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
Danske Bank UK
Green/Ethical Products
- Basic Bank Account
- Offers Ethical advice to its customers on products and services.
Ethical Lending or Insurance
No evidence of an ethical lending policy found for Danske Bank UK.
However Danske Banks parent company the Danish based Danske Bank Group have procedures for responsible investment which are intended to ensure that the funds they invest on behalf of their customers are not placed in companies that violate internationally recognised standards. The Group screens its investment portfolios according to a number of internationally recognised standards and guidelines for human rights, arms, working conditions, the environment and anti-corruption.
The responsible investment (RI) screening is performed by Ethix SRI Advisors, which is an independent, specialised RI consultant. The overall responsibility for the screening process lies with the RI working Group, in which Danske Capital, DI and Danica are also members.
Have excluded 29 companies from their investment universe based on their screening to date as of June 2013.
Human Rights
No policy was found to indicate that Danske Bank UK avoids lending to or insuring companies that directly contribute to human rights violations.
However, Danske Bank Group screens its investment portfolios according to a number of internationally recognised standards and guidelines for human rights, arms, working conditions, the environment and anti-corruption. Danske Bank Group lists the companies it has excluded based on its screening criteria: http://www.danskebank.com/en-uk/CSR/business/SRI/Pages/exclusionlist.aspx
Danse Bank Group states that in 2011 it began to cross-check Danske Bank’s credit exposure against the Group’s SRI exclusion list. It will be developing a specific set of guidelines for sensitive sectors that will be implemented in the credit policies and procedures for the Business Banking and Corporates & Institutions credit units.
Financial Exclusion
- Offers the Danske Discovery account for customers who are under 18.
- Offers a Basic Bank Account.
- Postgraduate Funding Loan
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFI’s (Community Development Finance Institutions).
Danske Bank publications are also available in Braille, in large print, on tape and on disk.
No evidence found of Danske Bank UKs 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
Danske Bank UK’s parent company's environmental policy addresses the key areas of climate change and energy efficiency. However, it does not address water use and waste management.
Danske Bank UK have after reducing electricity consumption by 17% in 2012 aims to further reduce energy consumption by 10% in 2013.
Carbon Neutral
Danske Bank Group became carbon neutral in 2009.
Equal Opportunities
Danske Bank UK’s parent company Danske Bank Group has a diversity policy which takes into consideration the key equality issues of race, gender and sexuality but does not mention disability.
Women on the Board
UK company:
1/8 women hold top level board positions (12.5%).
Parent company:
4/13 women hold top level board positions (31%).
Voluntary Standards & Initiatives
Northern Bank Ltd (now Danske Bank Ltd) is a member of Business in the Community (a business-led charity focused on promoting responsible business practice).
Danske Bank UK is a not a signatory on their own of any other relevant charters/initiatives. However other divisions of Danske Bank Group are members of the following:
- United Nations Principles for Responsible Investment (Danske Invest).
- UN Global Compact (Danske Bank Group),
United Nations Environment Programme Finance Initiative (Danske Bank A/S).
Charitable Giving
The main focus of the bank's community development strategy is to support knowledge and skills in the community through funding and staff volunteering. Supporting financial literacy is the core theme of its community involvement programme.
Danske Bank UK
- Current Accounts
- Credit Cards
- Loans
- Savings and Investments
- Mortgages
- Insurance (Home, Car, Travel)
- Private Pension
- Student Finance (current account for those living in Northern Ireland)
Danske Bank UK
Northern Bank Limited.
Registered Office:
Donegall Square West,
Belfast
BT1 6JS.
