Many financial institutions are embracing a greener approach, but customers should be wary of pitfalls and risks
Foster City, CA – November 17, 2021 – Banks and financial industries are “going greener,” giving consumers options to steer their finances toward an eco-friendly agenda. Leading credit card comparison site CardRatings.com releases Greener money: Making environmentally responsible financial choices to illuminate how consumers can make “greener” choices in finance.
“As public consciousness for the environment and climate change continues to grow, businesses -- even those you don’t typically think of as being in ‘green’ industries -- are responding by implementing more sustainable business practices,” says Brooklyn Lowery, editorial director for CardRatings. “It’s important to do homework because there may be risks or hype associated with green finance. This new resource provides guidance to make the right moves.”
With major banks embracing the green finance approach, more are helping consumers form a connection between their purchases and the environment. Financial institutions such as Bank of America and CitiBank boast practices with the goal of improving the environment through methods ranging from energy-efficient business operations to investing in renewable energy.
Not all financial institutions are on board, but consumers can explore financial product options such as checking accounts or credit cards.
In its new resource, CardRatings shares tips on what consumers can do to further “go green.” These include:
- Comparing environmental goals. It’s important to take the time to read goal statements from companies.
- Valuing transparency. How much did the organization actually achieve in its eco-friendly efforts?
- Banking online. How people bank makes a big difference. Plus, online banking often offers customers better financial terms.
- Looking for tangible steps. This could include choosing a credit card that’s made from metal or plants as well as opting into electronic communication to conserve paper.
- Not being distracted from the terms. Financial decisions should be made based on value and environmental impact, each of which should be evaluated separately.
The new CardRatings resource also addresses the trend toward cryptocurrency and criticisms related to its environmental impact, as well as risks that can accompany “green finance,” including what some skeptics are referring to as “greenwashing.”
Dr. Linda Simpson, a professor at Eastern Illinois University, also discusses environmental, social and governance (ESG) investing to guide those who want to make an environmental impact.
“The trend toward environmentally conscientious business practices has created even more opportunities to make better choices for the planet and for the wallet,” adds Lowery.
Lowery is available for comment on the cryptocurrency’s evolution, and can discuss credit card nuances that can work to the consumer’s advantage.
CardRatings is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. CardRatings is a member of QuinStreet’s expert research and publishing division.
CardRatings innovated online credit card ratings and has been offering independent ratings and reviews of credit card offers since 1998. The website collects and maintains data on more than 700 credit card offers and carefully compiles objective lists of the top credit cards by card type, making it easy for consumers to find the right card to fit their needs. Sign up for the bimonthly newsletter here.