We’re well into the 2020s now, and many apartment communities are getting with the times by adding eco-friendly amenities to units. This is a clear win/win for everyone involved — the renter, the property manager and Earth as a whole. If only all decisions were so clear-cut!
Green amenities for eco-friendly renters
The list of available eco-friendly amenities is constantly growing and changing. Here are a few of the most common green features that renters can find during their apartment search.
1. Non-smoking buildings
Cigarettes and their smoke are not only bad for people’s lungs — they’re also terrible for the planet, too. Toxic cigarette butts are not only unsightly litter but they also pollute the land, water and air with nasty chemicals. E-cigarette waste is now also a growing concern.
To protect people and the planet, many apartment communities are designating all or some buildings as “non-smoking.”
Featured communities that offer non-smoking buildings:
2. On-site recycling
One would certainly hope that in this day and age on-site recycling is a given, but not all apartment communities offer it.
Definitely check to see if this ultra-important amenity is available. If not, inquire with your landlord about how to get it started!
Featured communities that offer on-site recycling:
3. ENERGY STAR® certified appliances
If an appliance dies nowadays, chances are good that the apartment community will replace it with an ENERGY STAR® certified version. The federal government backs such models because they provide the necessary function (dishwashing, clothes drying, refrigeration, etc.), but in a more energy-efficient manner.
Although these models are more expensive up front, they actually save the landlord money over time because it costs less to power them. In fact, 2019 alone saw ENERGY STAR products save about $39 billion in energy costs.
Featured communities that offer ENERGY STAR® certified appliances:
4. Certified efficient windows
Another in the portfolio of ENERGY STAR products certified efficient windows can save money and lower greenhouse gas emissions. Replacing single-pane windows can save $101 to $583 per year and thousands of pounds worth of carbon dioxide!
Featured communities that offer certified efficient windows:
5. Electric vehicle charging stations
Electric vehicles are finally on the upswing in the U.S. Savvy apartment communities are adding EV charging stations to their list of amenities to attract eco-minded renters. This is a big deal because the majority of charging happens at home, rather than at public charging stations.
So, if a community can’t accommodate a potential renter’s car charging needs, the tenant will keep looking until they find a place that can.
Featured communities that offer EV charging stations:
6. Solar panels
It wasn’t that long ago that solar panels were too expensive for anyone but the very affluent to afford. Now, they’re coming down in price and many apartment communities are taking advantage.
Although installation still isn’t cheap, over time solar installations save a lot of money on utility costs. Then, of course, there are the environmental benefits, like lower levels of greenhouse gas emissions and other harmful pollutants.
Just be aware that this eco-friendly amenity often comes with higher rent prices to cover the installation cost, so you’ll probably pay more for peace of mind.
Featured communities that offer solar panels:
7. LEED certification
More common among brand-new or newly renovated properties, LEED (Leadership in Energy and Environmental Design) certification is a green building rating system used all over the world.
To get LEED certification a property must meet a bunch of standards, designed to improve indoor air quality, reduce pollution, limit exposure to chemicals and lower energy consumption, among others. The typical renter pays up to 20 percent more per month on rent for these green upgrades, but definitely reap the physical benefits, so there’s that.
Featured communities that offer LEED certification:
8. Smart thermostats
Here’s one eco-friendly amenity that isn’t pricey at all to install. Smart thermostats take the guesswork out of heating and air conditioning.
For one, they sense once you’ve left the building and adjust the temperature setting accordingly (no sense paying to overly heat a space no one’s occupying at the moment). You can also easily set a schedule and check on or adjust it remotely.
All of these perks mean that energy is saved (not to mention the dollars saved for whoever pays the bill too).
Featured communities that offer smart thermostats:
9. Upgraded HVAC filtration
HVAC systems have come a long way in recent years. So when the old ones die (or become woefully inadequate) property managers often opt to replace them with upgraded versions. An ENERGY STAR-certified system is ideal because they are 10 to 15 percent more efficient than the unrated versions. Every bit of efficiency saves money and energy because it more seamlessly cools and heats the space.
Featured communities that offer upgraded HVAC filtration:
10. Community gardens
Many renters are no longer stuck only growing whatever fits inside or on their tiny porch. Instead, lots of apartment communities have established community food and flower gardens as a way to encourage community, healthy eating and good old-fashioned outdoor time.
