I recently received a letter from Aqua stating that from 29th Aug the interest rate of my Aqua Start credit card will be linked to the Bank of England base rate.
Since I am new dealing with the UK credit system, I would like to know the implications of this and how this will affect my financial position.
I have this card since May 2017 because I want to build my credit record. In April this year they reduced my APR from 49.94% to 41.94%.
I know 41.94% is high so I was wondering if this link to the Bank of England is a signal to change to another credit card provider or to remain with Aqua.
Any information on this will be much appreciated.