Morgan Stanley Cashback...

timl_3

Whilst I'm an AMEX Platinum customer, earning cashback on that card, I was attraced by a direct mailshot inviting me to take advantage of Morgan Stanley's 3% cashback card, albeit for just four months.

I was suprised today, to receive a rejection to my application, quoting 'Overcommitted' as the reason for the rejection.

Apart from my faultless mortgage repayments, I have no other loans or debts. All of my other credit cards are paid each month in full. I have disposable income to save each month. By Experian's reckoning, my credit score is 971/1000. I was therefore surprised to learn from Morgan Stanley that I was overcommitted.

I called a very frosty operator, who suggested that my income level (35K) was the reason for their unwillingness to issue the card.

The whole experience was very odd. Whilst I'm not wealthy, I was surprised to be considered a risk.

I just wondered whether others have had similar experience with these guys?

ayeaye

How many credit cards do you have and what's the total credit available on them? The "overcommitted" is likely to be their view if you decide one day to go and max out all the cards.

timl_3

In response to ayeaye

Hmmm... interesting. I do have four other credit cards with a combined limit in excess of 20K, so if indeed I did decide to max them out, I would be overcommitted.

It wasn't the extra credit I was after, it was the astonishing rate of cashback!

Phoenix79_2

I got accepted and my income is a fair bit lower than yours. I have another 3 cards (4 at the time of application) and also have a loan.

Very odd that you got rejected.

CopperPlate_2

Ah, but still no word on my application...that'll be two weeks on Monday since I applied...only one more mail delivery to go until then.

I'm starting to get a bit annoyed with it all...

wearside_2

I got my Morgan Stanley after 3 weeks without any bother. It runs great. I can see online the balance and have over £30 in cashback and got £20 from Quidco.:j

CopperPlate_2

Right, still no post. Tempted to phone them on Monday to see if "it's still with the underwriters" - why is that some providers can give you an instant decision in principle, yet MS seem to be taking ages about even letting you know whether you're getting a card or not.

Chadsman

The Morgan Stanley Leeds BS card rate of cashback has been cut to 0.5% on all amounts. Once the introductory period is over what does the rate of cashback become on the regular MS card?
:beer:

CopperPlate_2

1% for the first £2000 of spend per year, and 0.5% on all spend thereafter. From the terms it appears it's capped at an annual spend of £20,000 and the cashback earned on that - different for the first year because of this triple cashback rate for 3 or 4 months, but I think it would be about £110 if you spent £20k on the card in year 2 or beyond.

HTH

billion25

A common misconception is that the max credit score is 1000 ...it's not. The max credit score is something like 1200. A score of 971, which the original poster had, is okay but not fabulous.

timl_3

billion25 wrote:

A common misconception is that the max credit score is 1000 ...it's not. The max credit score is something like 1200. A score of 971, which the original poster had, is okay but not fabulous.

Hmmm... this is inconsistent with data I've received from Experian from whom I've always received scores in the following format N/1000.

I'd be interested to see evidence of scores >1000. Any other views on this?