RBS new credit card charges

wardds

I've recently received a notification ref ClasNOV03_07 that advises 'We have added a new Condition 2.2 that sets out the details of a new annual fee that will be charged to your Account on, or shortly after, 1 June 2007, and yearly thereafter.

Condition 2.2 is as follows - 2.2 We charge an annual fee for the Card, which is currently £20 per annum. The fee will be charged to your Account on, or shortly after, the date we tell you, and yearly thereafter ...

So, no longer a free card. Be warned in case you don't receive (or read) the insert they send that 2.2 goes on to read 'Unless we are in breach of any of our obligations to you, once the annual fee has been charged to your Account, no part of it will be refundable to you.

I made a special note of this as my mother has received this notification but I haven't! I'd hate to see anyone lose £20.00.

Sorry for such a long post - and it's my first one

RightRevBod

I have received notification from one of the credit card companies (not sure if it was Halifax or Nationwide) that they are going to charge a fee for gambling transactions.

Linda's_Man

From 1st June Morgan Stanley are introducing an annual fee of £20 for their credit card that gives cashback of 1% on the first £2,000 spent per annun then 0.5% after that on all purchases.

Compound_2

Sheila's_Man wrote: »

From 1st June Morgan Stanley are introducing an annual fee of £20 for their credit card that gives cashback of 1% on the first £2,000 spent per annun then 0.5% after that on all purchases.

So basically the 1% cashback will be wiped out by the fee.

TightFisted

I recently asked my Bank Manager about these charges, as my business uses Nochex & that is now classed a 'Cash Advanced' & she didn't know anything about the new charges

Does anyone have a link to something official?

Miss_Informed_2

I cleared my RBS card (just like Martin says!) before transferring £1400 onto it at a rate of 3.9%APR for six months (this was an offer sent to people already holding the card, stunningly low APR in my experience for RBS). The transfer fee was 2%, about £28, BUT I discovered the transfer fee is locked behind the £1400 at something like 19.9%APR!!!!!! So watch out.

I've decided to work out how much the £28 plus interest will add to the debt compounded over the six months and put that as a lump sum into the balance now ... am I getting a bit unhinged about all this? MSE, what have you done???!!! Trouble is, in relation to RBS, I'm a Scot too and want to get the knife in first AND screw the last penny out of them too (to mix metaphors). I see it as a challenge.

Retiring to couch now.

Blackjack_Davy

Compound wrote: »

So basically the 1% cashback will be wiped out by the fee.

I was just going to post about the £20 annual fee too from June '07. Martin please take note and update the site! Does anyone have a recommdation for an alternative as I need to cancel this card fast? Ta!