Some even include community compost heaps, where residents can responsibly dispose of compostable waste like eggshells, veggie scraps and coffee grounds!
Featured communities that offer community gardens:
Eco-friendly amenities are here to stay
Every eco-friendly amenity really adds up when it comes to helping the planet. Even if the unit you’re in (or the one you’re looking at) doesn’t sport some of these, broach the subject with the landlord. It can’t hurt to inquire, and maybe some positive changes will result!
A freelance writer based out of the Atlanta area, Alia has penned articles during her decade+ career for such sites as HowStuffWorks, TLC, Animal Planet, Zillow and many more. Her favorite things to write about include fitness, nutrition, travel, healthcare and general lifestyle topics. A graduate of the University of Georgia, Alia’s an avid Dawg, but she also loves reading, sewing, eating all things chocolate and playing sports with her husband, three boys and beloved border collie, Flash.
The Jefferson Avenue commercial district in Buffalo, New York, is anchored by a supermarket.
There are dozens of other businesses and services along the 12-block corridor — a couple of bank branches, a library, a coffee shop, gas stations, a small plaza with a dollar store and a primary care clinic and a business incubator for entrepreneurs of color.
But Tops Friendly Markets, the only grocery store on Buffalo’s vast East Side, is the center of activity. More than just a place to buy food, pick up medications and use an ATM, the store is a communal gathering space in a predominantly Black neighborhood that, for generations, has been segregated, isolated and disenfranchised from the wealthier — and whiter — parts of the city.
Which explains how it came to be the site of a mass shooting on a spring day in May of last year. On that Saturday, a gunman, who lived 200 miles away in another part of the state, drove to Jefferson Avenue and went into Tops, and in just a few minutes killed 10 people, injured three and inflicted mass trauma across the community.
It is a scenario that has sadly, and repeatedly, played out in other parts of the country that have experienced mass shootings. But this one came with a twist: The gunman’s intention was to kill as many Black people as possible.
To achieve that, he specifically targeted a ZIP code with one of the highest percentages of Black residents in New York state. All 10 who died that day were Black.
“The mere fact that someone can research, ‘Where will the greatest number of Black people be … on a Saturday morning,’ that’s not by chance,” said Franchelle Parker, a community organizer and executive director of Open Buffalo, a nonprofit focused on racial, economic and ecological justice. “That’s not a mistake. It’s a community that’s been deeply segregated for decades.”
The day of the shooting, Parker, who grew up in nearby Niagara Falls, was driving to Tops, where she planned to buy a donut and an unsweetened iced tea before heading into the Open Buffalo office, which is located a block away from Tops. The mother of two had intended to complete the mundane task of cleaning up her desk — “old coffee cups and stuff” — after a busy week.
She saw the news on Twitter and didn’t know if she should keep driving to Jefferson Avenue or turn around and go back home. She eventually picked the latter.
When she showed up the next day, there were thousands of people grieving in the streets. “The only way that I could explain my feeling, it was almost like watching an old war movie when a bomb had gone off and someone’s in, like, shell shock. That’s how it felt,” said Parker, vividly recounting the community’s collective trauma in a meeting room tucked inside of Open Buffalo’s second-story office on Jefferson Avenue.
Almost immediately following the May 14, 2022, massacre, which was the second-deadliest mass shooting in the United States last year, conversations locally and nationally turned to the harsh realities of the East Side and how long-standing factors that affect the daily life of residents — racism, poverty and inequity — made the community an ideal target for a white supremacist.
Now, more than a year after the tragedy, there is growing concern that not enough is being done fast enough to begin to dismantle those factors. And amid those conversations, there are mounting calls for the banking industry — whose historical policies and practices helped cement the racial segregation and disinvestment that ultimately shaped the East Side — to leverage its collective power and influence to band together in an effort to create systemic change.
The ideas about how banks should support the East Side and better embed themselves in the neighborhood vary by people and organizations. But the basic argument is the same: Banks, in their role as financiers and because of the industry’s history of lending discrimination, are obligated to bring forth economic prosperity in disinvested communities like the East Side.
I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.
Chiwuike Owunwanne, corporate responsibility officer at KeyBank
“Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that,” said The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity, a four-year-old enterprise focused on racial, geographic and economic health disparities. “But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.”
