Consumer Payment Card News

Going Green

A new survey reveals that 49% of all American adults say they will make a “green” New Year’s resolution this year. The findings are good news for the payment card industry which has been undertaking “green” initiatives such as developing new cards with “green” benefits and by encouraging cardholders to sign-up for online statements. The New Year’s resolution survey by NY-based Tiller also found that the majority of younger consumers are generally more focused on the environment than older Americans. This year a number of payment card providers have offered “green” products. In July, GE Money launched the “Earth Rewards Platinum MasterCard” that contributes up to one percent of card purchases to buy greenhouse gas emissions offsets and that offers a completely paperless application process. Bank of America unveiled the “Brighter Planet VISA” in November that enables cardholders to earn one “EarthSmart” point for every $1 spent in purchases. Points earned with the new BofA credit card are automatically redeemed each month to support renewable energy projects. Atlanta-based Fintura and MetaBank introduced the “GreenPay MasterCard” this year that will retire five pounds of CO2 for every net dollar spent. MBNA Canada Bank recently introduced the “Eco-Logique MasterCard” which earn points to purchase carbon offsets that support environmental projects. Wells Fargo launched an energy rewards option to its consumer and business credit card and check card customers. The “green” initiatives are not limited to card issuers. IL-based Versatile Card Technology introduced the “Green Earth Card,” a biodegradable plastic card made of corn starch which can be printed with VCT’s waterless-ink “KBA Genius 52” printing press. CPI Card Group is now using wind power to runs its Colorado plant, the first and only card manufacturer in the U.S. to specify that 100% of its electricity be generated through wind power.

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