Morgan Stanley creditcard now Goldfish and issues with CASHBACK

l_m_g

Hi,

I took out a Morgan Stanley creditcard on the recommendation of MSE as it was (at the time) paying the most in cashback. Once a better card came along, i promptly stopped using the card and switched to the other (i dont EVER keep a balance on a credit card). I acrued £119.04p in cash back and was waiting until my aniversary date (October) before I could redeem it.

Today I received a letter from Morgan Stanley saying they had transferred their credit cards to Goldfish. Considering my cashback balance, I called Morgan Stanley/Goldfish to enquire about it.

According to the company there are two things to note:

(1) The cashback has not been affected;

(2) They changed the rules and regs of the cashback some time ago and now you can redeem the balance before your renewal date. HOWEVER you can only redeem in multiples of £15! Therefore I can only get £105 and loose £14.04p!!!

NB: Important to note I have never received any notification of this change.

So - the math is obvious - not worth spending on the credit card to build it up to the £15 so have "lost" that £14.04p. I also closed the account.

My personal recommendation to everyone - dont have any dealings with Morgan Stanley/Goldfish creditcards (unless they pay more cashback than CaptialOne's 4% or Egg Moneys 1%) - AND - redeem your cash now!!

ad44downey

I agree it's safer to just close the account as they seem to have started charging some Platinum card holders the £20 annual fee as well even when they're not supposed to (yet).

thumshie

l_m_g wrote: »

(2) They changed the rules and regs of the cashback some time ago and now you can redeem the balance before your renewal date. HOWEVER you can only redeem in multiples of £15! Therefore I can only get £105 and loose £14.04p!!!

NB: Important to note I have never received any notification of this change.

They did this a while back, sending the changes to the T's&C's with a statement..

l_m_g wrote: »

So - the math is obvious - not worth spending on the credit card to build it up to the £15 so have "lost" that £14.04p.

Er..Let me see:
Spend £192 on Morgan stanley card and get £15 back(£14.04 + 0.96 )
Spend £192 on Capital one card and get £7.68

Alternatively you could have claimed the £105 now, waited till your anniversary to go back to 1% and you'd only have needed to spend £96 on it...

gmcl81

I too recently took out a Morgan Stanley platinum card while the cashback was 3% however by the time I was accepted the cash back was down to 1%. I then happily used the card abroad not having read the fine print and was astonished to find I was charged 3% on every transaction to cover conversion charges! So much for the cash back. I now owe more in charges than I will receive in cash back! Previously I had a Natwest visa and never had these charges so here I go again changing cards.

thumshie

Natwest would have charged the same (well 2.75%) for foreign transactions:
http://www.natwest.com/personal02a.asp?id=PERSONAL/DAY_TO_DAY/CREDIT_CARDS/RATES_CHARGES
Look at the charges bit:

Cash advances (except gambling transactions) subject to a handling fee of 2.5% with a minimum of £2.50; Balance transfers subject to a fee of 2% (min £5) during the first six months from account opening, unless you qualify for exemption from that fee or are notified of a different fee under the terms of a special offer we make in connection with your application; Foreign exchange transactions subject to conversion fee of 2.75% (including purchase of foreign currency and travellers' cheques); Transactions outside the UK where the original currency is converted into Sterling before you make the transaction is subject to a fee of 1.25% (This is in addition to any currency conversion fee charged by the retailer or another bank). Statement redirection to an address outside the UK is subject to a fee of £1.50 per month; Copies of statements are subject to a fee of £3.

The Nationwide, post office and Audi credit cards are probably the only 3 that don't charge the foreign exchange fee..

carpy

anyone else found MS/goldfish changed their anniversary date for some reason???

dippenhall

I signed up to Morgan Stanley Platinum cahback in April believing I would get the 3% cashback on 1st £2000, but in chcking my last 3 statements I have only been getting aroun 1%. I phoned them (now Goldfish) who said it's impossible to see on the account what I am earning in cashback and to wait until the 4th month to see if the 3% is credited back to me! Of course it won't be. I wish these companies would not do this! Pretend to offer something that they don't offer!!

M_Thomson

l_m_g wrote: »

Hi,

I took out a Morgan Stanley creditcard on the recommendation of MSE as it was (at the time) paying the most in cashback. Once a better card came along, i promptly stopped using the card and switched to the other (i dont EVER keep a balance on a credit card). I acrued £119.04p in cash back and was waiting until my aniversary date (October) before I could redeem it.

Today I received a letter from Morgan Stanley saying they had transferred their credit cards to Goldfish. Considering my cashback balance, I called Morgan Stanley/Goldfish to enquire about it.

According to the company there are two things to note:

(1) The cashback has not been affected;

(2) They changed the rules and regs of the cashback some time ago and now you can redeem the balance before your renewal date. HOWEVER you can only redeem in multiples of £15! Therefore I can only get £105 and loose £14.04p!!!

NB: Important to note I have never received any notification of this change.

So - the math is obvious - not worth spending on the credit card to build it up to the £15 so have "lost" that £14.04p. I also closed the account.

My personal recommendation to everyone - dont have any dealings with Morgan Stanley/Goldfish creditcards (unless they pay more cashback than CaptialOne's 4% or Egg Moneys 1%) - AND - redeem your cash now!!

Can you clarify what you mean when you say Morgan Stanley transferred their cards to Goldfish? When I go to the Morgan Stanley Homepage all their cards are still available. Do you mean that Goldfish is now run by Morgan Stanley?

smudger1964

M_Thomson wrote: »

Can you clarify what you mean when you say Morgan Stanley transferred their cards to Goldfish? When I go to the Morgan Stanley Homepage all their cards are still available. Do you mean that Goldfish is now run by Morgan Stanley?

No i think its the other way round morgan stanley cards are now run by goldfish .If you look on the morgan stanley site they have now closed applications for the morgan stanley platinum card.

carpy

i took £15 of my cashback a few weeks ago, i now have £11 remaining.

if i don't get the £11 up to £15 before my anniversary date will i lose it?

taxi73

No you won't you don't have to wait for your anniversary date you can claim any time in multiples of £15..hope this helps