Lloyds withdraws charity credit cards

| January 30, 2012
Lloyds withdraws charity credit cards

Lloyds Banking Group has decided to withdraw Halifax and Bank of Scotland charity credit cards at the end of February because it doesn’t consider them a cost-effective way of donating to charity.

The bank has been issuing charity credit cards for over 23 years and they have raised millions of pounds for charities such as Cancer Research UK, the NSPCC and the Scottish SPCA.

In 2009 the Cancer Research UK credit card won Best Charity Card Programme at the Card Awards, an achieved that Lloyds’ was proud to mention in its corporate responsibility report.

Although the charities have expressed disappointment at Lloyds’ decision they say that they hope to explore other opportunities with the bank.

Speaking to Radio 4′s Money Box programme, Baroness Finlay, vice chair of the all-party parliamentary group on cancer, said: “The timing of it doesn’t seem very sensitive given there’s all the furore around bonuses.”

Earlier this month Lloyds Banking Group’s chief executive, António Horta-Osório, announced his decision to forgo his bonus, which could have been worth £2.4m.

Stephen Hester, the chief executive of RBS, was awarded a bonus of nearly £1m earlier this week, but after days of pressure from the public and MPs, he decided last night to hand it back.

Cashflows, which provides business to business financial services, has moved quickly to help fill the gap left by Lloyds’ decision to abandon charity credit cards.

The company, which is part of the Voice Commerce Group, has announced the launch of a charity credit card scheme which will run alongside its existing small business payment support activities in the UK.

Cashflows’ CEO and founder, Nick Ogden, said: “Cashflows is at the forefront of innovation in the financial services industry and we are already supporting many UK SMEs.

“Our card issuing services are able to provide support for charities and in the current economic situation it is vital that we try and support them, whilst they face inevitable cuts in donations across the board.”

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