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
MBNA Europe Bank Ltd
Green/Ethical Products
- Charity Credit Cards (e.g. WWF Credit Card, National Trust Credit Card, and Great Ormond Street Hospital Children’s Charity Credit Card)
Ethical Lending or Insurance
Not applicable. MBNA Europe only offers credit card services.
However, its parent company, Bank of America states that, internally, management considers environmental and social risk factors when making business decisions.
Additionally, according to its website, Bank of America surveys a significant number of suppliers annually to assess their environmental practices and performance.
Human Rights
Not applicable. MBNA Europe only offers credit card services.
However, its parent company, Bank of America states that, internally, management considers environmental and social risk factors when making business decisions.
Financial Exclusion
No evidence of any accounts, products or services aimed specifically at the financially excluded.
However, MBNA Europe supports the following not-for-profit debt advice organisations: Money Advice Trust (National Debtline), StepChange Debt Charity, Payplan, Christians Against Poverty and local and national Citizens Advice Bureaux.
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
However, its parent company, Bank of America, invests in CDFIs.
MBNA Europe provides the following services to customers with hearing or visual impairments:
- secure text phone (Minicom)
- alternative transcript formats, including large print, Braille, audio and CD
No evidence found of MBNA’s involvement in any microfinance projects.
Its parent company, Bank of America, has invested $10m in microloans.
No evidence found that the company invests in or lends at lower rates to financially excluded communities.
Environment
No evidence of an environmental policy found for MBNA Europe.
However, its parent company, Bank of America, has an environmental policy that covers the key areas of climate change, energy efficiency, and waste management.
No evidence found of the MBNA Europe’s commitment to continued improvement of its environmental performance.
However, Bank of America, its parent company, is committed to continued improvement of its environmental performance through a series of long-term environmental sustainability goals and initiatives.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
No information found on MBNA Europe’s diversity policy. However, its parent company, Bank of America, has a policy that takes into consideration issues of race, gender, and disability.
Women on the Board
MBNA Europe:
4/18 women hold top level board positions (22%)
Voluntary Standards & Initiatives
No evidence found that MBNA Europe is a signatory of any relevant charters or initiatives.
However, MBNA’s parent company, Bank of America is a member of or signatory to the following relevant charter or initiatives:
- Ceres
- United Nations Environment Program Finance Initiative
- Equator Principles
- Center for Climate and Energy Solutions
- Business Environmental Leadership Council
- Carbon Principles
Charitable Giving
According to its website, MBNA Europe encourages its employees to be active in fundraising and volunteering efforts at national and local charities. The business provides annual support to Sport Relief or Comic Relief.
The company also supports the Tackling Numbers programme, which seeks to improve numeracy in 8-9 year olds with the help of Premiership Rugby clubs and players. The program aims to improve math skills and physical health for England’s youth.
MBNA Europe Bank Ltd
- Credit Cards
MBNA Europe Bank Ltd
MBNA Europe Bank Limited
Stansfield House
Chester Business Park
Chester
CH4 9QQ
