Morgan Stanley £20 Annual Fee

saral_2

I have just got my statement also, saying they will not be charging me this year and will review it next, the separate notice about changing the T&Cs says the £20 will be levied from 1 June, no matter what. I've only had the card since Oct and spent about £2500 on it, paying it all off each month. I hadn't realised I had the Classic card, until I came on this forum, I thought I had applied for the Platinum, but was obviously given this instead. I was wondering if the ploy to not put the charge on some accounts until maybe next year, was to make you forget, whack it on, then say tough we told you last year, rather than have me cancel the card now which is what I would do.

skybluesaver

I applied for the platinum card & was declined. I had it confirmed today by Morgan Stanley customer services that the minumum credit limit on the platinum card is £3000. They also told me they're introducing the £20 fee on the classic card as they want to phase it out & want to see customers reactions before they try to introduce the fee across their range.
I also originally applied for the platinum card & it wasn't until i received the notification of the £20 fee that i realised it was the Classic card.
They have also reduced the interest free period for anyone paying their bill in full by direct debit, from 56 days to 46 days.
Even more reason for us to ditch them if we have an alternative.

emma396

My bill from April says they're introducing a charge for some people, but not me at the current time, and will be reviewing account in one years time. Is it worth me closing my account now and moving? I've already maxed out my 3% cashback limit for this year, so i'm on like 0.5%. I'm thinking about opening a sky card with 0% purchases until 1st March next year and stoozing. The question is, will I get the remaining cashback left on my account if its not a multiple of £15?

emma396

atesixate wrote: »

Also, does anyone have a platinum card with a limit of less that £3k?

I got a limit of £2800

Channelman

My credit limit is £2125. I always pay in full every month and I
have received the £20 fee notification today.
But.....brilliant this one.....my cashback is now at £75.02.
They will be able to keep the 2p when I cancel it. :rotfl:
Channelman

Riviera_Kid

emma396 wrote: »

The question is, will I get the remaining cashback left on my account if its not a multiple of £15?

No you won't. But you're one of the lucky ones with an extra year so you have time to bring the cashback up to the next multiple of £15

GrumpyOldPerson_3

I have also had the notice on my statement and insert that the fee will be charged on or shortly after 1st June. This is especially galling for me as my anniversary date is 9th June when cashback would be paid. However I have immediately taken advantage of the change they made previously to claim in multiples of £15 and have got my hands on £60 of my total £68 cashback. Now I have the choice of paying the £20 fee or losing the other £8 cashback if I close the account. I will probably close the account as I am sick of companies like this ripping us off. I must say that I thought better of Morgan Stanley but it seems they are no better than the rest.

I have also recently been ripped off with the Total Tops card which apparently has been ended as a result of customer feedback. A likely story. So that company gets to pocket all points from customers who have less than 5000 (worth £5). I have 2800 and think that they could have had a scheme to deduct this value from petrol purchases rather than issue gift vouchers.

I agree with those who think some sort of campaign is called for to protest at unfair changes to terms signed up to in good faith by customers. After all when do these companies ever alter anything to benefit the customer these days?

badmad

I have also received my statement with the same info about the charge. I'm £1.52 short of £30.00 cash back. I'm very annoyed. Does anyone know how long it takes to receive a cash back cheque from Morgan Stanley, and how long does it take to close the account.
I might be able to spend the £304 needed to get to £30 cashback before 12/5/07, then get cashback cheque, then close account before 1/6/07.
Or I could cut my losses, get £15 cashback and close account, without spending any extra.

notbritishgas

Yesterday I rang MS for the second time to see if they would have second thoughts about charging me a £20 fee (or at least defer it for one year) but no luck at all.
So I said I wanted to close my account but was told they could not as I had a balance, and to go away and clear the balance then ring again.
Tried to log in just now to pay but was denied access. Rang them and was told my account was closed yesterday!!
I was not their best customer (for making money) but I was certainly not their worst.Yorkshire Building society here I come.

Shiggaddi

I'll be calling them on Monday, and ask them for a letter confirming that when I signed up to the card there was no annual fee, and that cashback was paid once a year. In that letter they will confirm that cashback is only paid in multiples of £15, and that I have only accumulated about £7 of that. The letter will confirm that the terms and conditions state that I forfeit cashback if I close the account, but if I want the cashback, I am welcome to stay and pay the £20 fee in order to be eligible.

When they ask why I need such a letter, I will state that I would like something in writing to confirm the current situation, just incase of any possible future action.

My anniversary date is the 10th May, so I could in theory spend another £750 before the end of the month, and claim the cheque.

If as mentioned earlier on this post, they are trying to gauge customer opinion before doing this on their other cards, then I have made my opinion known in no uncertain terms.

Also, after my complaint yesterday, I was promised a callback later on that day, and guess what, no callback!! So, I'll be phoning up on Monday.

I did actually call the normal customer service number, rather than the one in the statement, so might as well see how calling the other number goes.