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
Sainsbury’s Bank
Green/Ethical Products
No evidence of specifically green or ethical products found.
Ethical Lending or Insurance
Not applicable. Sainsbury’s Bank does not offer commercial lending or insurance services.
Human Rights
Not applicable. Sainsbury’s 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 found that Sainsbury’s bank provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
No evidence found of Sainsbury’s Bank’s involvement in any microfinance (or microinsurance) projects.
No evidence found that Sainsbury’s Bank invests in or lends at lower rates to financially excluded communities.
Environment
Sainsbury’s Bank’s environmental policy covers the key areas of climate change and waste management.
J Sainsbury Plc, which jointly owns Sainsbury’s Bank with Lloyds Banking Group, has an environmental policy that covers the key areas of water use, waste management and climate change (through reference to carbon emissions). However, the policy information found relates to retail business and related transport/deliveries and not full company operations. As Sainsbury's Bank plc is jointly owned, it is unclear if this applies to Sainsbury's Bank.
The above policy also covers sustainable and innovative packaging and supplier carbon emissions reduction, in addition to operational carbon emissions reduction.
According to its website, Sainsbury's Bank shares the same ethical values as its parent company J Sainsbury's plc.
The bank has introduced the following initiatives and incentives to reduce its carbon footprint:
- Recycling plastic and raw materials in the offices and ordering stationary on demand
- Reducing travel
Carbon Neutral
No commitment to become fully carbon neutral was found.
Sainsbury's (retail) does state that it aims by 2020, to have reduced its operational carbon emissions by 30 per cent absolute and 65 per cent relative, compared with 2005 (part of its broader target of an absolute carbon reduction of 50 per cent by 2030).
However, as Sainsbury's Bank plc is jointly owned by J Sainsbury's and Lloyds Banking Group, it is unclear if this applies to Sainsbury's Bank.
Equal Opportunities
J Sainsbury Plc has a diversity policy that takes into consideration the key equality issues of race, gender, sexuality and disability, amongst a wide range of other issues.
Women on the Board
2/8 women hold top level board positions (25%)
Voluntary Standards & Initiatives
Sainsbury's Bank plc is not a signatory to, or member of, relevant charters or initiatives.
J Sainsbury is a signatory to Opportunity Now and Race for Opportunity initatives from Business in the Community.
Sainsbury's is also a signatory to the Employers' Network on Equality and Inclusion and the Employer's Forum on Disability Members. However, as Sainsbury's Bank is a joint venture of Sainsbury's and another company, it is unclear if this applies.
Charitable Giving
Sainsbury's Bank selected Maggie's Cancer Care Centres as its 2012 charity partner of the year. Sainsbury’s Bank involves all colleagues in fundraising efforts. In total, the bank was able to raise £27,000 through various fundraising efforts.
Sainsbury’s Bank has a ‘Day to make a difference’ initiative, requiring bank employees o volunteer one day a year. The bank is able to contribute 1800 hours of service through this initiative.
Sainsbury’s Bank
- Credit Cards
- Loans
- Savings
- Insurance (Motor, Home, Pet, Life, Travel, Over 50s Life, Critical Illness)
- Mortgages
- Students Contents Insurance
