Best Green Credit Cards in Canada

by John Stevenson on November 17, 2010

Green, or environmental credit cards are a recent innovation of the credit card industry. These cards are usually made of eco-friendly materials and feature programs that contribute to wildlife and environmental preservation. At the moment, green cards are not very common in Canada, but their popularity is bound to rise as more and more Canadians become actively involved in initiatives to undo human impact on the environment. Here are the best credit cards which give card holders the opportunity to help protect and preserve Canadian nature.

Vancity enviro Classic Visa

The Vancouver City Savings Credit Union has established an eco program called enviroFund through which it donates a percentage of its annual revenues. The Fund has collected $2.7 million so far, which have been used for various environmental initiatives throughout the country. Some of these are wetland protection, wild salmon stock preservation, and different sustainable farming education programs. A nice feature of the Fund’s policy is that the card holders themselves decide on which environmental initiative the money will be granted.

By using the credit card, you are entitled to participation in a rewards program. Every purchase with the card brings you rewards points, which you can redeem for a wide range of products or donate to the Fund.

What interest rate and annual fee the Classic Visa card holder will pay depends on the scheme he or she selects. Three options are offered by the Vancouver City Savings Union:

1)      enviro Classic + rewards. The interest rate is 19.5 percent, and there is no annual fee. Every 2 dollars spent bring card holders 1 rewards point.

2)      enviro Classic with a low interest rate + rewards. The interest rate is 11.25 percent, but there is an annual fee of $50. With this scheme, card holders also get 1 rewards point per $2 spent.

3)      enviro Classic with a low interest rate. The interest rate is again 11.25 percent, but the annual fee is only $25. Card holders who have chosen this scheme cannot participate in the rewards program.

MBNA Canadian Wildlife Federation

Whenever a purchase is made with this credit card, MBNA makes a donation to the Canadian Wildlife Federation, which uses the money for different nationwide initiatives related to animal and plant species’ preservation. The major goal of the federation is to teach about, preserve, and create a habitat for wildlife populations in Canada. CWF places a special emphasis on issues that have an impact on the natural resources and wildlife in the country, aiming to secure a home for native creatures.

The interest rate collected on the card depends on the type of transaction. For purchases, it is 16.99 percent; for balance transfers and cash advances – 18.99 percent. There is also a promotional rate of 3.9 percent on balance transfers, which applies for the first six billing cycles. MBNA does not charge card holders with an annual fee.

Citizens Bank of Canada Shared Interest VISA

Citizens Bank has its own granting program, Shared Interest, which makes donations to non-profit organizations working in the fields of family and communal health, environmental protection, economic sustainability and human rights, and international cooperation. For its 11 years in existence, the Shared Interest program has collected $1,416,689, which has been distributed among organizations, such as the Land Conservancy of British Columbia, the Raincoast Conservation Foundation, Doctors without Borders, WaterCan, and 84 others.

Every time you use your card, Citizens Bank sets aside a sum of money, which is added to the program’s funds. The Bank does not levy annual fees but charges an interest rate of 18.55 percent.

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