Author Archives: ccwatcher

Green Credit Cards: An In-Depth List

Bank of America, Chase, Citibank, FIA, HSBC

With Earth Day rapidly approaching, we have a good excuse to review our green options when it comes to plastic (or corn, if you prefer). After all, even Leo DiCaprio has recently been touting a new HSBC green credit card for the Hong Kong market. What does it mean for a credit card to be green? Well, the HSBC card is made from environmentally-friendly materials, requires the use of digital billing to cut down on paper waste, and donates a portion of each charge towards a local environmental protection project. While that card is not available in the US yet, there are a number of other green credit cards already here.

Green Credit Cards
Here’s a rundown:

  • The Brighter Planet Visa
    Every $1,000 spent in purchases with the card earns 1,000 points that will fund an estimated 1 ton of carbon offsets. In addition, you’ll earn 1,000 bonus points with your first transaction and another 1,000 points for using paperless statements. Also, until December 2008, Bank of America will match each two base points earned with the contribution of another point, equivalent to a 50% bonus.
  • World Asssets Visa Signature Card
    For every purchase made on the card, 10 cents will be donated to nonprofit groups like the Ocean Conservancy and Global Fund for Children. In addition, the card earns WorldPoints which can be used towards cash rewards, travel rewards and more.
  • Salmon Nation Visa
    A percentage of the income derived from the Salmon Nation Visa program goes directly to Ecotrust, a conservation organization aiming to strengthen communities and the environment from Alaska to California.
  • GE Earth Rewards Credit Card
    This card from GE Money allows you two rewards options: 1) You can choose to contribute either a full 1% of your net purchases to emission reduction projects or 2) 0.5% towards emission offsets and 0.5% cash back for yourself. On Earth Day each year you’ll receive a statement that shows how your reward was spent to help reduce greenhouse gas emissions.
  • World Wildlife Fund Card
    1% of each purchase will go towards the World Wildlife Fund, an organization with a mission to save endangered species and protect endangered habitats. In addition, Chase will donate $50 for each new account opened online.
  • GreenPay MasterCard
    For each net $1 spent on gasoline and household utilities, the GreenPay Rewards program will provide 10 pounds of carbon offsets. For each $1 spent on everything else, the program will provide 5 pounds of carbon offsets. In addition, 10,000 pounds of CO2 will be removed as a first purchase bonus.
  • Nature Conservancy Visa
    0.65% of your net purchases will go to the Nature Conservancy, a leading conservation organization committed to protecting ecologically important lands and waters. In addition, new card members will receive a complimentary 1 year membership and subscription to Nature Conservancy magazine.
  • Bass Pro Shops Outdoor Rewards Platinum Plus Visa Card
    With each card purchase, Bass Pro Shops and the National Fish and Wildlife Foundation will make a contribution to help conservation efforts, with a guaranteed yearly contribution as high as $1.5 million, at no additional cost to you. You’ll also receive a $25 gift card after your first use.

Green Rewards Programs
Credit card issuers have expanded your rewards options recently, so that even general-use credit cards can earn green rewards. Here’s a sampling:

  • Wells Fargo Enhanced Rewards
    Wells Fargo credit card users can enroll in an optional rewards program where the points that they earn can be used towards various green rewards, such as a solar charger or a garden composter. You can also choose to redeem reward points to support renewable energy projects and receive certificates for your donations. Enrolling in the rewards program costs $19 (or 2,000 points) a year for your credit card only, or $29 a year to enroll both your credit card and Check Card.
  • Bank of America WorldPoints
    Bank of America offers any of its credit card holders who earn WorldPoints to redeem them for a wide range of eco-friendly products and projects. Any Bank of America credit card that earns WorldPoints is eligible to earn these rewards at no additional cost.
  • Citi Thank You Network
    As part of its Thank You rewards network, Citi also offers a range of environmentally-responsible rewards. For instance, your Thank You points can be redeemed in exchange for having trees planted or for energy-saving CFL light bulbs.

Another Green Alternative
There’s also another option to consider when going green: instead of selecting a credit card specifically because it is green, you can always choose the best cash back card available and donate the cash rewards to your favorite environmental cause. It is slightly less convenient, but there at least three obvious benefits: 1) any donations will be tax-deductible, 2) you should be able to earn more rewards for your charity, and 3) you’ll have more choice as to exactly how your money is spent.

Regardless of the card you choose, chances are your issuer allows and even encourages your use of electronic-only statements. That’s one sure-fire way to get greener, and save both trees and gas.

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Amazon.com Visa: $20 off $200 on Electronics, Computers and Cell Phones

Chase

A number of promo codes are currently available to Amazon.com Visa card holders, valid until May 15, 2008:

  • $20 off $200 on electronics, computers and cell phones: 2IK9E6R8
  • 10% off $50 on music : CDJLXT8U (Limit $20 per customer)
  • $5 off $50 on DVDs: DVD5BFHR

Only one offer of each type is allowed per household, and it does not appear to be targeted, meaning that any Amazon.com Visa can be used. (Via FW).

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Amex and Amazon.com Promo for Solicited Cardholders

American Express

Amex has been sending out targeted emails over the past several days to promote spending at Amazon.com. Depending upon your card and your account, the precise offer terms will vary, but in general the offers that people have been receiving are 1000 points for spending $50 in a single purchase at Amazon.com between March 18 and March 31, 2008.

Examples of some offers that have been reported include:

  • Amex Blue: $10 statement credit or 1750 points
  • HHonors Amex: 1000 points
  • SPG Amex: 1000 Starpoints
  • Platinum card: 1500 points
  • Gold card: 1000 points
  • Green card: 1000 points

Purchases made via PayPal and purchases made at IMDb and ShopBop do not qualify. However, no exclusion seems to be made for gift cards. I spoke to a CSR to specifically ask about this and she agreed that gift cards should be allowed.

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Double Membership Rewards Points on Airfare for Targeted Amex Cardmembers

American Express

This promotion is part of the same American Express “Obviously” campaign mentioned yesterday featuring an extra 2% rebate on airfare. This particular offer targets Membership Rewards-earning cards, with the terms otherwise essentially the same.

Amex cardholders who are eligible for the promo will earn one additional bonus point per dollar spent on airfare online between April 1 and May 31, 2008. Bonus points will be awarded up to $25,000 in charges. For more details and to enroll, see http://www.americanexpress.com/obviouslypoints or call 1-800-794-1308 and enter promo code 110890001. (Via FT).

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Additional 2% Rebate on Airfare for Solicited Amex Cardmembers

American Express

Targeted Amex cardholders can earn an additional 2% cash back on airfare purchased online from April 1 to May 31, 2008. This rebate is in addition to any that you would normally earn with your card. This extra cash rebate will be awarded on up to $25,000 in qualifying purchases, for a maximum extra rebate of $500. You must enroll by May 31 and some restrictions do apply.

If you are eligible, you can either enroll online or via phone by calling 1-800-794-1308 and using promo code 110890002. (Via FW).

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The Fed Cuts Rates Again–But How Much Savings Will This Mean For You?

General

As expected, the Fed cut interest rates again on Tuesday, this time by a staggering 75 basis points, lowering the prime rate to 5.25%. One would think that such a massive move would result in a lot more dollars in the pockets of consumers. After all, over half of credit cards surveyed by the Fed are tied to the prime rate. (The real number of cards tied to the prime rate is probably even higher since the Fed’s survey underrepresents the number of cards issued by the larger banks.)

Unfortunately, when you do the math, the actual savings in credit card interest will not amount to much for most consumers. According to the latest Fed figures, total revolving consumer debt, which is basically credit card debt, was about $947.4 billion in January 2008. The latest census figures that I could find estimate the number of U.S. households in 2005 as 113.1 million. That puts the average credit card debt per household at roughly $8400. This number is inflated since the Fed numbers include credit card debt of households who pay off their balances in full every month. For the sake of argument, however, let’s use the $8400 number. Over the course of the year, the 0.75% cut will save that family roughly $60, or $5 a month. It’s something, but not exactly an earth-shattering number.

The bigger problem is that some issuers are choosing not to pass their savings along to the consumer, in light of the uncertainty in the credit market. For instance, CapOne recently elected to decouple interest rates on its cards for customers with good credit from the prime rate. Other issuers are making heavier use of tiered interest rates, where the margin you pay above prime can vary depending upon your application and credit history. In this way, they can better manage their interest rates, without outwardly revealing any changes.

Of course, the best way to insulate yourself from all of these changes is to pay your balance in full every month, which is what I hope that all regular readers would do anyway.

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Fry’s Electronics Now Accepts American Express

American Express

Tech geeks who favor Amex will appreciate this bit of news. Fry’s Electronics and American Express have just announced an agreement that allows consumers to use their American Express cards at all 34 Fry’s Electronics stores across the country. In fact, Fry’s began accepting Amex in stores since last week.

A perfect way to take advantage of this news is to use your Amex at Fry’s for Amex’s Buyer Assurance Plan, which extends warranties on purchases for up to one additional year.

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Fifth Third Bank Issued Personal Credit Cards: 0% on Purchases, Balance Transfers for 6 Months with No Fee

Balance Transfer Offers

Fifth Third Bank to date has primarily been noteworthy as a credit card issuer only for its no fee 0% 12 month business card. Unfortunately, since it is a regional bank, that offer is only available to residents in Florida, Georgia, Illinois, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, Tennessee and West Virginia. Unless you happen to receive a targeted offer, its personal cards (which can be issued to residents of the aforementioned states, along with Kentucky and Wisconsin) all carry balance transfer fees.

What I have just discovered, however, is that Fifth Third has an extensive number of partnerships with local financial institutions, issuing personal cards branded by these local banks. These cards offer 0% on purchases and balance transfers for 6 months with no fees, are quite numerous and apparently can be issued to residents of any state (though this point needs to be verified). These features make these cards viable AOR options, particularly since they are with a unique issuer.

I’ve compiled a partial list of these cards below, in no particular order:
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