News

Credit card customers have limits cut in error
18 Novembar 2007

Goldfish has slashed limits for thousands of Morgan Stanley credit card customers, as the credit crunch continues to bite.

Cardholders saw their borrowing limits cut by thousands of pounds last week, with immediate effect - but the card company now says a quarter of the letters were sent out in error.

Readers who were told their credit limits could not be reinstated did have their old borrowing levels changed back when The Daily Telegraph contacted Goldfish, which issues 2m credit cards under a variety of brands, including Morgan Stanley.

Capt John Cartwright, from Yelverton, West Devon, pictured here with wife Ann, saw the limit on his Morgan Stanley i24 card cut from £8,300 to just £600, while solicitor Brian Stone, from Belper, Derbyshire, had the borrowing on his Morgan Stanley Platinum card reduced from £6,600 to £1,200.

Capt Cartwright, 72, who retired from the Merchant Navy more than a decade ago, said: "I use the card for topping up my car with petrol and would hate to go into a shop and be told it would not work.

"The Morgan Stanley card is the main one I use because of the 1pc cashback, and the travel insurance included in the annual fee.

"When I asked if it was possible to reinstate my limit, I was told I could only re-apply in six months."

Meanwhile, Chris Leitch, an IT consultant from Wallington, Surrey, only discovered that maximum spending on his Morgan Stanley Platinum card had been slashed from £7,500 to just £800 when it was refused at a local supermarket, while his wife, Elaine, an assistant headteacher, was informed that the limit on her card had dropped from £4,000 to £900.

Source : http://www.telegraph.co.uk