64% of Americans Want a Credit Card That Reduces Their Environmental Impact: Study

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GreenPrint, a global environmental technology company, on Tuesday released the results of its 2022 Business Sustainability Index. The study found that 64% of Americans are looking for a credit card that automatically offsets a portion of the environmental impact of their purchase. Additionally, 60% of Americans are more likely to buy shares in an environmentally conscious company than one that is not.

Business Sustainability Index 2022 (You Can Download here – GreenPrint will plant a tree per download) submitted in March 2022 from 1,062 US adults age 18 and older.

The index also found that 66% of Americans — and 80% of Americans aged 18-34 — would like to pay more for sustainable products, yet 78% of American consumers aren’t sure how to determine if a product is appropriate or not. not sustainable.

For consumers who are wondering if their credit card is sustainable, there are a few things to look out for.

according to Experian, The first thing is the material. Some cards (including some Master Card) made of recycled plastic, metal, or even wood. Other things to look for are whether you can make charitable donations to environmentally friendly charities or if you can offset your carbon footprint with every purchase. Consumers should be aware of the issuing bank and whether it is doing anything to support the environment.

Moreover, according to the GreenPrint Index, only 38% of Americans believe the company is green when it says it’s green, down from 47% in last year’s index. Among the industries least trusted are airlines, fleet services, and gas and power providers.

also: The number of consumers who are financially healthy has fallen to 43%. Here’s how banks should progress

Bette Davis, CEO and co-founder of GreenPrint, said in a statement press release.

“This puts companies that are making real progress in a bind because their actions are unlikely to be recognized,” Davis added. “To restore confidence, the data clearly shows that Americans want companies to validate their sustainability claims with independent, company-wide and product-level sources.”

For brands looking to reduce the trust gap between consumers and their businesses, GreenPrint said it’s all about transparency in messaging, getting to know the audience wherever they are — for example, via social media for younger consumers — and making it clear that they are working to reduce their carbon footprint.

The study also found that despite record-high gas prices, 64% of Americans would pay more for gas as long as the gas provider offsets its carbon footprint on emissions through sustainability efforts. That percentage jumps to 75% for Americans ages 18 to 34.

according to Yardeni Researchthe average American household could spend upwards of $5,000 on gas in 2022. The average gas price so far is in June, according to statistaAbout $5 per gallon.

With gas prices still rising, many consumers are looking for a way to put money back in their pockets after filling the pump. Reward credit cards can be the answer.

However, despite having zero net promises, large banks (such as American bank And the Wells Fargo) Continue to invest in industries harmful to the environment, including fossil fuels. according to 2022 Banking Report on Climate Chaos – which monitors how much major banks invest in fossil fuels – the banking industry invested a total of $741.83 billion in fossil fuels in 2021.

JP Morgan Chase tops the list with $61.73 billion, followed by Citi with $41.35 billion, and Wells Fargo with $46.22 billion. And despite Wells Fargo promising net zero, its investment in fossil fuels nearly doubled from $26.64 billion in 2020. Bank of America also invested $31.98 billion in fossil fuels in 2021. However, it should be noted that Bank of America’s number has It decreased from $42.15. billion in 2020.

So are there truly sustainable credit card options for consumers in 2022? There are a few things to consider, but unfortunately they are not as rewarding as standard credit cards, especially for spending on gas.

However, here are two sustainable credit cards that earn you cash for gas while still doing something for the environment:

  • Visa future card: Earn 5% cashback for eco-friendly spending, and 1% for everything else. It requires no fees, or even a credit check, just a valid bank account. Qualifying purchases at 5% include electric vehicle charging, public transit, second hand stores, new protein, bikes/scooters, and plant-based food products. Consumers can track their carbon footprint using the Future app. You can register for the card over here.
  • Zero Ambition Credit Card: Get unlimited 5% cashback on all your purchases. For every purchase you make with the card, Aspiration will plant one tree. You can track your carbon footprint in the Aspiration app; Every month you achieve your carbon-neutral footprint, Ambition will double the refunds you earn on purchases made during that billing cycle. There is even a $300 welcome bonus for spending $3,000 in the first three months using the card. However, it requires good credit and there is an annual fee of $60. You can check it over here.