GE Introduces Green Credit Card

GE has launched a revolutionary new “green credit card” aiming to stamp out greenhouse gases and deforestation with credit card purchases.

The credit card will work like a typical rewards card, although instead of earning concert tickets or airline miles, every hundred dollars spent will generate a dollar of carbon offsets.

You can either give a full 1% of all net purchases to green energy projects, or you can split and contribute 1/2% to the climate projects and get 1/2% cash back through your monthly statement.

The green “Earth Rewards” can be redeemed every Earth Day, with the money going towards the purchases of offsets from projects that capture methane from landfills and coal mines.

GE also plans to push for electronic statements, (which I talked about months ago) as a way to reduce greenhouse emissions and keep the card as “green” as possible.

GE has also launched a related website called Myearthrewards.com which has a carbon calculator that shows you your impact on the earth relating to fossil fuel usage.

Examples on the GE site note that spending $25 contributes enough to offset the emissions associated with running a typical refrigerator for a month, and spending $500 offsets the emissions from driving almost 1,500 miles in a typical car.

It seems like a novel idea, although prevention and education are probably the best steps towards a greener planet.

But it does mark a sign of the times in which credit card issuers are offering a wider scope of rewards that promote awareness and giving back.

If you do end up applying for this credit card, watch out for the high credit card APR and 3% credit card balance transfer fee that appears to have no limit.