Ex Trading Standards Consumer Adviser so hopefully you can trust this, or contact Consumer Direct and they will confirm it for you.
Section 75 of the Consumer Credit Act 1974, makes the Credit card company 'jointly and separately' liable for any breach of contract.
S.75 only applies where the item costs between £100 and £25,000. (Consumer Credit Act 2006 if over £25K).
This liability applies where any part of the purchase price is paid via a credit agreement (tied loan or credit card). Therefore paying 0.01p by credit card and £24,998 in cash makes the Credit Card liable for the FULL amount, i.e. £24,999.01.
That's not just the amount on the credit card but ALL of the cost of the goods (plus any damages, court costs, compensation etc.).
Other points - You don't need to approach the supplier of goods for a remedy first, you can go straight to the CC company. The CC company would also be obligated to meet any warranty obligations if the supplier has refused (until they refuse there is no breach to be liable for). You also have the theoretical right to require the CC company to repair or replace, and not just offer a refund. However most Judges would say requiring that of a CC company would be 'unreasonable' (How much would VISA know about fixing a TV for example) so that is why it is only a theoretical right.