Morgan Stanley Cashback in multiples of £15

bankersmug

Am I the only person who finds this a rather underhand way for MS to pay out less than the advertised 1% or 0.5%?

For example, I've currently got about £10 due in cashback, under the original terms. I will never see this unless I spend more until I hit exactly £15. But if I go over, the whole process starts again.

And if you close your account, it's gone forever anyway.

I'm not sure whether to close this account or hang on to it.

Stompa

FWIW Halifax now do something similar.

bankersmug

Stompa wrote: »

FWIW Halifax now do something similar.

Didn't know that. I hope Capital One don't do it because I'm due a quite a payout in January!

eagle

It's actually a very sly ploy by Morgan Stanley to get you to spend more on the card.

The key money saving tip to remember here (common sense too) is that you shouldn't splash out on the card unnecessarily for the sake of increasing your spend to the cashback payout level.

Stompa

bankersmug wrote: »

Didn't know that. I hope Capital One don't do it because I'm due a quite a payout in January!

FWIW Halifax are paying out any already earned cashback before switching over to the new system.

lolarentt

bankersmug wrote: »

I'm not sure whether to close this account or hang on to it.

I'm going to jack mine in - I only use it when the 2% deal runs at the beginning of your year for the first £2K spend. I shall wait till my 'new year' on 26 Jan and spend enough to get my £13.18 up to £15 (£91 I guess) then chuck it.

Other than that I run with Amex (up to 1.5%) and of course Capital One now at 4% for the first 3 months then 1%.

Stephen_Leak

Just keep spending as normal and you will inevitably reach the £15. Then claim the cashback and cancel the card.

It would be nicer if it was in, say, £5 blocks, but it does give you some semblance of control, rather than the Capital One annual payout.

salmonguru

You also have to request the cashback now. It is not automatically sent annually. I asked for the whole amount accrued to be sent out, as I commented that Morgan Stanley was making alot of extra interest on all those odd bits of money. I was told it wasnt actually my money anyway(?) and the cheque would take 28 days to process. Morgan Stanley have really gone down hill since they changed over to Goldfish

Chris2000

Stompa wrote: »

FWIW Halifax are paying out any already earned cashback before switching over to the new system.

Just as well because the new Halifax system is pretty poor. They only pay multiples of £5 (with a minimum of £10) and the remainder is lost.