This five step guide aims to help you find out more about your existing or intended credit card provider’s green and ethical performance, or switch to a different provider which is a better match with your own ethical concerns.
Step 1 - Research
Find out about your current credit card provider’s policies on the green and ethical issues that are most important to you. You can do this by using YourEthicalMoney.org to see how your provider has performed against the site’s green and ethical criteria. You should also check the provider’s website for information on its products or corporate social responsibility policies.
If you have a specific question you can’t find an answer to - contact your provider directly.
Alongside questions on how the provider performs on an operational level in areas such as recycling, equal opportunities and carbon management, an important question to ask of your provider is whether it has policies in place to ensure it gives credit responsibly and whether it offers assistance to customers with credit card debt problems.
Some providers may offer affinity credit cards which make a small donation to a charity on your behalf. It is important to note that these cards do not necessarily guarantee that the provider itself performs well on green and ethical issues.
Step 2 - Support
If you are happy with your current credit card provider’s green and ethical policies, consider writing to it to support the work it is doing and encouraging other card holders you know to do the same. This may help it to maintain good policies in key areas or encourage it to offer other green and ethical financial products.
Step 3 - Oppose
If you find that your credit card provider’s green and ethical policies do not meet your expectations consider writing to it to express your concern and to highlight the areas that you feel it needs to address.
While it is unlikely to change its policies solely because of your letter, it may respond positively to consumer demand as demonstrated by a number of individuals. If you know other people using the same provider you might consider trying to get multiple signatures on your letter or even using free online petition software to make your voice heard. Either way, it’s important to express your personal dissatisfaction.
Step 4 - Switch
If you find that your provider does not address your green or ethical concerns, or have satisfactory plans in place to address them in the future, consider switching to a new provider who does. You can use the YourEthicalMoney.org search to find providers who perform well against the site’s green and ethical criteria. You should also check out its Credit Card section to read up on the key issues around this type of finance.
Switching providers and transferring your balance from one card to another is straightforward. But before you change providers it is vital that you also consider the terms of the new card, e.g. its APR and whether it provides any introductory offers on balance transfers, for example, to ensure you are getting a good financial deal.
If you do decide to switch, consider writing to your original provider to let it know what you’re doing and why.
Step 5 - Stay informed
In addition to this website it’s worth checking in regularly with others like Banktrack who also monitor the behaviour of financial institutions and report on any scandals or allegations against them.
Notes on using template letters
Templates are given as examples of what you may want to say to your credit card provider. It is advisable to send copies to both your branch (if applicable) and your provider’s head office. For a full list of credit card providers’ head offices click here.
Please amend templates as much as possible; financial institutions are more likely to take note of and respond to a personalised letter rather than one clearly downloaded from a template.
