Rate cuts on think credit card give boost for ethical consumers

The Co-operative Bank is reducing rates on its ‘think' credit card next week (2 August) as a reward to ethically minded consumers.

The bank's ethical credit card will see interest rates cut to 0% p.a. for three months on purchases made with selected partners, including IKEA, Lush and trainline.com

Balance Transfer rates will be reduced from 7% p.a. to 3.9% p.a. for six months with no fee

The headline rate will remain at a competitive 12.9% APR typical variable.

John Hughes, Business Leader, Retail, The Co-operative Bank, said: "Ethical spending is a powerful force for wider social and environmental responsibility, so we want to reward those customers who already make ethical choices, while encouraging new customers to think about switching their credit card.

"By buying from ‘think' approved partners, customers will be lending their support to ethically progressive companies which are aligned to the values of The Co-operative Bank."

The think credit card was launched in 2007 with 15 ethical partners. It allows customers to make an immediate difference to the environment, with a third of an acre of Indonesian rainforest purchased and protected in the customer's name on the first use of the card. Additionally, for every £100 spent on the card, a further 25p will be donated to protecting the rainforest.

The Co-operative Bank is still the only UK bank to have a customer-led ethical policy.

Think's ethical partners include IKEA, Lush; Trainline; Ascension; Arriva; The Co-operative Insurance; The Co-operative Food; Co-op E-store; Ecofirst; Ecologist; Ecotricity; Energy Saving World; Ethical Superstore; Ethical Consumer; Nigel's Eco Store; Raleigh and Traidcraft.