In the 1967 movie “The Graduate,” the main character, Benjamin, finds himself cornered at his college graduation party by a friend of his parents, who insists on giving him career advice. “I want to say one word to you. Just one word. Plastics.”Plastics were indeed destined for economic greatness, as the character in “The Graduate” suggested. Plastic is so durable and malleable that its uses are nearly infinite. Including in banking. Today, there are more than 25B plastic bank cards in circulation. They last an average of four years before they need to be replaced. About 6B more are produced each year.But the wholesale use of plastics — particularly disposable plastics — has had unfortunate environmental impacts, which has led to efforts to curb their use. Consumers are also clamoring for more sustainable practices from their financial institutions: according to research by Capita, 56% of consumers indicated that sustainable and ethical practices within their financial institutions were important to them.A visible, tangible way to do this is by switching your plastic bank cards to more environmentally friendly materials, which can go a long way for existing or potential new customers who are looking for greener practices within financial institutions. Mastercard Leads the WayMastercard is one of the first major credit card companies to switch from first-use plastic to more eco-friendly materials for all of its cards. It has told its card issuers to abandon first-use plastic by 2028, and all newly-produced cards will be created with eco-friendly materials starting in 2028, as well. A key part of its effort is to substitute recycled plastic for first-use plastic. Mastercard has also launched a recycling project for old cards. Under a pilot project in the UK with HSBC, customers can drop off old plastic cards in dedicated collection boxes. If the pilot goes well, Mastercard may replicate it elsewhere. If your financial institution issues Mastercard cards, then it can piggyback on the Mastercard program and tout the use of recycled plastic. Environmentally Friendly Card MaterialsAll these alternative cards share a few basic principles. They are made from more environmentally friendly materials or from materials that have sustainable production processes. These kinds of forward-thinking, environmentally friendly solutions to the sheer amount of excess plastic produced by plastic cards are worth looking into in order to adopt truly sustainable green practices into your financial institution’s daily practices.
- Wood. Though it might seem unconventional, another environmentally friendly material option for bank cards is wood. Germany’s GLS Bank created wooden bank cards that are 90% wood and 10% paper. The new wood card is promoted as durable and comparable to plastic cards. Plus, they can still include implanted chips for contactless payments. These cards are currently undergoing a test phase to finetune the cards’ practicality before becoming available to a wider customer base, but they are also a top contender for the bank card of the future.
- Metal cards have been around for a while, touted as easier to recycle than plastic, but metal cards can be heavy. When it’s time to retire a metal card, you can’t just shred it in a paper shredder. Still, the use of metal has been on the rise. Apple Cards, for instance, are made of titanium, chosen for its sustainability and durability; such metals can physically outlast plastic cards, which tend to show wear and tear faster.
- Alternatively made plastics. Some card issuers have produced cards with other alternatives including bamboo and corn-based plastics.
- Glass. There is also a new card made of durable glass that is being manufactured by CompoSecure, one of the leading companies in metal card innovations.
Making Plastic Cards More Green-FriendlyIf you have to continue using traditional plastic cards, you can still promote sustainability by issuing so-called green cards. While the material of the cards themselves isn’t environmentally friendly, the programs behind them can be.Here are a few ways CFIs have used traditional plastic cards to implement green initiatives:
- Charitable giving. Perhaps the most well-known option, some credit cards can offer support for environmental causes, often by contributing some portion of a customer’s monthly bill toward green organizations. With Beneficial State Bank’s Climate Card, users can donate their rewards to a preapproved climate-related nonprofit.
- Planting trees for purchases. There are bank cards that offer to plant trees for every purchase a customer makes or per a certain purchase amount. Look for experienced partners like 3Degrees and Native Energy to ensure the right trees are planted in the right environment and cultivated correctly.
- Carbon-conscious rewards. In some cases, customers are given a higher percentage of rewards for purchases of green products or purchases from green companies. Carbon calculators are gaining traction as well.
When you’re looking to reduce the carbon footprint of your financial institution, one area to consider is the issuance of plastic bank cards. There is a growing array of alternative materials to first-use plastic to consider adopting, but there are also ways to have your plastic cards support environmental causes. No matter how your institution chooses to support environmental initiatives, the first step toward a greener bank card might be sooner than later.
