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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lordster's Review of Morgan Stanley Credit Card

7th May 2007

Overall Rating

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

It used to be customer service and their cash back system.


Bad Points

Do not use Morgan Stanley!!!!!!!!!!!!!


General Comments

After being a loyal customer of Morgan Stanley for approx 7 years I received a letter with my statement saying that I would be charged £20 a year for the privilege of using their card.

After contacting their customer relations dept I was told that the decision would stand and I would have to pay the £20 to use the card and told that this only applied to classic card holders and not platinum cards, when I asked for the platinum card instead of my classic one I was told that I could only apply in six months and after paying the £20! when I asked to speak to someone more senior the advisor replied by saying that if I was not satisfied that I could contact them in writing which I did explaining that I was extremely disappointed and that if the fee was not waved that I would close my account.

A couple of days passed after I had sent the letter and I was in a local petrol station when I found my Morgan Stanley card was declined which was very embarrassing! I called MS straight away to find out what was going on and was told that I had wrote them a letter stating my wish to close my account, I explained that the letter was explaining that I would close my account if the £20 fee was not waived and was told that they would not waive the £20 fee so they have closed my account! and I also look likely to lose £23 cash back which I have earned. There was nothing in writing from MS warning me this would be the case.

This is a quite a frustrating event as over the years I have recommended the MS card to everyone and also my partner has a MS platinum card (no £20 charge for her!!) and I also gave it a glowing review on Review Centre. Obviously loyalty does not mean anything to the management team at MS and the customer who pays off his or her balance every month is a waste of time.

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Members' Comments onlordster's Review

  • jefjefjef Rank: Staff Sergeant on 4th Jun 2007

    I also got the letter informing me of the fee. Reaction: immediate closure of the account! I wonder how many customers they lost... I thought it could be a ploy to have me out, since I always pay my bill in full and therefore am of no interest to them...I have now applied for a card with Citi, which offers 0.5% cash back. Almost went for an Amex (more cash back) but it turns out that it is really not widely accepted.