Co-op's Think Credit Card Review

Posted: 07 February 2008 by Harriet Meyer

The Co-op bank, which is widely regarded as the most ethical on the high street, is aiming the 'Think' card at the growing number of ethical consumers who -- according to its research -- have increased the value of 'conscious spending' by an average of 15 per cent a year since the start of the decade.

Put simply, it encourages green spending. With the card, purchases made with 16 selected ethical partners, including other parts of the Co-op group, attract a lower interest rate than those made elsewhere.

While the typical APR on the card is a fairly average 14 per cent, purchases made from the partners -- which include cosmetics chain Lush and furniture giant Ikea -- attract a rate of seven per cent for six months after they are made.

Greener transport choices will also be rewarded with the lower interest rate -- bikes bought through Raleigh and tickets for public transport bought through thetrainline.com and Arriva will attract the seven per cent rate.

Consumers who sign up for a card will also get a £35 discount at green energy provider Ecotricity, and discounts with Ecofirst and Nigel's Eco Store.

In addition, the bank will also protect half an acre of rainforest in the name of every customer who signs up for a card and uses it at least once, and a donation of 25p for every £100 spent will be made to the rainforest charity Cool Earth. The physical card is even designed to be eco aware. It's made out of PETG plastic, rather than the less environmentally friendly PVC usually used by most other card providers.

But how easy it is to see your statements and pay off your balance for those dealing with their debt online? Logging on, transferring funds and paying off your balance are easy -- and you can view statements that are several months old to get a feel for how you use your card. In addition, the site supports an array of browsers, including Internet Explorer, Firefox, Opera 9 and Safari 2.

A last nag, however, is that the partnerships, while a great idea, are quite a limited pool, and your lower rate of seven per cent only lasts six months. After that, it's back to the standard rate of 14 per cent, which isn't all that competitive.

In the end, though, as far as credit cards go, this one offers a lot in terms of green incentives and ethical involvement. So if you need access to credit and want to go greener with your spending habits, this is a wise choice.