Morgan Stanley i24 card

moonrakerz

I have just received a mail-shot from Morgan Stanley headed:-

"You've been approved for the card that pays an average annual cashback bonus of £421"

Being cynical I read on - "for just £275 a year" - I'm rapidly losing interest now then I turn over and see:..................

Typical 57.8% APR (variable) !!!!!!!!!!!!!!!!!!!!!!!!!!!!

then buried in the small print is a "explanation" of why the APR looks so high, they are blaming the requirements of the Consumer Credit Act.

Thanks, but no thanks !

Timmne

Jesus these people should be banned from doing things like this- there are lots of people on this site (me included) are in debt and could be desperate enough to take them up on it....

Grim really....

Phoenix79_2

Timmne wrote:

Jesus these people should be banned from doing things like this- there are lots of people on this site (me included) are in debt and could be desperate enough to take them up on it....

Grim really....

If you meet the criteria for this ultra premium card (over £50k minimum and maybe upwards of £70k reading reports) then you are very unlikely to be desperate and in debt (you never know though!)

The yearly fee is what distorts the typical APR figure

Biggles

I just got the i24 letter today.

But it doesn't just say I've 'been approved', it says 'you've been upgraded to i24'. Past tense.

Makes it sound as though it's a fait accompli and I have no choice in the matter. Fortunately, lower down there are the words, 'to accept your upgrade, simply confirm a few details etc etc'.

This is very sneaky marketing and many people will fill in the form, thinking they have no alternative. I do know I have an alternative, as if they were to insist, it would be 'Goodbye Morgan Stanley' and pronto.

prudryden

And a credit limit of £50,000.

aj3001

The APR is inclusive of the annual charge, if there was no charge it would more likely be around 15.9%

merch

APR on purchases is 13.9%