Rates cuts on think credit card gives boost for ethical consumers

August 11, 2010

The Co-operative Bank has reduced rates on its think credit card next week as a reward to ethically minded consumers.

  • The bank’s ethical credit card will see interest rates cut to 0% p.a. for three months on purchases made with selected partners including IKEA, Lush and trainline.com
  • Balance transfer rates will be reduced from 7% p.a. to 3.9% p.a. for six months with no fee
  • The headline rate will remain at a competitive 12.9% APR typical variable.


John Hughes, Business Leader, Retail, The Co-operative Bank, said: “Ethical spending is a powerful force for wider social and environmental responsibility, so we want to reward those customers who already make ethical choices, while encouraging new customers to think about switching their credit card.

“By buying from ‘think’ approved partners, customers will be lending their support to ethically progressive companies which are aligned to the values of The Co-operative Bank.”

The think credit card was launched in 2007 with 17 ethical partners. It allows customers to make an immediate difference to the environment, with a third of an acre of Indonesian rainforest purchased and protected in the customer’s name on the first use of the card. Additionally, for every £100 spent on the card, a further 25p will be donated to protecting the rainforest.

The Co-operative Bank is still the only UK bank to have a customer-led ethical policy.

Think’s ethical partners include IKEA, Lush; Trainline; Ascension; Arriva; The Co-operative Insurance; The Co-operative Food; Co-op E-store; Ecofirst; Ecologist; Ecotricity; Energy Saving World; Ethical Superstore; Ethical Consumer; Nigel’s Eco Store; Raleigh and Traidcraft.

 

For further information please contact

Nuala Ryan
The Co-operative Financial Services Press Office
Tel: 0161 903 3808
Email: nuala.ryan@cfs.coop
Twitter: @CFSpressteam


 

About The Co-operative Financial Services

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care.  The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia Building Society on 1 August 2009 CFS is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The combined business has £70 billion in assets, 12,000 staff and nine million customers.  It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport. 

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.