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
M&S Bank
Green/Ethical Products
M&S Home Insurance offers old appliance replacement with new ‘A’ rated energy efficient models and ensures extensive home repairs are compliant to level 4 (out of 6) of the Code for Sustainable Homes.
Ethical Lending or Insurance
Not applicable. M&S Bank does not offer commercial lending or insurance services.
Human Rights
Not applicable. The bank does not offer commercial lending or insurance services.
Financial Exclusion
No evidence of any accounts, products or services aimed specifically at the financially excluded.
No evidence that the bank provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
M&S Bank, provides the following services for customers with disabilities:
- Textphone to textphone service
- Statements in Braille and large print
- Hearing loops
M&S Bank is committed to ensuring its websites are accessible to all customers. Where possible, they have followed the Web Content Accessibility Guidelines (WCAG), to ensure that our website is designed and written in a way that makes it easy to access for everyone.
No evidence found of M&S 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
M&S Bank is a trading name of Marks & Spencer Financial Services plc, a wholly owned subsidiary of HSBC Bank plc. HSBC has an environmental policy which applies across the group and covers the key areas of climate change/energy efficiency, water use and waste management.
See here for more information.
The bank’s parent company, HSBC, appears to be committed to continued improvement of its environmental performance.
Carbon Neutral
No commitment to become fully carbon neutral was found for M&S Bank, but M&S became carbon neutral in 2012 (M&S operated stores, office, warehouses and delivery fleets in the UK and Republic of Ireland became carbon neutral).
HSBC Group (parent of Marks & Spencer Financial Services plc) was the first bank to become carbon neutral in 2005. However, in 2011, following a review HSBC decided that from 2012 the business will no longer be carbon neutral.
HSBC has a goal to reduce its annual carbon emissions per employee by one tonne from 3.5 to 2.5 tonnes by 2020.
Equal Opportunities
M&S Bank’s parent company, HSBC Bank plc, has an equal opportunities policy that applies across the Group and that takes into consideration the key equality issues gender, race, disability and sexuality.
Women on the Board
M&S Bank
1/5 women hold top level board positions (20%)
Voluntary Standards & Initiatives
The company abides by the 'The Lending Code', a voluntary code which sets the standard for good banking practice.
Charitable Giving
No evidence found for M&S Bank.
HSBC (parent company) invests in educational and environmental programmes around the world through financial support and company volunteering time.
M&S Bank
- Current Accounts
- Savings
- Investments
- Credit Cards
- Loans
- Insurance (Home, Motor, Travel, Pet)
M&S Bank
Customer Services Department
M&S Bank
Kings Meadow
Chester
CH99 9FB
