GE Unveils Credit Card Dedicated to Reducing Cardholders? Carbon Emissions

GE unveiled Wednesday the GE Money Earth Rewards Platinum MasterCard, the first US credit card dedicated to reducing cardholders’ carbon emissions through trustworthy and reliable greenhouse gas emission offsets.

The innovative new tool – the first consumer finance product in GE’s ecomagination portfolio – allows users to reduce their carbon footprint by automatically contributing up to one percent of their card purchases to buy greenhouse gas (GHG) emissions offsets. By making Earth Rewards their primary card, a typical consumer could earn enough rewards to offset a significant portion of their likely direct annual GHG emissions. The application process is 100 percent paperless, through MyEarthRewards.com.

“Earth Rewards cardholders will now have a new tool to complement the ways they are already reducing their emissions,” said Tom Gentile, CMO, GE Money. "They can turn everyday purchases into extraordinary rewards. Users of the Earth Rewards Card can be sure that for every one dollar they spend, they are reducing greenhouse gas emissions and helping fight climate change.”

“We’ve combined our environmental commitment with our expertise in infrastructure, consumer products, energy and finance to create a program that will educate and activate cardholders to act on climate change in their lives,” said Lorraine Bolsinger, vice president, GE ecomagination. “And the consumer-focused, educational MyEarthRewards.com and ecomagination.com web sites highlight the ways that GE is helping customers meet their growing environmental needs.”

All card rewards designated for GHG reduction projects will be accrued over the year. Each Earth Day (April 22), those Rewards will be used to purchase and retire greenhouse gas emissions credits through GE AES Greenhouse Gas Services, a joint venture between GE Energy Financial Services and The AES Corporation, which will identify and invest in projects that reduce greenhouse gas emissions. GHG credits generated by these projects are developed in accordance with a rigorous and comprehensive standard that will ensure these credits are scientifically verified and provide measurable environmental benefit.

“GE and AES are committed to reducing 10 million metric tons of greenhouse gases each year by 2010 – equal to taking nearly 1.8 million cars off the road annually,” said Kevin Walsh, Managing Director of Renewable Energy at GE Energy Financial Services. “Earth Rewards card benefits will make a significant down payment toward meeting that goal.”