We might want to change our ways to much greener by using internet and saving gas and controlling CO2 emissions. We want to do even more but are ignorant. Here is a chance. How every time you enjoy shopping and spending money, you can actually contribute to the environment. Just swipe a green credit card!
What is a green Card?
Basically an affinity card, every time the card is swiped, a small amount is donated for a green cause. Mostly the amount goes to a centralized fund
from where the money is redirected for specific causes that are chosen by the company.
Do they really help?
Organisations dedicated o conserve do benefit from such associations with the banks. World Wildlife Fund for example, raised more than $10 million during the last 12 years through its association with Chase (formerly Bank One and First USA).
Options Available:
Banks come up with interesting offers to support environmental issues.
BOA (Bank of America) has several green plans to be launched by this year end.
For every dollar spent, contributions will be made to invest in greenhouse gas reduction projects. World Points Rewards for the Environment, the second eco friendly card would allow customers to use their reward points to either buy eco friendly products or invest in green house gas reduction projects.
Wells Fargo cards allow customers to donate money to renewable energy projects.
Citi Bank:
Through Your Wish fulfilled program, customers can donate their reward points to any organization of their choice.
Most Banks also offer cash back system. With upto 5% cash back on common purchases, the money can be wisely invested in the cause of choice by the customer and also get a tax rebate.
Things to be careful about:
Curtis Arnold of the Cardratings.com feels that the customer must be aware and must know where the money is going. He suggests that the customer should ask the card issuing company to give details about the products and causes that will be affected with the money. More often than not, companies will make things transparent. In case they are not, one must opt for another company.
The card issuing companies should be able to give you the choice to support the cause you feel strongly about and not vice versa.
He strongly recommends the comparison of interest rates with these cards, as they are slightly high ended. They are generally 1% higher than the normal credit cards and can go upto 23.24% ! After 17 % however, he suggest one should look out for alternatives.
Although green cards do play an important role in getting money for various programs, Terry Macko of the WWF feels that what matters most is that the money is coming, the source is not important.
“We are all about making as much money as we can for conservation,”
he says.
“The fundraising we do is critical. We can’t execute any programs without it.”
Via: Bankrate
