Barclaycard are the latest company to offer a ‘green’ product to its growing ethically concerned customers who want to lower their carbon footprints. They have announced that their new eco-friendly credit card will be called ‘Breathe’. To ensure its green credentials the card is made from PETG which is the greener alternative to plastic. There will also be no paper statements, they will offer recycling for expired cards and all advertising for the ‘Breathe’ card will be done online. The card offers customers discounts and low rate borrowing when green products are bought. In addition to this Barclaycard will give 50% of after tax profits (estimated at 1 million in its first year) from the card to environmental projects that are dedicated to reducing carbon emissions.
Barclaycard have also recently, along with eight other market leaders – B&Q, British Gas, Marks & Spencer, Sky, Tesco, Royal & Sun Alliance and O2, launched a government backed campaign titled ‘We’re in this together’ which aims to help every UK household cut their carbon emissions by one tonne over the next three years.
Barclaycard isn’t the only lender to be catering to the growing demand for ethical borrowing. Virgin have also launched a green credit card and claim that they have ‘beaten’ Barclaycard in the green stakes because their card is ‘bio-degradable’ and they also promise not to just pay lip-service to the environment but offer on-going dedication to environmental issues. The Co-operative Bank is generally regarded as being the most ethical with all their financial services offering environmental incentives.
The growing popularity of green financial products is encouraging more people to consider an ethical approach to their finances. Not only are they looking at their own environmental positions but they are also showing concern at what their banks and financial companies are doing for the environment.
HBOS, the Abbey and the Yorkshire Building Society have both announced plans to introduce green financial products and you should expect many more credit card lenders following suit.