A necessary evil (Morgan Stanley Dean Witter)

Member Name: dave27

Product:	Morgan Stanley Dean Witter
Date:	29/12/01 (156 review reads)
Rating:

Advantages: As good as any

Disadvantages: As bad as any

Credit cards, like dentists and estate agents, are one of life's necessary evils - everyone despises them with every single fibre of their entire being, but they have little choice but to make use of them at one time or another in their lives.

Credit cards are designed as a convenient and easy way to buy products and they are almost mandatory if you want to buy goods over the Internet, although increasingly these days companies are starting to accept Switch cards as an alternative. Credit cards have many advantages in that they act as an insurance in case there is anything wrong with your goods and obviously they save you having to lug around huge amounts of cash, but people are understandably concerned about the high degree of credit card these days and reticent about such dangers.

However, it's not this that is the main problem, but rather the ease with which you can let your credit card account get completely out of control and run up large debts which can become the bane of your life. In many ways, credit cards are simply too convenient and easy to use for buying goods - see that shiny new computer which is just too good to miss out on? No problem, che-ching, stick it on the plastic, your flexibly spiteful friend and forget about it, at least until the end of the month when your statement comes.

Of course, if you have willpower and are prepared to settle your balance in full each month when the statement comes, they can be a positive boon, giving you extra buying power and letting you delay the day you need to settle up, but who the hell has willpower these days when there are so many wonderful things to buy and so little time to waste.

Of course, credit cards got an awful name for themselves back in the 80's, leading many people into unsustainable debt and creating untold misery, but over the last few years they have risen their very shiny, very ugly heads again. I got into difficulties with credit as a young
man and vowed that I wouldn't ever do the same again, but you try getting a flat rate ISP service without a credit card - can't be done.

Okay, sermon over, let's get on with the detailed matter at hand - the Morgan Stanley Credit Card (apparently now the proper term because Morgan Stanley Dean Witter seems to have gone out of usage as the brand).


You can get details of the Morgan Stanley offering at http://www.morganstanley.com/ and can apply for an account online. In fact, the site says so: "Give yourself all the advantages of carrying a Morgan Stanley Card. It only takes a few minutes to apply for your Card online - simply click on the apply button and you could be enjoying all these benefits. You could save money when you apply for your new Card with our exceptionally low Balance Transfer rate of 0% APR fixed for five months*. What's more, there's no annual fee to pay for your Morgan Stanley Card. *Going to 16.9% APR after five months for the Platinum Card and 13.9% APR for the Gold Card, click here for full details."

It is surprisingly easy to get an account - you just fill out the details online and a few days later you receive your welcome pack which indicates that you have been accepted (or not, but I had no trouble and if I qualify for one then anyone will) and you then just have to check the details on the confirmation form, sign and return it in the Freepost envelope provided. Soon afterwards you will get your card and you just need to ring them up on a free 0800 number to activate the card and away you go.

At the moment, MS offer you a 0% APR on your account balance for the first five months, so it obviously makes sense, although beware because that can quickly lull you into a false sense of security and get you reeling out of control, so watch it.

You can manage your account from their website and it seems to work pretty well, although it is very Americanised in approach an
d presentation.

They also offer a cashback bonus award which promises to pay you 1% of every purchase you make. This was on the Platinum card which was the one I applied for, but I assume it applies to other accounts too.

MS Promise "we will work out the Cashback Bonus award you have earned and pay it to you by cheque shortly after the end of each year. We will show a provisional running total of the value of the Cashback Bonus award you have earned on each statement." However, they do say that the bonus has to be in excess of £3 and that if you are more than 2 months behind with your payment or die or are suspected of fraud you will forfeit your rights. Happy souls, hey?

MS also promise that "if the credit card is lost, stolen or misused by someone who obtained it without your consent, you may be liable for up to £0 of any loss to the Bank." However, if it is misused with your permission watch out! What a strange clause, a bit like "Do not put pets in this microwave with the power on!"

Okay, enough said ... the Morgan Stanley credit card is probably as good (or bad, whichever way you look at it) as most any credit card around these days, so if you really do want to put temptation in your way and you like the look of one of these stylish little brutes, please feel free to mosey on over and sign away your soul...

Summary: