacoffipawb

malky39 wrote:

no i think that you can claim the whole lot just if you had 29 and claimed 15 you would have to wait until you had 15 again to claim.

No multiples of £15 only, and I quote their letter received last week ........

"Please bear in mind that the minimum Cashback Bonus award that you can redeem is £15, followed by increments of £15 i.e. £30, £45, £60, etc."

The £29 example is stated in paragraph 7 on the back of the letter, i.e. they retain the £14 (the excess over a £15 claim) until you get to £15 again and you can claim that cashback at that point.

No mention of 0.5% on all spends. Letter states it's still 1% on the first £2,000 spend per year and 0.5% thereafter. Year is to be defined by anniversary date, as currently.

hendragon

having looked carefully at the paperwork Morgan Stanley still go 1% for the first £2,00 spend the Leeds & Holbeck have reduced the rate to 0.5%. Sorry for the misinfo!