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Chiz Web > Green > WikiPages > Credit Cards  

Credit Cards

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Credit Cards
Are They Socially Unjust?
 
First, individually responsible credit card use is its own issue, and other sites are better at offering guidelines here than me!  (Here's one site with an overview and good tips.) My question here is whether some credit cards are better or worse for the world than others. 
 
To answer, first consider that all of the credit cards fees and interest payments are paid to the credit card bank to provide loans to other businesses.  That said, the question then becomes whether the banks are financing destructive projects with your fees.  The easiest route to go, then, is to pay off credit cards every month so that you have no fees or interest payments. 
 
Here, then, are a few points on where some credit cards are spending their profits.  (More information)
  • Builders of coal plants:  Discover, Merrill Lynch, Citigroup
  • Mountaintop-removeal coal-mining: Bank of America
  • Forest-clearcutting projects: RBC, Scotiabank, BMO, CIBC, Toronto-Dominion
  • Supported China's Three Gorges Dam Project: Disco er, Citigroup, Merrill Lynch
  • Supports Republican Party: Merrill Lynch, National City, Sun Trust, US Bancorp, Wells Fargo, Wachovia
  • Supports Democratic Party: American Express, Bank of America, Capital One, Citigroup, National City, Deutsche Bank, First National, JP Morgan Chase, Mastercard, Discover, Visa
  • Supported both parties equally: ABM Amro, Credit Suisse
  • Suspicious or Predatory Lending Practices (hidden fees, switches, false charges, etc.): Bank of American, Capital One, JP Morgan Chase, Providian, Target National Bank, US Bancorp, Wells Fargo
  • Lawsuit Filed for Discrimination vs. African Americans:  Bank of America
  • Invest in PetroChina which works with Sudanese oil and supports Sudan's government in the Darfur genocide: Fidelity, Vanguard, JP Morgan Chase.

Affinity Cards

When you purchase a card for a group or charity, a small portion of your spending goes to that charity.  However, interest rates are generally much higher on these, and the rest of the money goes to the mega-bank.  However, a few seem to have better rates:

  • Working Assets Visa Card: spends money on a variety of non-profit and environmental causes.  However, it is issued by Bank of America (see above) (www.workingassets.com/fuelingthefuture)
  • Brighter Planet Visa: Donates funds to alternative energies, but also funded by Bank of America (www.brighterplanet.com)

Here are a few better-rated cards in some areas:

  • Better ratings for fair practices: American Express, National City Bank, Juniper Bank
  • Best ratings for fair practices: USAA Federal Savings, Navy Federal Credit Union, other credit unions
  •  
  • Wainwright Bank Visa: Boston bank with a a card managed by Elan (www.wainwrightbank.com)
  • Permaculture Credit Union Visa: donates only to earth-friendly businesses (www.pcuonline.org)
  • Redirect Visa (Shorebank Pacific): supports better climate and sustainable communities (www.redirectguide.com/visa)
  • Salmon Nation Visa (Shorebank Pacific): supports bio-region off Washington State where wild salmon live. (www.salmonnation.com)
  • Shorebank's Elan Visa Consumer Card: community development and environmental causes (www.sbk.com)
  • Self-Help Credit Union Cards:  community development projects (www.self-help.org)

 

Last modified at 12/27/2008 3:11 PM  by MrChiz