Blogging for Change

Is green the new platinum?

by Kim McGrigg on
6/23/2008
in Using Credit

The word green has been commonly associated with two things: money and nature. Now, the greens are coming together as more credit card issuers create products that appeal to eco-conscious consumers. Here are just a few of the options:

-UMB Bank recently launched a credit product that gives users credit for spending money on eco-friendly products. The Eco Rewards Visa Card gives users a standard points reward for purchases, but doubles the points when users make environmentally conscious purchases.
-Bank of America’s green card called Brighter Planet redeems points monthly to fund renewable energy products; every 1,000 points funds an estimated 1 ton of carbon offsets.
-Eco-conscious consumers can choose one of many cards affiliated with an environmental group, such as The Nature Conservancy. According to CreditCards.com, the Nature Conservancy’s affinity card program earns them more than $1 million a year. As with any credit product, it pays to shop for the best deal – for the environment and for you. Visit CreditCardWatcher.com for a list of green credit cards.

Interestingly, a survey by CreditCards.com found that nearly a third of Americans are willing to pay a higher rate for environmentally friendly cards. If you are not willing to pay more for environmental benefits, there are other ways to make credit use more Earth-friendly. For example, you can “opt-out” of having pre-approved credit offers sent to you. According to StopJunkMailKit.com, more than 100 million trees are destroyed each year to produce junk mail. For more ideas, read CreditCard.com’s 10 ways to go green with credit cards.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

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