It seems each week another credit card company is offering eco-incentives. This week it was HSBC ecosmart MasterCard was unveiled.
Other eco-friendly credit cards on the market include:
Bright Planet Bank of America card
GE Money Earth Rewards Platinum MasterCard
MetaBank's GreenPay MasterCard
Barclay green card
Wells Fargo credit card (offers renewable energy rewards)
These cards allow marketers play off the growing environmental movement, but in reality, what they offer isn't that much. The cards appeal greatly to those looking to be more eco-friendly, especially for those who want to exert minimal effort in doing so. Those wanting to make a more significant contribution are best off getting a cash back card and donating the funds to a charity of their choice.
Regardless, it's a growing movement gaining popularity. In the case of the HSBC ecosmart MasterCard, each dollar spent is equivalent to one reward point, which can either be used to buy eco-friendly products like rechargeable gardening gadgets or composting supplies, or they can make donations to environmentally-friendly charities. Customers who charge at least $3,000 can use their "green" card to contribute to the HSBC Climate Partnership (Earthwatch Institute and Smithsonian Tropical Research Institute), the Arbor Day Foundation, Wind Power Renewable Choice and/or Our Energy.
For an even more efficient marketing approach, HSBC got Leonardo di Caprio to help market their green cards:
References: disclosure.hsbccreditcard & environmentalleader