... The credit card companies don't play the role of insurance. ...
Sigh. See Section 75 of the Consumer Credit Act 1974.
If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.
The liability is shared between customer and creditor (if the transaction is over a hundred pounds). This means that if the company goes bankrupt, then the credit card company probably will not be able to recover funds but you ARE still entitled to some refund from the credit card company, as they shared the liability initially. In this case, they will try and get it back but there is no easy way to know if you claim is coming back out AT's account or simply putting everyone's interest rates up.
For an overview of what this means see here:
http://www.which.co.uk/consumer-rights/regulation/section-75-of-the-consumer-credit-act