What Characteristics Make an Eco-Friendly Credit Card?
With more and more emphasis on finding environmentally friendly businesses, products and living practices, it makes sense that some credit card companies are jumping onto the bandwagon to give consumers what they desire. There are many different ways that a credit card company can claim their products are Eco-friendly. Some provide points that can be converted by carbon credits that help the environment, others let you donate your points to environmentally friendly charitable organizations and still more simply make the actual credit cards themselves from recyclable materials. Here are some explanations of what makes a truly Eco-friendly credit card.
Discounts from Environmentally Friendly Businesses
One offer that many companies extend to holders of an environmentally friendly credit card is discounts on their products. Many of the most popular Eco-friendly credit cards come with a list of companies who work will offer reduced prices to card holders. This could mean everything from green building supplies, local organic grocery stores or even online shops selling recycled furniture.
Recyclable Materials in the Card
Some credit card companies consider the term Eco-friendly credit card to be a literal explanation, and they make the actual cards themselves through an environmentally friendly process. Typical cards are made of a material that is incredibly hard to break down over time, but some companies are now offering cards made from biodegradable plastic. Although they look and feel the exact same, they can break down in landfills over time which is considered to be the most green approach.
Carbon Offset Points
Most credit card companies offer their card holders some kind of point or cash back accumulation over time based on how often they use their card and for what amount. Environmentally friendly credit cards often do the same thing, but the customer will not reap the benefits of these points. Instead, the bank or lending institute exchanges each point accrued for a carbon offset purchase.
Just as mentioned above, points are typically accrued over time with credit card usage. Rather than needing to spend the points on just one thing automatically, such as carbon offsets, some companies allow the cardholder to choose where their points are donated. This means you can choose to give your points to a long list of charitable organizations that mean the most to you and work to improve the state of the Earth. However, some argue that is merely a way for banks to write off charitable organizations. It might be smarter to choose a credit card that awards cash back points instead and then simply donate the money to charitable organizations on your own and enjoy the tax write off.
Eco-Friendly Prize Redemption
Some Eco-friendly credit card companies offer a system where your accumulated points can be used to purchase products. However, because of the nature of the card all of the products will be environmentally friendly, such as jewelry made from recycled materials, organic grocery items or even cleaning products and household items that are green rather than chemical.
For those interested in being eco-friendly in all aspects of their lives, finding an eco-friendly credit card is a must!
About the Author
Writer Andrew Bennett specializes in finance and offered suggestions on how to build your credit and prepare for the future.