Morgan Stanley launches ultra-premium card
26 November 2005
Morgan Stanley’s UK credit card operation today announced the launch of its ultra-premium card – the i24 Card.
Building on its strong existing portfolio of credit cards, the i24 Card offers some of the most compelling benefits available in the ultra-premium card market. It is the only ultra-premium card to offer 1% cashback on all purchases and is also the only card in this market not to charge a foreign exchange fee – a levy that costs Britons abroad up to £344 million a year.
The average amount purchased per person on premium credit cards in the UK each year is £28,854 and almost 20 per cent of premium card transactions are made internationally. Spending this amount on the i24 Card would give cardholders £288 in cashback, in addition to substantial savings on foreign exchange fees. The average premium cardholder would not have to redeem any other card features to recoup the annual fee of £275.
The i24 Card from Morgan Stanley offers several additional features for cardholders. The 24/7 concierge service will provide both ‘discovery’ and ‘recovery’ functions, whether it be booking an exclusive restaurant and buying that special gift for Valentine’s Day, or by making a translator available at 4 o’clock in the morning on the other side of the world.
In addition, cardholders will have access to over 450 airport lounges through the Priority Pass membership, comprehensive annual multi-trip travel insurance, emergency travel assistance and an additional card for partners or family members. Unlike some other cards in the ultra-premium category, Morgan Stanley has ensured that the financial benefits are central to the product offering.
The i24 Card, a partnership with MasterCard, demonstrates Morgan Stanley’s continued expansion in the UK credit card market. In addition to its market leading cashback platinum card, gold card and buy and fly! MasterCard, Morgan Stanley is looking to increase its affinity partnerships following the recent announcement of a card developed for Black Horse loan customers. It also has a long-standing partnership with Leeds Building Society.
Patrick Muir, marketing director, Morgan Stanley Consumer Banking, said: "The launch of the i24 Card is an exciting expansion of Morgan Stanley’s credit card offering. Our research shows that customers are turned off by the outdated flashy symbols of success associated with some of our competitors and are more interested in genuine, functional benefits. The i24 Card from Morgan Stanley provides features that people will actually need, value and use on a day-to-day basis."
