Responsible Credit Cards

There are more options than ever for conscientious credit card users to make a difference every time they make a charge.

When you open a credit card with a bank or credit union, your fees— late fees, annual fees, balance transfer fees—as well as the fees that the merchants pay, provide a profit for the issuing institution. The bank, in turn, puts that money to work in the form of loans to individuals and businesses. The question for conscientious credit card users is whether the banks issuing their cards are sustainable, or are financing destructive projects.

“Community investing and socially responsible banks and credit unions provide the best opportunity for consumers to avoid supporting negative practices,” says Fran Teplitz, Co-op America’s director of social investing programs. “When you use a mega-bank’s card, you’re bolstering all the things the bank’s loans support, from clearcutting forests to building new coal-fired power plants.”


http://www.coopamerica.org/pubs/realmoney/articles/ResponsibleCreditCards.cfm