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Leeds BS/Morgan Stanley 'Good News' = Reduced Cashback
jezza2412
Posts: 238 Forumite
in Credit cards
I have a Leeds BS (Morgan Stanley) Cashback credit card. I recently received a letter marked "Good news about cashing in your Cashback Bonus award". And what is this "good news"? Cashback is being reduced from 1% on the first £2000 spent per annum and 0.5% thereafter, to a flat 0.5%.
Moreover, the cashback can now only be redeemed in multiples of £15, meaning you have to spend £3000 before you receive anything at all. And worse, if I understand the T & Cs correctly, it seems that if you close your account as I now wish to, you lose all cashback earned but not yet redeemed.
Curiously, the Morgan Stanley site itself is still promoting its own card offering 1% on the first £2000. So, is it just the Leeds BS sub-brand that is reducing the cashback I wonder?
Moreover, the cashback can now only be redeemed in multiples of £15, meaning you have to spend £3000 before you receive anything at all. And worse, if I understand the T & Cs correctly, it seems that if you close your account as I now wish to, you lose all cashback earned but not yet redeemed.
Curiously, the Morgan Stanley site itself is still promoting its own card offering 1% on the first £2000. So, is it just the Leeds BS sub-brand that is reducing the cashback I wonder?
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Comments
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jezza2412 wrote:I have a Leeds BS (Morgan Stanley) Cashback credit card. I recently received a letter marked "Good news about cashing in your Cashback Bonus award". And what is this "good news"? Cashback is being reduced from 1% on the first £2000 spent per annum and 0.5% thereafter, to a flat 0.5%.
Moreover, the cashback can now only be redeemed in multiples of £15, meaning you have to spend £3000 before you receive anything at all. And worse, if I understand the T & Cs correctly, it seems that if you close your account as I now wish to, you lose all cashback earned but not yet redeemed.
Curiously, the Morgan Stanley site itself is still promoting its own card offering 1% on the first £2000. So, is it just the Leeds BS sub-brand that is reducing the cashback I wonder?
The Good News spin part of the letter was probably written by some "Marketing Graduate" fresh out of university paid hundreds of thousands to spin bad news!0 -
jezza2412 wrote:Curiously, the Morgan Stanley site itself is still promoting its own card offering 1% on the first £2000. So, is it just the Leeds BS sub-brand that is reducing the cashback I wonder?
Yes, this appears to be the case.
On the brighter side, these two changes finally persuded my father to apply for the GE 3% cashback card (he already has an Egg Money one as well)
Regards
Sunil0
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