Eco-friendly credit cards get new upgrades
In 2008, the green movement was gaining steam and many companies, including credit card lenders began issuing environmentally friendly products.
Issuers, including Wells Fargo and Bank of America, offered cards that automatically made 1 percent donations to carbon offsets with every purchase.
“A lot of companies jumped on the bandwagon in 2008,” Kelly Hlavinka, managing partner at Colloquy, a marketing firm, told Fox Business. “Then things slowed down.”
However, credit card companies have been trying recently to get consumers back into the green cards market with increased incentives.
American Express is offering to buy $1 worth of carbon offsets for every Eco Pack cardholder. Credit card owners can then donate points to over a million charities, the news source says. Members of this program also received a 25 percent discount on eco-friendly merchandise.
Capital One is offering the new Lab Connect program, where consumers can create credit cards for charities of their choice. Capital One offers 2 percent of supporter’s gas purchases on these custom cards.
Despite the rewards for charitable organizations, cards such as Bank of America’s Brighter Plant cards have no fees but can charge 13 to 21 percent interest rates after seven months.