Morgan Stanley £20 Annual Fee

Shiggaddi

I've just been on the phone to them again, and called the other 0800 number, but got the same response, and went in circles for half an hour, basically me repeating my disgust, and him repeating that it's in the T&Cs that if I cancel, I forfeit the cashback, and that I've been given reasonable notice for the £20 charge.

I implied that this constitutes a charge to have access to the cashback that I earned in good faith, and he said that they're not forcing me to do anything, and that if I wanted to, I could spend on the card before the 1st June, and be able to access my £15, without incurring the £20 charge. Therefore he implied that I am not forced to choose between paying a £20 fee and keeping my cashback, or forfeiting my cashback and avoiding the £20 fee, as I do have another choice to resolve the situation.

I just asked why he couldn't as a gesture of goodwill allow the £7 to be paid, and he referred to the T&Cs that state that cashback is only paid in multiples of £15, and they can't make one rule for me, and one rule for others (although they can of course charge some people £20 for the card, and not others)

He then asked what I was trying to achieve in the phone call, as he's made his point clear, and I asked whether there is anything else they could do for me, and I was then informed of a special balance transfer rate for 5 months, and asked whether I'd like to take advantage of it. That was really cheeky, considering they're charging from June!!

I implied that the T&Cs were unfair, and his response was just that they are fair, because I get notified whenever there's a change, and when I signed up to the card, I agreed that they could change the T&Cs by giving me 30 days notice, and that I have the right to cancel if I did not agree with them, and I still have that right now. I also agreed that when I signed up to the card, that if I close the card, I lose my right to cashback, and this is definitely in the T&Cs when I signed up.

I feel that they are unfair T&Cs, because upon making the change, they are forcing me to be worse off. Had there been no issue of cashback, and it was a straight case of charging me, then I'd be able to cancel without penalty, and be no better or worse off than I am now, however there is a penalty for cancelling, and that is the forfeit of cashback.

Gnid

Obviously, they are playing with the rules.

I still don't think it is fair either. They can't force an obligation on a customer which affects previous rights??

It is like:

I will give you a £1million provided you use my services and don't leave.

Now, since you are with me, you have to pay me £100,000 a day. If you do, you can have £1million. If you don't and want to leave, fair, but you don't get £1million. Oh, and the effort and services you used means nothing anymore - doesn't get you the £1mill.

How is that fair?

malky39

might of been mentioned but does anyone, notice that they probably knew they were going to introduce this charge a while ago e.g. just before they introduce the new cash back redemption rules. And therefore they new that when the charge was introduced people would leave with outstanding cash back balances and morgan stanley not having to pay them out saving them money.
So i say if there not budging on the £20 fee everyone should try there hardest to get to there nearest £15 multiple and claim there cash bach then cancel the card.

Gnid

I saw someone posted up there about them losing money and therefore they are losing money on this.

Morgan Stanley should be making profits from all the fees they charge the retailers for us to use their card...it should be more than enough to cover the cashback (the cashback rate is similar to all the other club cards around anyways). If it isn't, Morgan Stanley is pretty bad at doing business.

In other countries, no credit card company would do such a stupid thing and levy annual fees...loyalty pays so much more in the long term because there is only so much people in the market...

melbury

Gnid wrote: »

melbury, that is very interesting...how can they charge you £20 on your platinum card when they are still advertising that the platinum card has no annual fee....

they are having a different set of conditions for you?

Have just checked the letter again and this is what is says:

"We have recently reviewed the terms and conditions of our credit cards. As part of this change, we have introduced a £20 annual fee for some cardholders.

We are pleased to say, however, that having reviewed your status we have decided not to charge you this fee for the next 12 months. Your account status will be reviewed again next year."

I did telephone them to check that they will give me notice next year before applying the £20 fee and they said that they would give 3 months notice. Obviously if they do apply the fee to me I will cancel the card and go elsewhere.

My account is definitely Platinum - I only opened it in January.

Gnid

So if this is the case, can someone let me know if this is bait advertising (i.e. intice people on this but once there offer a different product)??

Can this be possible? The website says NO ANNUAL FEES!!!

There is surely something wrong here....

MARTIN LEWIS AND TEAM - I think there is something wrong here......

humfer

Well after the last 6 months of being really impressed with MS they go and do this. With regard to the £20 fee I don't really have a problem as they have given notice so we are free to close the account before 1st June. However they have decided NOT to apply the fee to my account, BUT to apply it to my wife's account. When I questioned why this was they couldn't (or wouldn't?) tell me. Wife has £27.05 cashback and there's no damn way we are going to let the sods pocket that! Just need to use her card for all our shopping in the next month before closing it down.....

melbury

humfer wrote: »

Well after the last 6 months of being really impressed with MS they go and do this. With regard to the £20 fee I don't really have a problem as they have given notice so we are free to close the account before 1st June. However they have decided NOT to apply the fee to my account, BUT to apply it to my wife's account. When I questioned why this was they couldn't (or wouldn't?) tell me. Wife has £27.05 cashback and there's no damn way we are going to let the sods pocket that! Just need to use her card for all our shopping in the next month before closing it down.....

Have you and your wife got the same type of cards? Surely they just can't pick people at random to charge the £20 fee to.

humfer

melbury wrote: »

Have you and your wife got the same type of cards? Surely they just can't pick people at random to charge the £20 fee to.

Yes, although we both applied for platinum cards we have (as I have just been told by MS) classic cards. The only reason I have not been charged the fee is that I have only had the cards for 3 months whereas my wife has had the card since last september

Just spent the last 15 minutes arguing with Morgan 'look at the terms and conditions' Stanley regarding my wife's card. Don't really mind the £20 fee as she will just close it, but the fact that she stands to loose £12 of cashback because it isn't in lumps of £15 stinks to high heaven. Have been promised a call from a manager tomorrow night, but I don't hold much hope. All I will get is quoted 'its clear in the terms and conditions' over and over again......

humfer

And just to wind me up even more I have been to their site and on the application form its still clearly states 'no annual fee'. Idiots:mad: :mad: