Green Credit Cards

The environmental kick around the world for living green has reached even the credit cards in the last few years. Several of the credit cards available in Ireland have some type of environmental message, whether it is the products they are using to make the cards or the donations they are making to the world.

These green credit cards available on the market will make donations for every Euro spent on the card. The donation amount will vary however. For many the donation amount is small, which is why it takes several credit card holders to actually rack up any Euros to help the environment. Barclay’s Breathe card for example is one of the many on the market.

The best part about the green cards is that they are offering the same rewards as other cards. All the green credit cards have a balance transfer special along with a purchase rate special. Some cards like the Greenpeace Visa offer even more such as 25 Euros for every 100 spent. Charity cards like this are being sought by consumers who feel they need to do something for the environment, but are they working?

For most consumers these cards do work in giving donations, but the credit card debt incurred for helping nature and other charities is by far the most costly. Many who have the charity cards just spend and spend on the cards without thinking about the interest they are racking up. The cards do have some of the lowest interest rates on the market, but this is still nothing compared to the use of the cards.

Many are using the cards to get the donations to their charity without realising they could be sending the money directly to the charity that they are losing. The interest they are gaining by having the card can be as much as 500 Euros a year. That is a lot of lost money that could be better spent.

To use a charity or green card the best thing a consumer can do is pay the balance off each month. If one can afford the 100 Euros each month for a donation of 25 Euros from the company, then the card should be used. However, if they can’t pay the balance off they are incurring the debt and defeating the purpose of not making the donation out of their pocket.

Credit cards must be used wisely in order to gain the best results. For many that means paying off the balances and avoiding the interest fees. There are other ways to use the cards wisely such as the charity cards like we mentioned above. If the card is working for the consumer then the rewards reaped aren’t costing anything. But falling into the spiral of interest rates could get the individual in too much debt.

The rewards don’t work on balance transfers which is another downside to the great offerings the charity card has. The only way to earn points or donations is by purchases.

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This entry was posted on Thursday, August 21st, 2008 at 11:52 am and is filed under Types of Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.