Banks Go Green with Rewards June 05, 2008 Points-based programs are helping card members make a difference
By Jeanie Casison
Socially-conscious consumers can leverage their spending power and contribute to a host of charitable causes by simply using one of the several green-friendly credit cards to hit the market. For instance, the Brighter Planet Visa Credit Card issued through Bank of America is helping battle the negative effects of greenhouse emissions by allowing card members to earn EarthSmart points for every $1 spent in net retail purchases, and to later redeem those points to help fund renewable energy projects.
As more people show their concern for preserving planet Earth, expect only more organizations to do good too. "The green rewards phenomenon is an extension of cause marketing programs and initiatives such as charitable contributions out there in the marketplace," says Carlos Dunlap, vice president of solution design for Maritz in Fenton, Missouri. "There are different shades of green, but these rewards programs allow people to turn the spending they do on a credit card to help save the planet and reverse the effects of global warming. It definitely makes consumers feel good for being able to contribute to the betterment of this world."
Other financial institutions are also following suit. HSBC is offering holders of its ecosmart Rewards Credit Card the chance to put program points toward charitable donations to environmentally-friendly organizations such as the Arbor Day Foundation, Earthwatch Institute, Smithsonian Tropical Research Institute and others affiliated with the HSBC Climate Partnership; or the option to redeem points for green merchandise such as a garden composter and more.
The GE Money Earth Rewards Platinum MasterCard also lets members give back by contributing a portion of their net purchases to help offset carbon emissions, while the GreenPay MasterCard created in conjunction with Finutra Corporation and MetaBank transfers the rewards from everyday spending into carbon offsets which help "retire" the amounts of CO2 emitted into the environment.
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