Watch Out ! (Morgan Stanley Dean Witter)

Member Name: Lewry

Product:	Morgan Stanley Dean Witter
Date:	18/11/03 (91 review reads)
Rating:

Advantages: Tempting balance transfers, High card limits

Disadvantages: will change your interest rate for no reason

I have had a MSDW Gold card for a number of years. I have a number of other cards which, together with MSDW have high credit limits and high outstanding balances.
I always make payment on time and never exceed my card limit. Last year my card limit was increased (by them).
Last month I noticed that my annual APR had been increased from the advertised 14.9% to 19.9%. I received no notification other than the usual credit card bill insert advising me that they have the right to ammend my terms and conditions whenever they feel like it !
I contacted their customer service manager who advised me that it was the decision of their credit department and could not be altered. The fact that my account remains within limit and receives regular payments seems to have no bearing. She could not understand why it had happened or even point to any event which would have had a bearing on the decision. Apparently their decision was a "business" one !
I always believed that card companies move all customer interest rates together when base rate changes or individually if an account is in default. It now seems that they watch account balances carefully, and if you show that you are unlikely to repay the balance immediately or may not be able to balance transfer, they have got you by the "short & curlies".
Complying with all terms and conditions of the card apparently means nothing.
It is clear that they tempt you with high limits, then selectively bully anyone who uses it.
I am now looking to move balances to another card (if I can).

Beware !

Summary: