Credit Card Deals: Platinum, Gold or Green?

Standards divide credit cards into gold and platinum. But now there is also a green plastic. Since quite enough various businesses began taking care of environment and issuing environmentally friendly products, credit card industry also walked this way. Bank of America, Wells Fargo, GE, and many others now offer their customers the opportunity to save the whales (or any endangered species), use renewable energy or support any other environmental action. Such credit cards are a special type of affinity plastics; in case with them a definite percentage of your spending (basically 1%) is donated to environmental cause by an issuer. Basically, terms and conditions of such cards are not so different from those of various credit cards we use.

For instance, Chase World Wildlife Visa contributes to the World Wildlife Fund helping to save and protect rare and endangered species. The APR of this plastic varies from 14.24% to 23.34%. GE Money Rewards Card has somehow lower rates - from 12.99% to 18.99%. And of course, the higher your credit score, the more favorable your interest rate.

Bank of America presented their Brighter Planet Visa in November. This credit card presupposes gaining EarthPoints with every purchase. One dollar is equal to one EarthPoint (retail purchases).

The rewards program of Wells Fargo gives their customers an opportunity to support some projects concerning the use of renewable energy. Clients are granted from 5,000 to 10,000 points (which is $50 and $100 respectively), which can be spent on renewable energy certificates to support the use of renewable energy, such as wind power, solar energy, etc.

Citibank also offers quite popular point rewards program "ThankYou". Through this one you can exchange your points for various environmentally friendly rewards. Moreover, customers are able to donate to any organization of their choice (via "Your Wish Fulfilled" program).

In fact, cash rebates and point rewards are somehow competing, when the one can be regarded as a nice alternative to the other. Blue Cash from American Express and Discover More Card are considered to be great credit cards with cash rebates granting you 5% cash back on various purchases. Nevertheless, even in this case you are free to earn and donate more funds to any environmental action or organization of your choice (with higher rate of return). Plus you are able to use tax deduction when you write your check, and this is not available in case with donations.

Nevertheless, from the position of most environmental organizations, there is no such a big difference between these two methods. Much more important question here is: do these plastics in truth make difference? The answer is mostly "yes", since such credit cards really help so much.

Via this kind of business World Wildlife Fund obtained over $10 million during the last 12 years. And if to exclude any governmental and international sources, the World Wildlife Fund obtained $168 million during 2007 financial year via all channels. So, environmentally friendly credit cards are really popular at present, and this business appears to be really beneficial for both sides.