money for nothing (Morgan Stanley Dean Witter)

Member Name: thirdeye

Product:	Morgan Stanley Dean Witter
Date:	03/04/03 (376 review reads)
Rating:

Advantages: cashback and no annual fee, freephone customer service, no annual fee

Disadvantages: none experienced

Over the past four years Morgan Stanley have paid me nearly a thousand pounds for using their Platinum card - and I haven't paid them a penny in charges.

-o- The Cashback -o-

Towards the end of 1998 I received an unsolicited mailing from Morgan Stanley Dean Witter and when I read about the cashback bonus scheme I had no hesitation in completing the simple application form and posting it back to them. Less than 2 weeks later, I had a shiny new platinum card, with a £10K credit limit (£3.5K for cash advances), and I began accumulating my cashback. I earn 0.5% for the first £2K spent in a year and 1% thereafter, this is paid annually, by cheque, on the anniversary date of taking out the card.

-o- The Charges -o-

I pay the full balance every month by direct debit so I don't run the risk of missing the payment date which would incur a £20 late payment fee in addition to the interest charges. I probably wouldn't choose this card if I didn't pay it off monthly as there are lower APR?s available: the current rate on purchases is 14.9% on the Morgan Stanley platinum card (versus 13.2% on the gold version) - and there's a whopping 20.9% variable APR on cash advances PLUS the 2% withdrawal fee. To entice new account holders, there are frequently reduced APR offers for transferred balances - currently 0% for 6 months.

-o- Using the Platinum Card -o-

In general, it's much like any other card: get the timing right and you have nearly 2 months interest free credit; you must make at least the minimum payment (the greater of 2% or £5) by the due date shown on your monthly statement; you can choose from various payment methods - by phone (see below), direct debit, internet (if you have an on-line banking service), or by post with a good old-fashioned cheque. They guarantee against fraudulent use on the internet, so long as you comply with the T&C's, and there's a package of complimentary travel bene
fits to supplement the high
travel accident cover (up to £250,000).

-o- Call Centre Support -o-

Operating 24/7, I've always found the call centre refreshingly easy to contact (although they do have the dreaded IVR to navigate) and I like the fact that calls are not merely charged at local rate, as is the case with many other finance houses, this card comes with a freephone number. If you don't wish to talk but want to check your current balance, or make a payment (key in debit card details), the Automated Telephone Service is pretty straightforward - you have to key in letters from your password as a security check to utilise this service.

-o- On-line Facilities -o-

The on-line account management service is useful, registration is fairly simple, the site is easy to navigate and quick to download, and aside from viewing your latest statement and current balance, you can select from a menu of e-mail alerts - I use this facility to warn me if I'm nearing my credit limit, notify me when a new statement has been produced (you still get a copy in the post) and confirm when my monthly payment has been processed. You can also apply for a card on-line and check out the current offers - go to www.morganstanleycard.co.uk.

-o- When Things Go Wrong -o-

The acid test for customer services ... what are they like when you have a problem? I had a real crisis a couple of years ago; I was told over the phone that I had reached my credit limit, spending £10K in just 2 weeks. When I'd picked myself up from the floor, an adviser talked me through the details and it transpired that my card had been used to pay for flights and a 2 day spending spree in Spain. After further investigation it seems that my card was swiped through one of those duplicating machines. Morgan Stanley's support during this time was excellent; they sorted everything out and quickly credited my account back with all the charges I informed
them were not authorised by me. Since this happened,
I do not let any of my cards leave my sight (eg in restaurants) when using them to pay for goods and I would urge you all to be as vigilant.

-o- Overall -o-

In summary, this credit card is right for me, rewarding me with money for doing nothing more than shopping with it, and not costing me a penny when I need to contact Morgan Stanley by phone. The cashback is fantastic - my anniversary date is early December so my cheque arrives nicely in time to cover my Christmas excesses; there is no annual fee; the on-line account visibility is convenient; the card is accepted everywhere you see the MasterCard logo; and I've been delighted with the service.

Recommended unreservedly to everyone who pays their monthly credit card balance in full.

Summary: