Morgan Stanley interest increase - 17.9% to 23.9%

The_Boss

The interest on my card has gone up from 17.9% to 23.9% with effect from November 1st.

No problem as I will pay it all off and leave it dormant, but in the same letter it outlines the fact that 'punitive disproportionate fees' have been reduced to £12.

I've had my card for five and a half years but will pay it off in full before then and not use it anymore. Up until mid last year I always paid it off in full anyway.

Well done consumer action group bandwagoners.

sdj25

Has anybody else recieved an APR increase from Morgan Stanley?

The Boss - That sounds like a risk-based reprice, as opposed to a general reprice. 600 basis points (6%) seems to be a nasty hike!

The_Boss

sdj25 wrote:

Has anybody else recieved an APR increase from Morgan Stanley?

The Boss - That sounds like a risk-based reprice, as opposed to a general reprice. 600 basis points (6%) seems to be a nasty hike!

Risk based? I always paid off in full until last summer and now repay about £300 per month. Never missed a payment or been late for on on any account, let alone the 5 and a half years I've had this one.

Oh well, just as long as the "couldnt give a !!!! about my account terms and conditions" people got their money back, its ok for everyone else to suffer.

BlondeHeadOn

I've had a phone call from those lovely people at Morgan Stanley :rotfl: today, offering me a balance transfer at 5.9% APR for 5 months, with a capped 2% BT fee - capped at £50.00. Must be because I never use the card - I'd even forgotten I have a Morgan Stanley card!

Seems a bit of a leap from that to 23.9% though....

The_Boss

Not a very competitive offer to be honest. I've had that on my online banking thing all year. I wish they would call me, as I would tell them I intend to close the account and thats the last thing they would want.