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To close or not to close......that's the question!

I have been slow stoozing on Morgan Stanley's cashback card for a year or so and acquired the M&S &more card back in January to carry out the traveller's cheque stooz - which is successfully held in a cash ISA (NS&I).

I recently acquired the Halifax One card and am slow stoozing on this, so I will be using this to make all my purchases on.

Would it be a good move to close the Morgan Stanley card or keep it open? Also, I noticed the bills appear to be coming from Morgan Stanley but named as Goldfish!

One more thing i've noticed is on my latest statement their is a Annual Feed Charged or £20. What is this? I wasn't aware their is a charge.

Thanks,

Replies

  • nohnoh Forumite
    5.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Close the card.
    See this thread regarding the £20 fee:-
    http://forums.moneysavingexpert.com/showthread.html?t=420530
    sometime last year Morgan Stanley bought Goldfish. Now all their cards are issued by Goldfish.

    Nigel
  • mattih5mattih5 Forumite
    204 Posts
    Part of the Furniture Combo Breaker
    noh wrote: »
    Close the card.
    See this thread regarding the £20 fee:-
    http://forums.moneysavingexpert.com/showthread.html?t=420530
    sometime last year Morgan Stanley bought Goldfish. Now all their cards are issued by Goldfish.

    Nigel

    What are the reasons for closing the card?
  • mattih5mattih5 Forumite
    204 Posts
    Part of the Furniture Combo Breaker
    Al_Mac wrote: »
    They are going to charge you for it. What reason do you have for keeping it open?

    Lol....obviously, derr to me. I was thinking in general terms, is it a good idea to keep a card active/open if your not planning on using it OR is it wise to close it and thus have your credit rating better?
  • wayoflifewayoflife Forumite
    281 Posts
    mattih5 wrote: »
    and acquired the M&S &more card back in January to carry out the traveller's cheque stooz - which is successfully held in a cash ISA (NS&I).
    Thanks,


    Please can you let me know more about this travellers cheques stooz...

    is this the one that you purchase through Quidco? If this is the case I thought they dont pay cashback on travellers cheques anymore?

    Please help asap!
    INCREASE INTEREST ON SAVINGS!

    ...I will thank you if youve been helpful, please do the same! :j
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
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    wayoflife wrote: »
    Please can you let me know more about this travellers cheques stooz...
    http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1159043738
    is this the one that you purchase through Quidco? If this is the case I thought they dont pay cashback on travellers cheques anymore?
    No, and did they ever?
    Please help asap!
    It's not as appealing now that it's 6 months...many of us got a 12 month BT last year for an effective 1% BT fee. On top, we were able to 'spend' the minimum payments each month due to the 0% on 'ordinary' purchases.

    Just make sure you have identified (read the whole thread above) a way to cash them (for free) before purchasing them.

    Finally, since the existing M&S offer (to Jan 2008) will be only be 5 months come August, and they're rumoured to be introducing a reduced minimum payment, I'd probably wait to see if they launch a new deal in the next 2-3 weeks. Just my opinion though.
  • mattih5mattih5 Forumite
    204 Posts
    Part of the Furniture Combo Breaker
    http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1159043738No, and did they ever?It's not as appealing now that it's 6 months...many of us got a 12 month BT last year for an effective 1% BT fee. On top, we were able to 'spend' the minimum payments each month due to the 0% on 'ordinary' purchases.

    Just make sure you have identified (read the whole thread above) a way to cash them (for free) before purchasing them.

    Finally, since the existing M&S offer (to Jan 2008) will be only be 5 months come August, and they're rumoured to be introducing a reduced minimum payment, I'd probably wait to see if they launch a new deal in the next 2-3 weeks. Just my opinion though.

    If I took out my card in January this year, will I be safe in that I still have until January next year to pay back my stooz pot? Have they changed their T&C's which affect me?
  • j_dlawj_dlaw Forumite
    375 Posts
    Al_Mac wrote: »
    They are going to charge you for it. What reason do you have for keeping it open?

    Ive just noticed read this post about a £20 charge and have also received the letter about the card transferring to Goldfish. I have a Morgan Stanley card I now want to close. Who do I contact to do this? Does anyone have a number for customer services at Goldfish, or can I use the old Morgan Stanley number?
  • mattih5mattih5 Forumite
    204 Posts
    Part of the Furniture Combo Breaker
    j_dlaw wrote: »
    Ive just noticed read this post about a £20 charge and have also received the letter about the card transferring to Goldfish. I have a Morgan Stanley card I now want to close. Who do I contact to do this? Does anyone have a number for customer services at Goldfish, or can I use the old Morgan Stanley number?

    I would imagine you can contact Morgan Stanley to close it. I am going to do mine tomorrow. What happens with the remaining cash back I have accrued? I have £16 remaining, I took £60 not long back.
  • MrsMillarMrsMillar Forumite
    100 Posts
    "What happens with the remaining cash back I have accrued? I have £16 remaining,"

    You'll be able to claim £15 - Morgan Stanley will keep the rest.

    BTW - the old Morgan Stanley customer sevices no. still works, but when they answer they will say "Goldfish".
  • johnllewjohnllew Forumite
    1.9K Posts
    I never close a credit card account if I can help it. It's the repeats that enable Mrs JL and myself to keep over £70k up in the air currently. And you never know who you're going to get the next repeat offer from.
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