New card rewards ethical shopping
Updated on 01 November 2007
The Co-operative Bank has launched a new credit card that aims to reward consumers for ethical shopping.
The think card offers a lower rate of interest on purchases made from designated ethical partners.
The Co-operative Bank will also arrange for half an acre of Brazilian rainforest to be bought and protected in the name of the cardholder the first time the card is used and for every £100 spent on the card a further 25p will be donated towards protecting the rainforest.
The card itself is also more environmentally friendly as it is made from PETg plastic, which does not involve the use of vinyl-chloride which is used in the manufacture of PVC cards.
David Anderson, chief executive of the Co-operative Bank, said: "According to our own Ethical Consumerism Report, conscious spending has been increasing at an average of 15% a year since the start of the decade and all the signs are that this growth is set to continue.
"We want to reward those customers who make ethical choices and encourage everyone to really think about how their choices impact the wider world, which is why we have developed the new think card."
The group has selected a number of partners which take a strong ethical stance on issues such as animal welfare, energy efficiency, fair-trade and environmental sustainability.
These include furniture retailer Ikea, cosmetics group Lush, thetrainline.com, bus company Arriva, Energy Saving World and fair-trade company Traidcraft.
Interest on purchases made with these companies will be charged at 7% for six months, half the typical rate of 14% a year.
Rob Harrison, of Ethical Consumer Research Association, said: "Ethical consumerism is a powerful force for environmental and social change and we whole-heartedly welcome this landmark development from The Co-operative Bank. By buying think approved products, all of which are at the forefront of responsible corporate behaviour, you can not only lend your support to ethically progressive companies, but also put pressure on those that are lagging behind."
These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same.
