Ocean Finance Credit Cards

If you’ve a poor credit rating, or no rating at all, it can be difficult to get accepted for a regular credit card. That’s where credit building credit cards come in.

Suppliers of such cards recognise that people who’ve never applied for credit before, or those who are rebuilding their score after past issues, aren’t necessarily simply bad credit risks. Using a credit card responsibly – that means paying balances due on time and staying within your credit rating, can actually help you build your score.

So, if you’re interested in a credit building credit card, how does Ocean Finance compare?

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The Ocean Credit Card

It might worry you that if you apply for a card and are declined, that it will make your credit score even worse. However, Ocean use QuickCheck.

QuickCheck allows you to enter your details and get an instant decision. If it’s a ‘yes’, great. If it’s a ‘no’, the check won’t affect your credit score.

As a guide, you’re more likely to be accepted if you’re over 18, on the electoral roll and have some history of managing credit - but you won’t know unless you check.

If you’re building or rebuilding a credit score, it can be useful to start with a manageable credit limit. The Ocean credit card comes with a limit of up to £1,500, so you can keep relatively tight control on your spending.

The account can be managed online or via a mobile App and allows contactless payment for items up to £30. It also allows you to add up to three additional card holders. While this might allow you to control a families spending for example, remember you - the account owner, are responsible for all transactions on the account.

The account has an interest rate of 34.9% which while quite high, is similar to other cards of this type. With such interest rates, it makes a lot of sense to clear the balance each month otherwise the interest on your account could grow quickly.

Compare other cards

If you think you might need help building your rating there are quite a few different credit building cards on the market to choose from, each offering different APRs and features.

So before you choose the Ocean Finance card, have a look at our credit building cards comparison page. We’ve set up a specific section for credit building cards, so you’ll be able to see very easily the alternatives.

Try it today. It’s really simple to do and then you can make an informed choice about which card is right for you.

All Ocean Finance credit card details are based on information provided on www.oceanfinance.co.uk on 2nd November 2016.

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