UK Money News
1st April 2008
Co-op cuts rate on ethical credit card
The Co-operative Bank has cut the rate on its ethical think credit card to 12.9 per cent, it has been announced.
According to the Co-op, the move means that the card now offers ethically minded customers the lowest APR for a card of its type.
Other features of the card include the purchase of half an acre of Brazilian rainforest protected on the first use by the customer and the donation of 25p to protect the rainforest for every £100 spent.
There are also discounts when spending with ethical retailers such as Ecofirst and Ecotricity and the offer of a lower rate of interest for a limited time when it is used at Ikea and Lush.
David Fawell, head of unsecured lending at the Co-op, said: "The think credit card embodies the values and principles of The Co-operative Bank. We firmly believe that customers should not have to choose between price and ethics.
"After 15 years we are still the only high street bank in the UK to have a customer led ethical policy in place and by lowering the rate on our think credit card we hope to open up the card to a wider market and give even more customers the chance to shop ethically."
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