Morgan Stanley £20 Annual Fee

spring85195

As previous poster suggested, this looks like a good alternative to MS card.

http://www.ybs.co.uk/creditcards/classic.jsp

Barnum42

Barnum42 wrote: »

They have changed their tune!

I was told a manager would call me back. It never happened.

Still puzzled why a company with such a good history of customer service has gone and shot themselves in the foot like this.

Further to my last post above. I guess too many people demanded to speak to management that there are not enough mangers to call people back. So instead I have received a form letter:

Dear Mr XXXX

Thank you for you recent communication highlighting concerns you have with Morgan Stanley

I am currently investigating the matter you raised and will provide a full response in due course

Please Find Enclosed a copy of Our Complaint Handling Procedure that advises the timescales we aim to achieve.

Yours sincerely

Karla Kenny
Team Manger
Customer Liason

It has a PP signature. The enclosed procedure states that that department aims to respond in full within 28 days.

skybluesaver

Citi platinum crad is also another good alternative. They offer 0.5% cashback on all use & also offer price match guarantee which means if you buy something over £25 on your card & it reduces in price within 60 days, they'll refund the difference. Only slight concern i have with this card is their customer services are in India.

Shiggaddi

Absolutely disgusted with the situation.

I've just received a notice with my bill.

The sharks now want £20 to have their card, and be entitled to my accumulated cashback.

Alternatively I can cancel, and forfeit my cashback.

This amounts to cowboy behaviour, and theft. Recently they changed their policy to only pay cashback in multiples of £15, once the account has reached £15, which is fair enough if you want to continue being a customer.

However, I recently phoned up to complain about this, and no effort to keep me as a customer, they just said they are introducing the fee, and gave me 6 weeks notice to do so, and I have the right to cancel.

I earned this cashback on the basis that the card had no annual fee, and I would not be charged to redeem this cashback. When I made a complaint about the lost cashback, all they said was this if I do cancel, I would forfeit the cashback.

I cannot state highly enough the contempt I have for these sharks. Just because I haven't been paying a hefty amount for them to send out letters saying I'm late paying, they now decide to make me choose between paying £20 for keeping the card, and keeping my accumulated cashback, which is about £7, or cancelling the card, and forfeiting my cashback, to avoid paying £20.

Although I don't object to them charging this amount, as I can just use my Egg Money instead, and cancel the card, I do object to them cancelling cashback which was earned in good faith. I wonder how much they will now save by doing the same trick against thousands of other customers.

Gnid

I think this should be escalated to more third parties that govern this stuff...

Guys complain or less, I am sure they can't unilaterally change terms to such an extent and get away with it.

Action people...

Martin, do you know how we can complain on these type of things??

Shiggaddi

Gnid wrote: »

I think this should be escalated to more third parties that govern this stuff...

Guys complain or less, I am sure they can't unilaterally change terms to such an extent and get away with it.

Action people...

Martin, do you know how we can complain on these type of things??

Is there a way we can bring this thread to the attention of Martin, in the hope that we can form some sort of action group.

It's working with the unfair bank charges, which is tarnishing the reputation of all banks. Surely a campaign like this would tarnish just Morgan Stanley, and make people think twice before opening other cards which currently have no fees, but once people get wind of this, then what is to stop them introducing fees for their other cards and forcing forfeit of cashback/points.

Also, if there is such public outrage at this one company, it might make other banks think twice before applying the same tactic.

Basically in principle, I don't object to the £20 fee, as I am free to take my business elsewhere, but what I do object to is the forfeit of cashback, to which I earned by signing up on the basis that I would not have to pay a fee to claim this cashback. At least with the unfair bank charges, the charges were in the T&Cs when signing up and it's an unfair contract issue, rather than a surprize charge. This is alot worse, and they moved the goalposts once signed up to con money out of customers which is rightfully theirs.

Gnid

I agree. If they change the terms, they usually give you a right to cancel, so that as at the date you cancel, you still have the same terms that you signed up for at the beginning.

But here, they are changing the terms in a systematic way.

1. first make it harder to obtain the cashback
2. then slap on an annual fee and reject cashback

So that if you want to get out, you aren't entitled to same terms you signed up for at the beginning.

You should at the very least, get all the cashback you are entitled to at the point of cancellation....

This is pretty unlilateral amendment of terms. That must be unfair...

MARTIN AND TEAM - WHAT DO YOU THINK OF THIS!!!!

atesixate

It was mentioned earlier that they were introducing this fee because they were phasing out the classic card in favour of the platinum card. Having just applied for a card and being a student with little income, I am wondering which card I am likely to receive. Obviously I don't want the classic if there is a fee. Has anyone else applied very recently?
Also, does anyone have a platinum card with a limit of less that £3k?

Thanks

Barnum42

atesixate wrote: »

It was mentioned earlier that they were introducing this fee because they were phasing out the classic card in favour of the platinum card.

But then they won't let you switch to the Platinum card without stopping your classic card, letting them pocket your earned cash back and waiting six months to apply for the Platinum card.

Gnid

Now it is phasing out the classic card.

BUT what happens, if in 2 years time, we all join the platinum card and then this new card (i.e. Rodium card or some other silly name) comes along from them and then they phase out the platinum card??

Is this process fair at all??