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30 July 2007
Over recent years the environment has been at near the top of the political agenda, and as a result of raised profiles and raised awareness more and more consumers in the UK have become environmentally conscious, trying to find different ways to contribute positively to the environment.
From reducing emission to re-using carrier bags, there have been a number of options put forward for those interested in going green – and the latest environmentally friendly craze seems to be the availability of 'green' financial products.
Today's environmentally conscious consumers can now enjoy easing their conscience as they spend their money, with a range of green credit cards entering the market.
A number of leading finance companies and banks have introduced green cards to tempt those that want to contribute to the safety of the environment. This includes Barclays Bank, Virgin Money, and the Co-operative Bank.
There are a number of benefits available to those taking out these green credit cards. Consumers can often enjoy preferential interest rates, particularly when purchasing environmentally friendly products – for example, the Barclaycard Breathe credit card offers an interest rate of just 5.9% p.a. on purchases of environmentally friendly products. Its standard rate on this green card is also lower than average, at 14.9% p.a.
Depending on the green card that you opt for the card issuer may also contribute financially to green causes when you open your account and when you spend on the card.
Like a charity credit card, these green cards will prove effective for those that wish to contribute to green causes without having to take any action other than to use their credit cards in the normal way.
However, consumers should bear in mind that these green cards are not necessarily the best cards for those that are more interested in trying to save money on their credit card debts, as there are lower rates available on some standard cards as well as other moneysaving options such as 0% interest, which could prove more financially viable to the individual than a green card.
One industry professional stated: "The environment is of prime concern to many people today, so seeing financial institutions donating to green causes will please many people. You still need to be diligent in taking on any credit card, though. You need to weigh up all the benefits against any potential costs, whether those are higher rates or hidden fees. An eco-friendly card may not be the right option for everybody."
 Credit card guide
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