Morgan Stanley £20 Annual Fee

Riviera_Kid

I also received this notice today. However on my statement it says:

"... 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."

Anyone else get that?
Still bad of them to charge a fee to the majority of customers though

ambert

I got the £20 notice from MS today, grrrrrrrrrrrr!!! I only opened this account in January. I took advantage of the 3% cashback it seemed a winner at the time. I've accumulated nearly £70 in cashback, it seems I have no choice but to pay the fee because they only pay the cashback on the anniversary of the opening of the account.
I'll grin and bear it until January then close the account once I get my cashbask bonus.

CopperPlate_2

Not true. The redemption process has changed in that you don't need to wait until your anniversary date to take the cashback. Just phone them and ask to redeem some of the cashback amount. Unfortunately you can only redeem in multiples of £15 so you'd be able to get £60 at the moment, spend until you reach £15 again (as you'll have a tenner left over) and then phone them again to redeem. If, after that you want to leave, you'll not be giving up any cashback.

johna999

Got my notification through yesterday, so today phoned my other credit card company (Asda for the 2p off fuel and 0.5% returned in money off vouchers) to transfer the balance so I can close down MS. I too pay off full balance each mth and I did like their online portal so much better than Asda. Oh well

notbritishgas

Riviera_kid
What do you think prompted MS to defer your charge for one year.Do you have the Classic card, Are you a good customer ie big spend or pay lots of interest?

Freebyman
I too am now looking for an alternative card and found the Yorkshire Building society one https://www.ybs.co.uk/creditcards/classic.jsp which appears to have the same terms as the MS one except the introductory bonus. Anyone got one of these?

Riviera_Kid

notbritishgas wrote: »

Riviera_kid
What do you think prompted MS to defer your charge for one year.Do you have the Classic card, Are you a good customer ie big spend or pay lots of interest?

Freebyman
I too am now looking for an alternative card and found the Yorkshire Building society one https://www.ybs.co.uk/creditcards/classic.jsp which appears to have the same terms as the MS one except the introductory bonus. Anyone got one of these?

I have the black card which gives you 1% cashback up to £2,000 spending, is that the classic one?

I've been a customer for under a year and I would estimate my monthly credit card bill as being between £100-200. I pay off in full each month. Nothing seems to stick out so maybe I've just been lucky

System

Hmm, things are definately tightening up. 7 months ago when i asked them for an increase in my credit limit they asked me how much i wanted. I wasnt greedy and asked them for an extra £500. The increase was approved no problem.

I rang them up today sort of admitting defeat. Being a mere housewife i dont think i am going to get very far with a new card. Ive spent hours today looking at alternatives to my Morgan Stanley card but i dont have a 'job' as such. Anyway, i thought if i could get an increase in my credit limit, and use it it would sort of offset some of the £20 charge they are going to bill me for. However, although they were generous with the credit 7 months ago they certainly have tightened up their belts. I was refused a credit increase point blank.... Apparently the computor said NO!

They are obviously not making enough money out of me. :mad:

papacool

I contacted MS today and asked how to avoid this £20 charge. 'Close the Classic card... and apply for the Platinum card IN 6 MONTHS!!' The money [rewards] accrued can be claimed in units of £15... so if you have for instance £74 you can get £60 and ta ta to the £14.. can this be legal? After all this is my money... or is it another BANK CHARGE? Why can't I get all of it?

SarahNeedle1872

Riviera_Kid wrote: »

I also received this notice today. However on my statement it says:

"... 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."

Anyone else get that?
Still bad of them to charge a fee to the majority of customers though

I also got this letter. I probs spend £200-£300 per month on my card but pay it off in full.... in fact I don't thinkI've ever paid interest on this card. I can't understand why they're doing it really. They don't earn any money from me, yet they're gonna charge people they do earn money from !?!

System

I asked for my cashback today. I requested a cheque for 2 units of £15. I have another £14 sitting in Morgan Stanleys pocket. I am just waiting for the magical £1 then i can draw another £15.