Morgan Stanley £20 Annual Fee

Metmaddie

I received a letter from Morgan Stanley today which said from the 1st June 2007 they will be introducing a £20 annual fee for my card.:mad:

I don't know if this will apply to everyone or if it's because I always pay my bills in full each month?

Suffice to say once i've paid my next bill they will be getting a phone call to cancel the card!

RoCas

Hi Metmaddie,

I've just looked on their website and the summary boxes for both their Platinum and Buy & Fly Mastercard still state there's no annual fee. I have a Platinum card which I also settle in full each month and I haven't had a letter from them. Can you give me any more info in case I'm missing something?

kuohu

That's not good news - I've just transferred a balance onto a new card with them

reggie_V

I received my Morgan Stanley Card statement today and, likewise, I have been informed that the changes to their terms and conditions include the introduction of a £20 annual fee, starting from 1st June '07:mad: . Like Metmaddie I pay off my bill in full every month, so I don't know if this has got anything to do with it.

Helpfully :rolleyes: , it's stated that there's nothing I need to do, as the £20 will be automatically debited from my account. Also that my Cashback bonus award won't be affected! Except for the fact that the cashback on the first £2000 I spend on it will be wiped out by the annual fee, of course!

NB This is a Morgan Stanley "non-platinum" card which I've had for over a year. Their website only seems to advertise the Platinum cashback and the travel points cards now, both showing no annual fee at present.

If you spend under £2000 a year or not much over this, and you have a Morgan Stanley card with a soon to be introduced annual fee, then I think it's best to look elsewhere.

Hazzanet

I've phoned MS and checked - the fee applies to the CLASSIC card, not the PLATINUM apparently.

skybluesaver

Yeah, thats correct. They only promote the "Platinum" & "Buy & fly card" now & are trying to get customers to close the "classic" accounts. I enquired this morning on what my options were to avoid the £20 annual fee & they said i would have to close my Classic account & reapply for a Platinum or Buy & fly account but it doesn't mean i'll be accepted for one of the new accounts.
These charges are supposed to be kicking in from june 1st. I'm hoping that if theres enough customer uproar about it then they'll reverse their decision to apply these charges.
What they're also doing is reducing the interest free period from 55 days to 45 days for people who pay their bills off in full each month. This makes the account even less inviting but i do like their excellent customer services. I haven't received my letter yet but think its only a matter of time before i do.

skybluesaver

Can anybody shed any light on what options we have other than discuseed here? I don't wanna pay the £20 annual fee but not confident i would get accepted for the Platinum account.

Voyager2002

The main attraction is the cashback, but unless you are a new customer this is only the same as Egg Money offers. So, although their customer service is considerably better than Egg's, I would switch to Egg rather than pay.

Thankfully my MS card is Platinum, so I hope I won't be affected. And I get declined by most 'flash' credit card providers (GE Money; AmEx; BMI) so if I can get it probably most of you can too.

spring85195

Guess i will apply to egg then, although MS's customer service is excellent

orjd2005

I got the same letter too. Are there certain income limits on platinum cards?

merch

You tell us - don't you have one already?


Originally posted by orjd2005

Hi everyone,

I have had a morgan stanley platinum card for over 2 years