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Credit Cards: responsibilities of card owners

Last Edit: 25/09/18

Most large UK credit card issuers -- such as the Royal Bank of Scotland and HSBC -- have committed to follow the Standards of Lending Practice, which outlines some of the responsibilities between the lender and the card owner. While most card owners will be aware of the responsibilities of the lender, and their statuary rights under the Consumer Credit Act 1974, they may be less clear about their responsibilities towards their lender. It should be noted that the Standards of Lending Practice are voluntary, therefore any advice a lender provides to their card owners is more likely to be advice rather than a legal requirement. Therefore, what is asked of a card owner by their lender? Lets examine one of the UK's biggest lenders, the Royal Bank of Scotland, who have recently sent a leaflet outlining what they ask of their card owners.

  1. Be open with their dealings with the lender
  2. Think carefully whether they can afford to repay what they borrow
  3. Take care of any card they own
  4. Take care of any PIN numbers and login details for online access
  5. Inform the lender the minute a card has been lost or stolen
  6. Inform the lender if they believe another person is misusing the card owners confidential information
  7. Carefully inspect each statement to ensure it is accurate
  8. Contact the lender whenever contact details change
  9. Inform the lender if financial circumstances change
  10. Inform the lender if the card owners has repayment problems

Most of the advice listed above is common sense, although, it is questionable whether most card owners will inform their lender if their financial circumstances change; such as a job loss. Further information about the Standards of Lending Practice can be found at: The following card issuers have signed up to the Standards of Lending Practice: Bank of Cyprus (UK), Bank of Ireland (UK), Barclays Bank UK, Capital One (Europe), Citibank International Ltd, Clydesdale Bank Plc, Co-operative Bank (The), Coutts & Co, First Trust Bank plc, HSBC Bank plc, Indigo Michael Limited, Lloyds Banking Group, Marks & Spencer Financial Services, Nationwide Building Society, Neyber Ltd, Northern Bank Ltd, Royal Bank of Scotland plc, Sainsbury's Bank, Santander UK, Triodos Bank NV , TSB Bank Turkish Bank, Ulster Bank, and Virgin Money.