Anorak News | Barclay’s Saves With New Green Card

Barclay’s Saves With New Green Card

by | 3rd, July 2007

debt.gifGREEN sells. If you want to increase sales of your product, simply maximise its eco-credentials and hey presto, you’re in business.

Barlcaycard’s new Breathe credit card is the latest green product to hit the market, with the company promising to donate half the profits from the new card to the war against climate change.

So what do consumers get for their money? Well, the card has a standard 14.9 per cent rate of interest but cardholders will pay an interest rate of 5.9 per cent on purchases of rail and bus tickets. Discounts on home insulation, green energy and holidays in the UK will also be available.

However, not everyone is impressed with the new card. Michelle Slade of highlights the fact that customers who pay their balance on time won’t be contributing to carbon reduction programmes.

Says she: “By paying no interest, these customers will be loss makers for Barclaycard, especially when you take into account the operational and administration costs of running a card. You could argue that it would be better to grab yourself the best deal, save money on interest and use this cost saving to donate to your own chosen cause.”

HSBC is also getting in on the act, with the bank set to offer a green option for its customers whereby they can opt out of receiving statements, cheque books, letters and other paper mail.

Customers can champion the banks’ cause by opting out of paying their bills over the internet or phone (wasting electricity) or via the post (that darn paper) and ending up in debtors prison saving the Earth with lights out, weeing in a bucket and shared showers…

Posted: 3rd, July 2007 | In: Money Comment (1) | TrackBack | Permalink