Ocean Finance Card review

The annual fee is £0, so holding the card year on year costs nothing beyond interest. That suits anyone clearing a balance slowly, since the only bill is what is owed. The rate to watch is the APR on balances you do not clear, at 39.9%.

The APR is 39.9%, a high rate for borrowing month to month. Interest is the real cost here, because the annual fee is £0 and nothing is charged for holding it. The cheaper route is moving a balance from another lender, where the fee is 2.9%.

You pay 2.9% to move a balance from another card, and the introductory deal lasts 6. The charge sits on the amount transferred rather than on a yearly bill, so it weighs less when the balance being moved is large. The card runs as a credit card with the limit set by the lender.

The rewards type is none, so spending on the card earns nothing back. The case rests on cost and practicality instead: the annual fee is £0, with free email and text alerts in Credit limit of GBP 200 to GBP 8,000, Section 75 protection on purchases between GBP 100 and GBP 30,000 and Mobile app to make payments and check balance. Anyone who wants cashback or points will find more elsewhere.

The card is aimed at applicants with a poor credit history, and the eligibility check does not affect a credit score. Both that and spending online before the physical card arrives sit in Credit limit of GBP 200 to GBP 8,000, Section 75 protection on purchases between GBP 100 and GBP 30,000 and Mobile app to make payments and check balance. The limit offered still comes down to the lender's own criteria.

The perk list Credit limit of GBP 200 to GBP 8,000, Section 75 protection on purchases between GBP 100 and GBP 30,000 and Mobile app to make payments and check balance includes purchase protection, which covers the purchase amounts listed there. That matters if something bought on the card is faulty, misdescribed or never arrives, since a claim goes to the issuer rather than the shop. The lender is regulated by the Financial Conduct Authority under 310069.

Payments and balance checks run through a mobile app, and free email and text alerts are included, with both listed under Credit limit of GBP 200 to GBP 8,000, Section 75 protection on purchases between GBP 100 and GBP 30,000 and Mobile app to make payments and check balance. The card is usable online before the physical card arrives, so a new holder can start spending straight away. Direct help runs on chat, phone and email.