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
Metro Bank
Green/Ethical Products
No evidence of specifically green or ethical products found.
Ethical Lending or Insurance
No evidence of an ethical lending policy found for Metro Bank.
Human Rights
No policy was found to indicate that Metro Bank avoids lending to or insuring companies that directly contribute to human rights violations.
Financial Exclusion
Offers a Cash Account which can act as a basic bank account.
The bank offers a Community Account for Clubs, Societies and Charities, non-profit making organisations with up to £2m annual turnover.
Metro Bank includes information on its website for how to improve visibility of online information. It refers to the work of AbilityNet.
Dogs are actively encouraged into all stores.
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
No evidence found of Metro Bank’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
No evidence of an environmental policy found for Metro Bank.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
No information found on the company’s diversity policy.
Metro Bank is committed to creating a diverse workforce that represents the communities it serves. (Link Here)
Women on the Board
UK Company:
3/9 women hold top level board positions (33%).
Voluntary Standards & Initiatives
No membership of any relevant charters or initiatives found.
Charitable Giving
Metro Bank announced that from 23 April 2012, they will refund the fees incurred by new and existing Metro Bank customers when they rehome a cat or a dog from Battersea Dogs and Cats Home (BDC Home). Refunds will be up to a maximum of £65 for cats and £105 for dogs.
Runs the Money Zone programme which works with schools in the community giving children an understanding of the basic principles of money, saving and banking in an engaging and fun way.
Metro Bank
Savings (Cash ISA)
Current Account
Credit Cards
Loans
Mortgages
Metro Bank
Metro Bank Plc.
Registered office:
One Southampton Row,
London,
WC1B 5HA.
