Morgan Stanley Credit Card Review

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Morgan Stanley Credit Card
1.6 stars
Average rating for this product is: 1.6 out of 5

From 4 ratings and 51 reviews

Thumb down 27% of users recommend this product

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geordiealan's Review of Morgan Stanley Credit Card

17th Mar 2007

Overall Rating

0.5 stars
  • Value for money
    0 stars
  • Loyalty scheme
    No
  • Used card for
    1 year and over
  • Customer service
    1 stars
Good Points

None of special significance.


Bad Points

They refuse to give you specific information, and they would not answer direct questions regarding why they increased my interest rate by 50% only 3 days after inviting me to renew my card, and my having accepted their invitation, and subsequently making fresh purchases.


General Comments

I was advised that they had increased my APR rate as a consequence of a credit check with Experian, but would not give me details. I subsequently ordered a credit report myself from Experian and found no adverse comments whatsoever on it, and also had a rating of 999 out of 1000. 1000 being the best possible score! Morgan Stanleys' own feedback to Experian on my transactions was also flawless. In other words they had no justification whatsoever for the 50% increase other than pure greed. Furthermore, they gave me incorrect information as to the reason for the increase in APR (adverse credit report-allegedly). After much protest from myself, I asked for my correspondence to be sent to their CEO, as I considered certain individuals were behaving unethically, and they have since written back saying that they will not do this and will not enter into any further correspondence on this matter. If their CEO has the bottle to respond to this personally, I will be happy to furnish him with all of the details of my complaint and the behaviour of his own staff. If he does not respond, then he is obviously aware of problems.

Needless to say, I have cleared my account and will not be lining their pockets any further. However, I feel sorry for those less fortunate than myself who cannot pay off their balance immediately, and will have to bear their exorbitant interest rate increase.
I was advised that I was not the only one who had been subjected to the increase, and that there were many others like myself!!
(this after I had suggested that I was possibly being subjected to age discrimination? - that being the only reason that I could think of).

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