To be sure, banks’ ability to reverse the course of the community isn’t guaranteed — and there is no formula to determine how much accountability they should hold to fix deeply entrenched problems like racism. Several Buffalo-area bankers said that while the Tops shooting heightened the urgency to help the East Side, the industry itself cannot be the sole driver of change.
“There are a lot of institutions … that can certainly play a part in reversing the challenges that we see today,” said Chiwuike “Chi-Chi” Owunwanne, a corporate responsibility officer at KeyBank, the second-largest bank by deposits in Buffalo. “I know banks are often looked upon sort of like a panacea, but I don’t particularly see it that way. I think others have a role to play in all of this.”
A long history of segregation
How the East Side — and the Tops store on Jefferson Avenue — became the destination for a racially motivated mass murderer is a story about racism, segregation and disinvestment.
Even as it bears the nickname “the city of good neighbors,” Buffalo has long been one of the most racially segregated cities in the United States. Of the 114,965 residents who live on the East Side, 59% are Black, according to data from the 2021 U.S. Census American Community Survey. The percentage is even higher in the 14208 ZIP code, where the Tops store is located. In that ZIP code, among 11,029 total residents, nearly 76% are Black, the census data shows.
The city’s path toward racial segregation started in the early 20th century when a small number of job-seeking Black Americans migrated north to Buffalo, a former steel and auto manufacturing hub at the far northwestern end of New York state. Initially, they moved into the same neighborhoods as many of the city’s poorer immigrants and lived just east of what is today the city’s downtown district. As the number of Blacks arriving in Buffalo swelled in the 1940s, they were increasingly confronted with various housing challenges, including racist zoning laws and restrictive deed covenants that kept them from buying homes in more affluent white areas.
Black Buffalonians also faced housing discrimination in the form of redlining, the practice of restricting the flow of capital into minority communities. In 1933, as the Great Depression roiled the economy, a temporary federal agency known as the Home Owners’ Loan Corporation used government bonds to buy out and refinance mortgages of properties that were facing or already in foreclosure. The point was to try to stabilize the nation’s real estate market.
As part of its program, HOLC created maps of American cities, including Buffalo, that used a color coding scheme — green, blue, yellow and red — to convey the perceived riskiness of making loans in certain neighborhoods. Green was considered minimally risky; other areas that were largely populated by immigrant, Black or Latino residents were labeled red and thus determined to be “hazardous.”
“The goal was to free up mortgage capital by going to cities and giving banks a way to unload mortgages, so they could turn around and make more mortgage loans,” said Jason Richardson, senior director of research at the National Community Reinvestment Coalition, an association of more than 750 community-based organizations that advocates for fair lending. “It was kind of a radical concept and it has evolved over the decades into our modern mortgage finance system.”
The Federal Housing Administration, which was established as a permanent agency in 1934, used similar methods to map urban areas and labeled neighborhoods from “A” to “D,” with “A” considered to be the most financially stable and “D” considered the least. Neighborhoods that were largely Black, even relatively stable ones, were put in the “D” category.
The result was that banks, which wanted to be able to sell mortgage loans to the FHA, were largely dissuaded from making loans in “risky” areas. And Buffalo’s East Side, where the majority of Blacks were settling, was deemed risky. Unable to get loans, Blacks couldn’t buy homes, start businesses or build equity. At the same time, large industrial factories on the East Side were closing or moving away, limiting job opportunities and contributing to rising poverty levels.
“Today what we’re left with is the residue of this process where we’ve enshrined … a pattern of economic segregation that favors neighborhoods that had fewer Black people in them and generally ignores neighborhoods that had African Americans living in them,” Richardson said.
Case in point: Research by the National Community Reinvestment Coalition shows that three-quarters of neighborhoods that were once redlined are low- to moderate-income neighborhoods today, and two-thirds of them are majority minority communities.
Adding to the division between Blacks and whites in Buffalo was the construction of a highway called the Kensington Expressway. Built during the 1960s, the below-grade, limited-access highway proved to be a speedy way for suburban workers to get to their downtown jobs. But its construction cut off the already-segregated East Side even more from other parts of the city, displacing residents, devaluing houses and destroying neighborhoods and small businesses.
