Credit Card Overview
Fact: there are more credit cards than people in Britain and the country's debt problems are amongst the worst in the world.
When choosing a card provider, its policies on responsible lending and debt advice provision are of key importance. The green and ethical concerns you bring to who you bank with, concerns about equal opportunities or the environment, are just as applicable to who you get your credit card from.
This section also looks at the green or ethical worth, as well as the practicalities of charity affinity cards.
Does your credit card provider treat its customers responsibly?
What are charity affinity cards and how do they work?
Does your credit card provider treat its customers responsibly?
Responsible lending
According to the British Banker's Association (BBA), responsible lending means 'providing credit, based on background checks and professional judgement, to people who can accommodate repayments without getting into financial difficulty'. As the sheer number of people in debt today shows, these principles are not always well applied by credit lending institutions. In 2008 our credit card debt hit £54.4bn and continues to rise.
Transparency is key - credit card customers should be presented with the terms and conditions attached to their card up front and in plain English. It is important to check whether your provider has a responsible lending policy in place, and how it is implemented if it does exist.
Debt management
Credit card debt is all too common in the UK. Some financial institutions offer basic in-house debt advice services, the scope of which can vary greatly. Often providers will refer customers to free advice services including the Consumer Credit Counselling Service, the Citizens Advice Bureau and others.
Use our search tool to find details of your provider's debt management services. Information on this subject can be found under 'Responsibility toward Customers'. Alternatively contact your provider directly for further information.
What are charity affinity cards and how do they work?
Affinity card providers make a small donation on behalf of the card holder to the charity it is associated with.
Such charity donations average around 25p per £100 spent. So, in order to donate £100 to your charity of choice you'd have to spend £40,000 with the card. Most providers also make a one-off donation of between £5 and £25 on each new card account.
In their analysis of charity affinity cards moneysavingexpert.com suggest that a more effective way to donate money is to use cash back cards. Cash back cards operate in much the same way as affinity cards except that instead of a charity, additional money goes to the card holder and this money is usually considerably more than a standard charity card donation. The cash back card holder can then donate the money they have earned to the charity of their choice and if eligible, Gift Aid it, so rather than £1 the charity will receive £1.28. Donations on affinity cards are not eligible for Gift Aid.
Your next steps
See our guide Next Steps - Credit Cards for more suggestions on how to find out about your credit card provider's green and ethical policies, how to contact them and how to find the right credit card for you.
Credit Card Search
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Credit Card Provider
Bank of Ireland UK
Green/Ethical Products
Basic Cash Account and Basic Bank Account.
Bank of Ireland provides a range of products and services to personal customers who wish to invest in their properties to make them more energy efficient. In addition to the Green Business Loan, the bank is partnering with a number of enterprises in this sector to provide additional support for customers. For personal customers it offers the Electric Ireland Loan and the Green Energy Loan, which provide options for consumers who wish to reduce energy consumption in their homes.
Ethical Lending or Insurance
No policy was found to indicate that Bank of Ireland UK avoids lending to or insuring companies that directly contribute to human rights violations.
Bank of Ireland UK’s parent company Bank of Ireland has a process in place that allows them to deal with areas of concern on a case-by-case basis. In such circumstances, issues are referred to their Corporate Responsibility Committee for its decision. This approach to doing business has been adopted by the Group Executive Committee (GEC) and they review its effectiveness on an on-going basis.
There is no indication of what the criteria is for referral or to what parts of the business the process applies to.
http://www.bankofireland.com/about-bank-of-ireland/corporate-responsibility/overview/
Human Rights
No policy was found to indicate that Bank of Ireland UK avoids lending to or insuring companies that directly contribute to human rights violations.
Financial Exclusion
- In the UK, the bank offers basic cash accounts for low-income customers and the bank offers free banking for students and over 60s.
- Bank of Ireland UK’s parent company Bank of Ireland has engaged with a number of third level institutions and third parties to design and develop unsecured loan products tailored to the specific needs of undergraduate and postgraduate students.
- In line with Central Bank of Ireland guidelines, Bank of Ireland launched a range of new product features that will allow much greater numbers of customers in negative equity to move home.
No evidence that the company provides direct financial support to or engages in partnership with Credit Unions and CDFI’s (Credit Development Finance Institutions).
The bank has set up a Migrant Worker Initiative (translation of 10 key product/service brochures and a welcome pack upon opening an account available in foreign languages such as Polish, Russian and Chinese); a Polish Telephone Line (providing advice on all products and services to Polish-speaking customers), and the bank has recruited foreign language speakers in key branches in order to better serve the needs of migrant customers.
No evidence found of Bank of Ireland UK’s involvement in any microfinance or microinsurance projects.
No evidence found that the company invests in or lends at lower rates to financially excluded communities.
Environment
Bank of Ireland UK’s parent company Bank of Ireland environmental policy covers the key areas of climate change, energy efficiency, waste management and water use.
The Parent company states that it is committed to a process of continuous improvement of environmental performance through:
- Implementing a policy by setting objectives and targets and developing environmental programmes
- Measuring environmental performance on an on-going basis and using this information to regularly review policy, objectives, targets and the allocation of resources
- Educating and training employees involved in both operations and lending in order to help them consider the environment in all aspects of their work
- Encouraging, guiding and supporting staff to act in accordance with this Group Environment Policy
- Working with suppliers and sub-contractors to minimise their environmental impacts
- Reviewing environmental risks associated with lending
- Auditing and monitoring operational environmental risks and reviewing practices where necessary
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
No information found on the company’s diversity policy.
Women on the Board
No clear information for UK board.
1/9 women hold top UK Retail management positions.
For parent company:
1/10 women hold top level board positions (10%).
Voluntary Standards & Initiatives
The bank is a member of Business in the Community (a business-led charity focused on promoting responsible business practice).
Charitable Giving
Through Give Together, its community giving initiative, Bank of Ireland; employees have been involved in raising more than €2.9M for a wide range of causes during 2012. In addition over 400 volunteer days have been taken to support those causes. Since its Give Together initiative commenced in 2007 its staff have been involved in raising almost €20M for over 1500 causes.
the Bank’s charity of the year partnership with Make A Wish has raised €450,000 and 70 wishes being granted to children living with life-threatening illnesses. The Bank reports that the partnership with Make A Wish will continue through 2013.
Bank of Ireland UK
- Current Accounts
- Savings
- Credit Cards
- Investments
- Mortgages (Through Bank of Ireland Mortgages)
- Loans
- Insurance (Through Bank of Ireland Mortgages) (Technology & Entertainment, Personal Items, Garden, Accidental Damage, Home Emergency, Legal Expenses).
- Student Current Account (Through http://www.mystudentbank.com).(Current Accounts, credit cards, insurance).
Bank of Ireland UK
Bank of Ireland (UK) plc.
Registered Office:
Bow Bells House,
1 Bread Street,
London
EC4M 9BE.
