July 19, 2024

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FutureCard Offers Rewards for ‘Green Spending’

“Green spending” startup Future has launched a new Visa card designed to demonstrate the connection between saving money and lowering a consumer’s carbon footprint.

Announced Tuesday (Nov. 2), the Visa FutureCard is the first rewards card to offer 5% cash back on green spending, the Silver Spring, Maryland-based company said.

“We have been humbled by the response we’ve received,” Future CEO and Co-founder Jean-Louis Warnholz said in a news release.

“We’ve heard from families and individuals across the nation, who are making choices that are smart for the planet and smart for their wallet.”

With an estimated 66 percent of carbon emissions linked to our living/eating/transportation choices, our decisions can have a major impact on the climate, Future said. As such, its card offers a new category for green rewards for spending with a lower carbon footprint, along with as 1% cash back for everything else.

“Climate change impacts everyone, so FutureCard is designed for everyone, no matter the credit score or the size of the paycheck,” the news release says.

“That’s why it does not require a credit check. FutureCard’s green rewards stack emphasizes everyday green spending, whether that’s charging an electric car, taking the metro, or shopping for low carbon foods or gently used fashion.”

The card syncs with FutureScore, which helps consumers see how they contribute to climate change and offers an accurate carbon footprint with highlights of the consumer’s choices to help them “transition to climate smart living.”

Read more: SPAC-Bound Green Banking Startup Aspiration Bets On Conscientious Consumer Demand

While the FutureCard may be the first of its kind, this isn’t the first company to tie payments to efforts to go green.

Earlier this year, PYMNTS profiled the green banking startup Aspiration, which plants trees for every transaction a customer makes rather than offering more traditional rewards like cash back or travel perks.

“We’re planting more trees than there are in Central Park every day,” said Aspiration Co-founder and Chief Executive Andrei Cherny. “We think of our payments mechanisms as sustainability delivery mechanisms.”

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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK

About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.

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