As a result of those factors and more, many Black residents have become “trapped” on the East Side, according to Dr. Henry Louis Taylor Jr., a professor of urban and regional planning at the University at Buffalo. In 1987, Taylor founded the UB Center for Urban Studies, a research, neighborhood planning and community development institute that works on eliminating inequality in cities and metropolitan regions. In September 2021, eight months before the Tops shooting, the Center for Urban Studies published a report that compared the state of Black Buffalo in 1990 to present-day conditions. The conclusion: Nothing had changed for Blacks over 31 years.
As of 2019, the Black unemployment rate was 11%, the average household income was $42,000 and about 35% of Blacks had incomes that fell below the poverty line, the report said. It also noted that just 32% of Blacks own their homes and that most Blacks in the area live on the East Side.
“Those figures remain virtually unchanged while the actual, physical conditions that existed inside of the community worsened,” Taylor told American Banker in an interview in his sun-filled office at the center, located on the University at Buffalo’s city campus. “When we looked upstream to see what was causing it, it was clear: It was systemic, structural racism.”
Banks’ moral obligations
As the East Side struggled over the decades with rampant poverty, dilapidated housing, vacant lots and disintegrating infrastructure, banks kept a physical presence in the community, albeit a shrinking one. In mid-2000, there were at least 20 bank branches scattered across the East Side, but by mid-2022, the number had fallen to around 14, according to the Federal Deposit Insurance Corp.’s deposit market share data. The 14 include four new branches that have opened since early 2019 — Northwest Bank, KeyBank, Evans Bank and BankOnBuffalo.
The first two branches, operated by Northwest in Columbus, Ohio, and KeyBank, the banking subsidiary of KeyCorp in Cleveland, were requirements of community benefits agreements negotiated between each bank and the National Community Reinvestment Coalition. In both cases, Northwest and KeyBank agreed to open an office in an underserved community.
Evans Bank opened its first East Side branch in the fall of 2021. The office is located in the basement of an $84 million affordable senior housing building that was financed by Evans, a $2.1 billion-asset community bank headquartered south of Buffalo in Angola, New York.
Banks have been very good at providing charitable contributions to the Black community. They get an ‘A’ for that. But doing the things that banks can do in terms of being a catalyst for revitalization and investment in this community, they have not done that.
The Rev. George Nicholas, an East Side pastor who is also CEO of the Buffalo Center for Health Equity
On the community and economic development front, banks have had varying levels of participation. Buffalo-based M&T Bank, which holds a whopping 64% of all deposits in the Buffalo market and is one of the largest private employers in the region, has made consistent investments in the East Side by supporting Westminster Community Charter School, a kindergarten through eighth-grade school, and the Buffalo Promise Neighborhood, a nonprofit organization focused on improving access to education in the city’s 14215 ZIP code.
Currently, Buffalo Promise Neighborhood operates four schools. In addition to Westminster, it runs Highgate Heights Elementary, also K-8, as well as two academies that serve children ages six weeks through pre-kindergarten. Twelve M&T employees are dedicated to the program, according to the Buffalo Promise Neighborhood website. The bank has invested $31.5 million into the program since its 2010 launch, a spokesperson said.
Other banks are making contributions in other ways. In addition to the Jefferson Avenue branch and as part of its community benefits plan, Northwest Bank, a $14.2 billion-asset bank, supports a financial education center through a partnership with Belmont Housing Resources of Western New York. Meanwhile, the $198 billion-asset KeyBank gave $30 million for bridge and construction financing for Northland Workforce Training Center, a $100 million redevelopment project at a former manufacturing complex on the East Side that was partially funded by the state.
BankOnBuffalo’s East Side branch is located inside the center, which offers KeyBank training in advanced manufacturing and clean energy technology careers. A subsidiary of $5.6 billion-asset CNB Financial in Clearfield, Pennsylvania, BankOnBuffalo’s office opened a month after the shooting. The timing was coincidental, but important, said Michael Noah, president of BankOnBuffalo.
“I think it just cemented the point that this is a place we need to be, to be able to be part of these communities and this community specifically, and be able to build this community up,” Noah said.
In terms of public-private collaboration, some banks have been involved in a deeper way. In 2019, New York state, which had already been pouring $1 billion into Buffalo to help revitalize the economy, announced a $65 million economic development fund for the East Side. The initiative is focused on stabilizing neighborhoods, increasing homeownership, redeveloping commercial corridors including Jefferson Avenue, improving historical assets, expanding workforce training and development and supporting small businesses and entrepreneurship.
