Morgan Stanley/Goldfish now charging £20 pa!

DemiDee

I got a Morgan Stanley card some time ago due to the good cashback rate and my tendency to always pay off my entire balance each month. Now Barclaycard have taken over, it seems that they are going to charge card holders £20pa just for having the credit card! OK, so they're waiving the fee this month, but next year, all holders will have to pay a £20 charge just for having the card, which, for me at least, wipes out any cashback earned, rendering the cashback facility useless.

I have a friend who works in their compliance department. She's earning £100K per annum including bonuses. How can they justify charging people £20 just for having the card? I've had a number of credit cards over the years and never been charged an annual fee. Seems to me that now, those of us who manage money well are going to be penalised because of those who don't.

Any thoughts? Are all credit card companies going to start charging annual fees such as this?:mad:

Dee

jonesMUFCforever

They will charge their less profitable customers. You have had 12 months notice that it is time to look elsewhere for your credit cards.

A few banks have done this recently.

If you look elsewhere in the world it is fairly common to have to pay for your credit cards and other banking facilities.

emma396

yes, some people were being charged even when it was morgan stanley. i jumped ship when they mentioned it in a letter. i got about £90 cashback, so would've still been good for me, but stoozing with hsbc card instead now.

DemiDee

Does anyone know if there is still a credit card out there with a good cashback rate that doesn't charge a fee? Or am I asking for too much? :rotfl:

YorkshireBoy

DemiDee wrote: »

Does anyone know if there is still a credit card out there with a good cashback rate that doesn't charge a fee? Or am I asking for too much? :rotfl:

http://www.stoozing.com/cashback.php