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Credit card terms changing - closing accounts
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Kauto5
Posts: 53 Forumite

in Credit cards
Hi all,
I have both an Aqua and Marbles card, both are provided by New Day. They're both very high interest (49.9%) and I struggle to make anything more than minimum payments most months.
They're changing the terms and conditions slightly and I have until 30 June 2024 to decide if I want to close the accounts. They've said that if I choose to close them, obviously I won't be able to use them anymore and will still have to make at least the minimum payments each month.
It states that the interest charged on the amount owed will be Bank of England base rate - this is where I'm confused.
Will this mean that if I choose the accounts I'll no longer be charged 49.9% interest on the balance? Seems to good to be true and I'm sure I'm misunderstanding... Will there be a negative mark on my credit report if I chose to do this?
Thank you for any advice or clarification!
I have both an Aqua and Marbles card, both are provided by New Day. They're both very high interest (49.9%) and I struggle to make anything more than minimum payments most months.
They're changing the terms and conditions slightly and I have until 30 June 2024 to decide if I want to close the accounts. They've said that if I choose to close them, obviously I won't be able to use them anymore and will still have to make at least the minimum payments each month.
It states that the interest charged on the amount owed will be Bank of England base rate - this is where I'm confused.
Will this mean that if I choose the accounts I'll no longer be charged 49.9% interest on the balance? Seems to good to be true and I'm sure I'm misunderstanding... Will there be a negative mark on my credit report if I chose to do this?
Thank you for any advice or clarification!
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Comments
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Kauto5 said:Will this mean that if I choose the accounts I'll no longer be charged 49.9% interest on the balance?0
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Kauto5 said:
It states that the interest charged on the amount owed will be Bank of England base rate - this is where I'm confused.0 -
Martico said:Kauto5 said:It states that the interest charged on the amount owed will be Bank of England base rate - this is where I'm confused.2
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We'd likely need to see the exact wording to be sure of what it means. Are you able to blank out your personal details and post a photo of the letter?
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Like a lot of credit cards these days the interest rates are linked to Base rates - BUT it will be BoE base rate PLUS XYZ% not just base rate.1
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