Ocean Finance was established by Paul Newey and a business partner back in 1991 shortly after his employer went bust. With just a small £2500 investment, the then Tamworth-based operation would emerge as one of the leading players in matching homeowner loans. They benefited greatly from aggressive advertising campaigns that they became famed for throughout the 90s. The business was later sold to AIG in 2006 for £200 million that proved to be a savvy move as the financial crisis loomed ahead, as did mounting PPI issues. The Think Money Group became the new owners in 2012. Ocean’s now Manchester-based operation is a trading name of Intelligent Lending Ltd.
Now with 250,000 people served, brokering for secured and unsecured loans remains core, but the Ocean credit card has proved a popular release since its inception in 2014 in partnership with Capital One. This is a no-frills card with no such promotional offers attached. It’s purchase rate of 39.94% (fixed although stated as variable) is high. This same rate is shared by their now partner brand ThinkMoney. The interest rate a few years back was 34.94% matching the issuer and so there has been an unfortunate 5% price hike. When borrowing for the first time you can access between £200 and £1500 with no set cap on future limits.
Argos is one of the leading high street brands with around 840 stores (after recent closures). They were formed in 1972 although are rooted to 1958 through Green Shield Stamps. Credit facilities have always made good sense here. They have a store card that they issue themselves whilst their credit card has been issued by partners (Vanquis: 2012 to 2018 and NewDay: 2019+). Provident had a few issues with the FCA that is likely why their contract wasn’t extended. It’s clear that NewDay is an excellent choice moving forward. They already issue for over a dozen brands including Amazon. The Argos Classic Mastercard is equipped with some impressive features.
Once approved you’ll benefit from an Instant Spend feature on Argos.co.uk. The first 3 months then includes 0% interest on purchases. There isn’t a sizeable shift in the variable rates that vary between 34.9% and 39.9%. The spend on these cards will range from £250 to £1200 at first, with no determined future limit. The Argos credit card login is in place at https://portal.newdaycards.com/argos. Customers that joined during the Vanquis era continue to use the EVanquis portal and would need to reapply here. Just to add that the application and login pages show varied contact numbers and times. We have added both lines below and the most recently updated hours.