Morgan Stanley has launched a new credit card, but you’re going to have to be earning £70,000 a year to qualify.
The i24 credit card promises 1% cashback and a range of other premium services, such as no foreign exchange fees and access to airport lounges.
Based on the annual £275 fee and a notional £1,500 of credit (as required under the Consumer Credit Act), this credit card charges a whopping 57.8% APR! For deep pockets only then.
Unfortunately, I can’t find a link to a website where you can buy the i24 card, but to be honest that’s probably doing you a favour.
Thanks to Matt in the comments, who gave us the official Morgan Stanley i24 website, and the freephone number 0800 0282 360, should you wish to apply.
http://money-watch.co.uk/morgan-stanley-i24-credit-card/
re this above page. 57.8% APR is an exaggeration. the purchase APR is 13.9%. balance transfers are at 5.9% lifetime of the balance. also the minimum credit limit is in the region of ten times the amount you notionally suggested.
As pointed out above, the typical APR on the card is not over 50%. The minimum credit limit on the card is over £15000, but for advertising purposes, the APR has to ALWAYS be worked out using the standard credit limit of £1500.
More infomation about this card can be found at http://www.i24card.co.uk or by calling 0800 0282 360.
are you the Matt Hern who used to work for BR Business Systems?
Avoid Morgan Stanley.
There is no mention made of this (they say they have no legal obligation to tell you) but if you any other MS cards they close them and transfer your balance to this card. They do not tell you they are doing this. You are not aware that your unused card is now loaded or that your usual card no longer works.
The balance I had at just transfered to my MS gold card at 0% for 5 months (2% transfer fee of course) was immediately transfered to an interest charging card account. Interest and the annual fee were immediately added putting me over my i24 credit limit (£10k is actually their minimum not 15K)before I had even used the card.
When I had spoken to them about my PIN number and later to activate the card no mention was made of this. Normally card companies delight in telling you not to use the card under such circumstances. I only found out when I could not access my my gold card online.
The i24 representative told me that information about the closing of other accounts is in ‘the small print’ that arrives with the card. I can’t see it. Nor can I see where it says specifically that if you have an i24 you cannot have any other MS cards.
Their attitude and behaviour seems contrary to the openness and clarity espoused by the banking code. Sure there is a 14 day cooling off period, butwhy would you want to cool off from a card you hadn’t used and on which you therefore assumed you had no liability?
Thanks for the information Pat, that does seem a little underhand.
I disagree with Pat’s comments regarding the closure and transfer of outstanding balances when taking out a new i24. I was informed of this procedure during my application.
Agree with you John. I recently got upgraded via a pre accepted DM campaign and that contained all of the information about what would happen to your old cards, transfer of balance etc.. Pat, please read things more carfully next time.
In the covering letter and application I was advised that my existing card would be closed and transferred.
The no-charge of an exchange fee on foreign purchases abroad, together with the access to airport lounges, with the addition of the 1% cashback make this card very attractive if you already use these services.
I accepted this card when approached – unsolicited – by i24. I was looking for a card without overseas charges as I travel a great deal. The £275 fee was in small print half way down the second page.
On my second months invoice I was a tad surprised to see that I had been charged for the card and contacted Morgan Stanley. After considerable wrangling they agreed to refund all my money and close the card.
One year on I have just received a bill for another £275.
If this is the quality of their ability to perform simple administrative tasks what level of confidence would anyone place in their ability to manage anything more complicated. Identity fraud for example.
It’s your decision – I’ve made mine!
It says the min cred limit is £7,500-check the summary box, not sure where 10k or 15k came from!!
basically if you are earning enough for this card, you could go find a better deal in Amex Plat Charge Card. At least you’d get points to accrue. I have a Morgan Stanley Plat card, and although I travel I wouldn’t fancy paying the £275 fee.
Plus their customer service sucks!!!