In conjunction with the funding, a public-private partnership called East Side Avenues was created to provide capital and organizational support to the projects happening along four East Side commercial corridors. Six banks — Charlotte, North Carolina-based Bank of America, the second-largest bank in the nation with $2.5 trillion of assets; M&T, which has $203 billion of assets; KeyBank; Warsaw, New York-based Five Star Bank, which has about $6 billion of assets; Northwest and Evans — are among the 14 private and philanthropic organizations that pledged a combined $8.4 million to pay for five years’ worth of operational support, governance and finance, fundraising and technical assistance to support the nonprofits doing the work.
Laura Quebral, director of the University at Buffalo Regional Institute, which is managing East Side Avenues, said the banks were the first corporations to step up to the request for help, and since then have provided loans and other products and education to keep the program moving.
Their participation “is a signal to the community that banks cared and were invested and were willing to collaborate around something,” Quebral said. “Being at the table was so meaningful.”
Richard Hamister is Northwest’s New York regional president and former co-chair of East Side Avenues. Hamister, who is based in Buffalo, said banks are a “community asset” that have a responsibility to lift up all communities, including those where conditions have arisen that allow it to be a target of racism like the East Side.
“We operate under federal charters, so we have an obligation to the community to not only provide products and services they need but also support when you go through a tragedy like that,” Hamister said. “We also have a moral obligation to try to help when things are broken … and to do what we can. We can’t fix everything, but we’ve got to fix our piece and try to help where we can.”
In the wake of a tragedy
After the massacre, there was a flurry of activity within banks and other organizations, local and out-of-town, to respond to the immediate needs of East Side residents. With the community’s only supermarket closed indefinitely, much of the response centered around food collection and distribution. Three of M&T’s five East Side branches, including the Jefferson Avenue branch across the street from Tops, became food distribution sites for weeks after the shooting. On two consecutive Fridays, Northwest provided around 200 free lunches to the community, using a neighborhood caterer who is also the bank’s customer. And BankOnBuffalo collected employee donations that amounted to more than 20 boxes of toiletries and other items that were distributed to a nonprofit.
At the same time, M&T, KeyBank and other banks began financial donations to organizations that could support the immediate needs of the community. KeyBank provided a van that delivered food and took people to nearby grocery stores. Providence, Rhode Island-based Citizens Financial Group, whose ATM inside Tops was inaccessible during the store’s temporary closure, installed a fee-free ATM near a community center located about a half-mile north of Tops, and later put a permanent ATM inside the center that remains there today. And M&T rolled out a short-term loan program to provide capital to East Side small-business owners.
One of the funds that benefited from banks’ support was the Buffalo Together Community Response Fund, which has raised $6.2 million to address the long-term needs of the East Side.
Bank of America and Evans Bank each donated $100,000 to the fund, whose list of major sponsors includes four other banks — JPMorgan Chase, Citigroup, M&T and KeyBank. Thomas Beauford Jr., a former banker who is co-chair of the response fund, said banks, by and large, directed their resources into organizations where the dollars would have an immediate impact.
“Banks said, ‘Hey, you know … it doesn’t make sense for us to try to build something right now. … We will fund you in the work you’re doing,'” said Beauford, who has been president and CEO of the Buffalo Urban League since the fall of 2020. “I would say banks showed up in a big way.”
Fourteen months later, banks say they are committed to playing a positive role on the East Side. For the second year, KeyBank is sponsoring a farmers’ market on the East Side, an attempt to help fill the food desert in the community. Last fall, BankOnBuffalo launched a mobile “bank on wheels” truck that’s stationed on the East Side every Wednesday. The 34-foot-long truck, which is staffed by two people and includes an ATM and a printer to make debit cards, was in the works before the shooting, and will eventually make four stops per week around the Buffalo area.
Evans has partnered with the city of Buffalo to construct seven market-rate single family homes on vacant lots on the East Side. The relationship with the city is an example of how banks can pair up with other entities to create something meaningful and lasting, more than they might be able to do on their own, said Evans President and CEO David Nasca.
The bank has “picked areas” where it can use its resources to make a difference, Nasca said.
“I don’t think the root causes can be ameliorated” by banks alone, he said. “We can’t just grant money. It has to be within our construct of a financial institution that invests and supports the public-private partnership. … All the oars [need to be] pulling together or this doesn’t work.”
