The Co-operative Bank launches “think” credit card
The Co-operative Bank has launched the world’s first credit card, aimed at rewarding ethical consumerism.The think card from The Co-operative Bank offers the growing band of consumers, who shop with their conscience on their sleeve, a lower rate of interest for designated ethical purchases and a package of other benefits, whilst at the same time also helping to save the rainforest.
Customers who use the card at selected ethical partners, including Ikea, Lush, Adili.com, thetrainline.com and selected businesses within the Co-operative Group, will receive a special rate of interest of 7% p.a. for six months following the date of each purchase. Furthermore this new card is not only ethical but also competitive, with an APR of 14% typical variable.
The think partners have been carefully chosen for their strong ethical credentials, with guidance from the Ethical Consumer Research Association (ECRA).With leading positions on a range of ethical issues such as animal welfare, energy efficiency, fair-trade and environmental sustainability, the current chosen partners cover a wide range of sectors, including food, toiletries, transport, furniture and finance.Further relationships with additional ethical partners will be developed and added to the list on an ongoing basis.
The think card also allows customers to make an immediate difference to the environment.The first time the card is used, The Co-operative Bank will arrange for half an acre of Brazilian rainforest to be purchased and protected in the customer’s name. Additionally for every L100 spent on the card a further 25p will be donated to protecting the rainforest.
Currently, the transport sector is responsible for 26% of the UK’s carbon emissions – simple ideas, such as encouraging people to use public transport with think partner thetrainline.com or getting on their bikes with think partner Raleigh can make a real difference. But thinking ethically does not end with thinking green, which is why customers will also be rewarded for supporting issues such as fair-trade. With over 1500 fair-trade products, which support development across the third world, customers who buy from think partners, such as Traidcraft, the UK’s leading fair-trade company, can feel confident that they are helping support farmers and workers in developing countries.
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 per cent 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.”
Rob Harrison of Ethical Consumer Research Association adds, “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.”
Ethical Credentials of ‘Think’
A lower rate of interest for purchases made with ethical partners including Lush, Ikea, Co-operative Food Stores, Arriva, Adili.com and thetrainline.com
Discounts with selected partners including L35 discount with Ecotricity, discounts with Eco First and Nigel’s Eco Store
Environmental benefits include half an acre of rainforest protected in the customer’s name when they use their card for the first time, plus 25p out of every L100 spend will be donated to protecting the rainforest.
Card is provided by the Co-operative Bank, which is still the only high street Bank to have a customer led ethical policy
The cards are made from PETg plastic – a greener material that doesn’t involve vinyl-chloride, which is used in the manufacture of PVC cards