August 24, 2006

By Peter Kenny

Argos, the leading home merchandise retailer, has teamed up with Barclays Bank to create a new Argos credit card as well as personal loan products.

GUS plc, who own Argos and Homebase, say the new credit card an loan products will be able to be used in both stores and that there will be no change to any existing store cards currently in operation.

The Chief Executive of Argos Retail Group, Terry Duddy, said, " This joint venture will enable the future development of new additional lending products that will continue to enhance the choice, value and convenience that we offer our customers. We are pleased to be working in partnership with Barclays, one of the largest financial services companies in the world.”

At this time there are no details of what benefits the new Argos credit card will have.

Argos had sales of over £5.5 billion to March 2006 and has a network of over 650 stores nationwide. Homebase is the UK's second largest home improvement retailer and has over 300 out of town stores.