Morgan Stanley / Goldfish "moving the goalposts"

Steevo

Hello,
I took out a Morgan Stanley card in February to use for a balance transfer because they were offering a long term 3.9% interest rate with only a 1% fee for the transfer. I've now had a letter from Goldfish who seem to have taken over the MS credit card telling me that the rate is going up next month to what looks like their ridiculous standard rate. I know with absolute certainty that the promotional rate period is not over - I took out the card because the promotional period was so long - but unfortunately dont seem to have a record of exactly how long it was. I'm pretty sure it was either 3 years or for the lifetime of the balance transfer.
Did anyone else take out this deal and/or remember how long the deal was for? I remember that is was publicised on this website for quite a while because it was a pretty good offer for those looking to pay off large balances over a long period.
Thanks!

Stephen_Leak

Morgan Stanley Goldfish: they always reminds me of the beginning of the TV series "Porridge". I also note the irony in the initials MSG because, just like monosodium glutamate, to much of them gives you a headache as well.

smitchy73

This seems a bit strange as it was Morgan Stanley who took over Goldfish, my mate's mrs works in one of their places in Glasgow.
But as with all these threads if they can work out a way to scr*w us over they will, hence all these threads about claiming back charges etc.

Vancat

I took this offer out in March. It ends July 2010. 3.9%. It was 1% BT fee, capped at £50.
Was one of your payments perhaps late? They would probably stop the promotional offer for that.
I've attached the T'& C's for you below. HTH
VC

With a Cashback Bonus award of up to 3%* until 1st September 2007 and up to 1% thereafter, the Morgan Stanley Platinum Card is one of the UK’s most rewarding. It adds up quicker than you think and how you choose to spend your bonus is entirely up to you, whether it’s on coffee and croissants or something bigger.

Transfer a balance from another card and you’ll only pay 3.9% p.a.** until 1st July 2010. So the sooner you start the more you’ll save.
A 1% handling fee applies per balance transfer

No annual fee. <Online account management so you can view your statements, make payments and transfer balances whenever it suits you. <The option of email reminders to keep you on top of your finances.
The box below gives you some of the key facts.
For the full story, take a look at the Terms and Conditions.
APRTypical 15.9% APR (variable)Other Interest RatesIntroductory
RateMonthly RateAnnual RatePurchasesN/A1.240%15.9%Cash Advances N/A1.805%23.9%Balance Transfers 3.9% p.a. fixed until 01/07/2010 on balances transferred before 01/09/2007 1.240%15.9%Interest Free Period Maximum 55 days for Purchases if you always pay your balance in full and on time. There is no interest free period on cash advances. FeesNo annual fee. ChargesCash advances are subject to a handling fee of 2% (minimum £2);
Balance Transfers made during any introductory promotional period will be subject to a handling fee of 1% (minimum £3, maximum £50);
Foreign Exchange Fee: 2.75% of the value of
the transaction. Default Charges Late payment fee - £12
Over limit fee - £12
Administration fee for returned cheques or
direct debits - £12
View full Summary Box

* The Cashback Bonus award is 1% of the first £2000 of Purchases, and 0.5% of the remaining Purchases, made within your Credit Limit in a particular year. Unless we notify you otherwise, in any year, the maximum amount of Purchases and/or part of a Purchase on the Account (excluding any Purchases for which you have been given a refund) which are eligible to earn Cashback Bonus award is £20,000. From the date your Account is opened up to and including 1st September 2007, we will triple the amount of Cashback Bonus award you earn in accordance with the Rules. Other Rules apply and you will not be able to earn and/or redeem Cashback Bonus award in certain circumstances or on certain Purchases. See Cashback Bonus award Programme Rules for further information.
** For Balance Transfers made before 1st September 2007, the promotional rate of 3.9% p.a. applies to the balance transferred until 1st July 2010. Thereafter any outstanding balance will be charged at the Standard Balance rate applicable to your Card. This promotional rate will apply provided that you make the minimum payment each month, keep within your Credit Limit and comply with the other terms of your Agreement. See Condition 6.3 of the Card Conditions for full details. Transactions at lower rates of interest will be paid before Transactions at higher rates of interest. See Condition 3.5 of the Card Conditions for full details. Balance Transfers made during the promotional period will be subject to a handling fee of 1% per Balance Transfer (minimum £3, maximum £50). See Condition 2 of the Card Conditions for full details.

splendiferous_2

HI, I read this letter... it simply means that the STANDARD rate of interest is changing and applies to any STANDARD balance, not any promotional balance. So basically when your Balance Transfer runs out, you'll be paying the revised rate of interest.

When a credit card changes ANY standard rate of interest they have to inform the customer beforehand, even it it doens't apply to them.