How does the Bank of England Base Rate affect my interest rate?

The interest rate (known as the standard purchase rate) that will apply to your account when it updates to Argos Pay will be linked to the Bank of England Base Rate. You can see the current Bank of England Base Rate on their website at: www.bankofengland.co.uk. This means that whenever the Bank of England Base Rate changes, your standard purchase rate will change by the same amount (NewDay won't pass on any changes below 0%). If the rate does change, they'll update your standard purchase rate within seven working days and let you know the new rate on your next statement. For example, if the Base Rate went up or down by 0.25%, your standard purchase rate would also increase or decrease by 0.25%.

Any promotional rates you have (including instalments or Buy Now Pay Later plans) will not be affected by any Bank of England Base Rate changes. Only balances on the standard purchase rate will move in line with the Bank of England Base Rate. Your promotional rates will remain the same for the amount of time you agreed with us or with NewDay, as long as you continue to pay your balance on time.