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UK: Co-operative bank launches credit card for ethical purchases
With the "think" card, purchases made with 16 selected ethical partners will attract a lower interest rate than those made elsewhere.
The Co-operative bank has launched a credit card that offers a lower interest rate on ethical purchases, as well as donations to a rainforest charity. The “think” card was launched for the growing number of ethical consumers who have increased the value of ‘conscious spending’ by an average of 15% a year since the start of the decade.
With the Co-op card, purchases made with 16 selected ethical partners – including other parts of the Co-op group – will attract a lower interest rate than those made elsewhere.While the typical APR on the card will be 14%, purchases made from the partners – who include cosmetics chain Lush, furniture giant Ikea, and ethical fashion store Adili.com – will attract a rate of 7% for six months after they are made.
Greener transport choices will also be rewarded with the lower interest rate – bikes bought through Raleigh and tickets for public transport bought through thetrainline.com and Arriva will also attract the 7% rate.Consumers who sign up for a card will also get a £35 discount at green energy provider Ecotricity, and discounts with Ecofirst and Nigel’s Eco Store.
Co-op bank will also protect half an acre of rainforest in the name of every customer who signs up for a card and uses it at least once, and a donation of 25p for every £100 spent will be made to the rainforest charity Cool Earth.
