Green Credit Cards
With more focus being placed on the environment than ever before, there are eco-friendly services popping up in every sector of our lives.
Green credit card options have finally hit Australia, after years of success and popularity overseas, helping people make a difference when paying with card instead of cash.
While we are yet to see many credit cards specifically named in favour of the environment, the GE Money eco MasterCard is leading the way by purchasing carbon offsets for cardholders through the Origin Carbon Reduction Scheme.
These contributions go towards environmental initiatives including reforestation, renewable energy and energy efficiency projects, water and wastewater treatments and land and habitat conservation.
Other features of the card include a low $49 annual card fee and a 19.99% p.a. interest rate on purchases with up to 55 days interest free – on par with many rewards card options but with the added benefit of rewarding the environment.
Cardholders also have the choice of contributing an amount equal to 1% of purchases to emission reduction projects, or contributing half to projects and getting half as cash back into the credit card account. Either way, using this credit card is a great way to show support for the environment.
But there is more than one way to show support for the environment through your credit card, like looking for credit cards made out of polyethylene terephthalate (PETG or PET) instead of the more common PVC (polyvinyl chloride acetate). This material is widely used in recycling, making up the majority of plastic bottles in the world, and is much more environmentally friendly.
Currently the main credit card provider advertising PETG cards is MECU, with both a basic and low rate Visa credit card option available. But more providers are likely to switch, with or without advertising, so be sure to check with customer service representatives to see what other options are available.
Another way to go green with credit is to use reward programs to donate to environmental causes. Credit cards linked to Velocity Rewards, like NAB’s Velocity card or any of Virgin Money’s options, give people the chance to donate to climate change organisation Green Cross Australia.
For people who do not want to switch cards but would still like to make a difference, there are a few other things that can be done to help the environment like requesting paperless statements or choosing not to get a receipt at the checkout.
No matter what credit card change is taken, whether big or small, every little thing can make a difference to the environment. With these choices you can use your credit card and know that you are giving something back in the process.
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