28 June 2017 : 

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Charity Credit Cards

A charity card is a credit card that gives an individual an opportunity to raise money for their selected charity, as each time the card is used, a percentage of the amount spent is donated to the good cause. Equally some charity card issuers make a one-off donation to the charity when the consumer signs up, plus an additional gift is added if one spends a certain amount within a specific time.

What are the benefits of a charity card?

  • It is easy to give money regularly to a good cause as there will be no forms to fill in or cheques to write as donation is made automatically.
  • The donation cost nothing because it is given by the credit card issuer every time the card is used.
  • The more the card is used, the more the donation that is given to the chosen charity

What are the disadvantages of charity cards?

  • The interest rates on some charity cards can be high, so ideally you should choose a card that you feel confident the balance can be paid off each month. If you borrow money on the card, the interest charges may outweigh the charitable donation.
  • Charities cannot claim tax from a donation (one cannot Gift Aid donation) and unfortunately because of that reason, donations made seem very small.

Can I set up a direct debit to donate money?

There is an option of setting up a monthly direct debit to your chosen charity which guarantees that payments are regularly being made. This however, it will be up to you to set up the direct debit.

Are there other alternatives to Charity Cards?

Arguably, an individual could raise more money for charity with a Cashback credit card which has the potential of a higher return. The cashback you get from spending on the card can then be donated to your chosen charity. Anyone looking for a new credit card may want to examine all the options before choosing a specific type of product by comparing the best UK credit cards.



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TSB Credit Cards TSB Credit Cards
Vanquis Credit Cards Vanquis
Virgin Money Credit Cards Virgin Money


 
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