Who is impacted by a base rate change?
A base rate change only affects base rate linked accounts held by existing customers who opened their account before the last working day of the month in which a Bank of England base rate change is advised.
If you have a base rate linked account then the interest will change every time the base rate changes.
Why don’t rates change immediately for Credit Cards?
Under our terms and conditions for existing customers with Bank of England base rate linked accounts, rates change on the last working day of the month of a base rate change.
Is my card base rate linked and is my account impacted by the base rate change?
Your statement sent after the month of the base rate change announcement will include a message about Bank of England base rate. This will tell you if your interest rate has changed. If there is no message on your statement, the account is not base rate linked and therefore the interest rate is not affected.
Why is my interest rate changing?
The interest rate is changing because your account is linked to the Bank of England base rate under the terms and conditions of the card.
How will I be notified of a the change to the base rate?
There will be a message in the statement sent the month after a base rate announcement. This message will remind you that the interest rate charged has changed due to the base rate. The statement will show when the minimum payment needs to reach the account by.
Will my interest change if the base rate changes again?
If you have a base rate-linked account then the interest will change every time the base rate changes.