Morgan Stanley £20 Annual Fee

laird

I had a slightly different experience after being transferred several times and being promissed a call back I gave up phoned again and was told that the fee applied to "classic" accounts, I could possibly be upgraded but that there was a minimum £3000 credit limit requirement to be entitled.
The advice I was given was to go through the process of requesting a new credit limit (at least £3k) and that having done this I would be transferred to the fee free platinum card.
Now I'm a little concerned...
Has everyone that has recived a notice of variation of terms got a credit limit below the £3k minimum for the platinum card?

notbritishgas

Hi, just received my MS credit card statement and there it is notice of a £20 annual fee, so I searched out this thread.
Unbeknown to me when I applied for a platinum card they gave me a credit limit of £2400 and downgraded my application to a classic card ( you do need a limit of £3000 + for platinum.)
The platinum card is still fee free but I was not given the option of upgrading my limit to £3000 and getting a platinum. Also I would have to wait 6 months before I could apply for one after closing my existing card.
I can confirm the cashback is another rip off as they will only pay out in multiples of £15, so I lose more than £9 .
Bye bye MS.

masonic

By pure coincidence I applied for Egg Money last month. I therefore had no reservations closing the account when I received my statement + details of the monthly fee today. I wouldn't be comfortable with a credit limit of £3000, so I guess I shall bid them farewell.

tom188

As has been discussed in earlier threads, yet another example of the demise of free banking in the wake of bank charge reclaiming.

johnmoney05

notbritishgas wrote: »

I can confirm the cashback is another rip off as they will only pay out in multiples of £15, so I lose more than £9 .
Bye bye MS.

I am at the same situation. They are just rip off my cash back of £10. I am going to complain them.

Barnum42

Got the same letter detailing their new annual £20 fine. I phoned their customer service and asked whey they are driving customers away. I was told that they are not!

They want to charge £20 to have their card. Though if it were Platinum they would not charge. I ask to upgrade to Platinum and they say that company policy says they can't.

I asked the normally excellent customer service folk to put me through to management, which is apparently a call back deal, so we will see what happens there.

Though as with joncombe's post, the current statement says the annual fine has been waived for this year. Guess that will give them a bit longer to see sense.

If not, I'll be using my Asda card for more than 2p a litre off petrol.

givememoney

My husband and I both have Morgan Stanley cards. He got his statement today with note about £20 charge.

I am yet to receive my next statement.

All you people who have received this, how much do you spend on average per year on your card? Is it to do with amount you spend do you think?

mermaidnwuk

I rang MS on Tuesday about this £20 charge. They said it has nothing to do with card expenditure, they could not transfer me to the Platinum Card (currently has no charge) and also, according to MS, has nothing to do with the fact that I have NEVER paid a penny interest to them. Just a way of making money - whether you are charged interest or not, I feel.

johnmoney05

I don't care they charge or not, I just want my £10 cashback back! At the way they do now, I have been paying £10 annual fee for the last year! Can't be right?!

The_Boss

Morgan Stanley forced me out in November, when they added an extra third onto my interest rate.

I phoned up to cancel immediately, and said I would not close my card if they kept it at its current rate. They refused. They refused any sort of balance transfer offer to make up for it.

I had had my MS card for 6 and a half years at the time and wanted to keep it since it would show some long term history on my credit reports. But after they did that, I figured there was no point.