‘Little or no engagement with minorities’
All of these efforts are, of course, welcomed by the community, but there is still criticism that banks haven’t done enough to make up for their past contributions to segregating the city. And perhaps more importantly, some of that criticism centers on banks failing to do their most basic function in society — provide credit.
In 2021, the New York State Department of Financial Services issued a report about redlining in Buffalo. The regulator looked at banks and nonbank lenders and found that loans made to minorities in the Buffalo metro area made up 9.74% of total loans in Buffalo. Overall, Black residents comprise about 33% of Buffalo’s total population of more than 276,000, census data shows.
The department said its investigation showed the lower percentage was not due to “excessive denials of loan applications based on race or ethnicity,” but rather that “these companies had little or no engagement with minorities and generally made scant effort to do so.”
“The unsurprising result of this has been that few minority customers or individuals seeking homes in majority-minority neighborhoods have made loan applications … in the first instance.”
Furthermore, accusations of redlining persist today, even though the practice of discriminating in housing based on race was outlawed by the Fair Housing Act of 1968.
In 2014, Evans was accused of redlining by the New York State Attorney General, which said the community bank was specifically avoiding making mortgage loans on the East Side. The bank, which at the time had $874 million of assets, agreed to pay $825,000 to settle the case, but Nasca maintains that the charges were unfounded. He points to the fact that the bank never had a fair lending or fair housing violation, no specific incidents were ever claimed and that the bank’s Community Reinvestment Act exam never found evidence of discriminatory or illegal credit practices.
The bank has a greater presence on the East Side today, but that’s because it has grown in size, not because it is trying to make up for previous accusations of redlining, he said.
“Ten years ago, our involvement [on the East Side] certainly wasn’t what you’re seeing today,” Nasca said. “We were looking to participate more, but we were participating within our means and our reach. As we have grown, we have built more resources to be able to do more.”
Shortly after accusations were made against Evans, Five Star Bank, the banking arm of Financial Institutions in Warsaw, New York, was also accused of redlining by the state Attorney General. Five Star, which has been growing its presence in the Buffalo market for several years, wound up settling the charges for $900,000 and agreeing to open two branches in the city of Rochester.
KeyBank is currently being accused of redlining by the National Community Reinvestment Coalition. In a 2022 report, the group said that KeyBank is engaging in systemic redlining by making very few home purchase loans in certain neighborhoods where the majority of residents are Black. Buffalo is one of several cities where the bank’s mortgage lending “effectively wall[ed] out Black neighborhoods,” especially parts of the East Side, the report said.
KeyBank denied the allegations. In March, the coalition asked regulators to investigate the bank’s mortgage lending practices.
Beyond providing more credit, some community members believe that banks should be playing a larger role in addressing other needs on the East Side. And the list of needs runs the gamut from more grocery stores to safe, affordable housing to infrastructure improvements such as street and sidewalk repairs.
Alexander Wright is founder of the African Heritage Food Co-op, an initiative launched in 2016 to address the dearth of grocery store options on the East Side, where he grew up. Wright said that while banks’ philanthropic efforts are important, banks in general “need to be in a place of remediation” to fix underlying issues that the industry, as a whole, helped create. (After publication of this story, Wright left his job as CEO of the African Heritage Food Co-Op.)
Aside from charitable donations, banks should be finding more ways to work directly with East Side business owners and entrepreneurs, helping them with capital-building support along the way, Wright said. One place to start would be technical assistance by way of bank volunteers.
“Banks are always looking to volunteer. ‘Hey, want to come out and paint a fence? Want to come out and do a garden?'” Wright said. “No. Come out here and help Keshia with bookkeeping. Come out here and do QuickBooks classes for folks. Bring out tax experts. Because these are things that befuddle a lot of small businesses. Who is your marketing person? Bring that person out here. Because those are the things that are going to build the business to self-sufficiency.
“Anything short of the capacity-building … that will allow folks to rise to the occasion and be self-sufficient I think is almost a waste,” Wright added. “We don’t need them to lead the plan. What we need them to do is be in the community and [be] hearing the plan and supporting it.”
Parker, of Open Buffalo, has similar thoughts about the role that banks should play. One day, soon after the massacre, an ATM appeared down the street from Tops, next to the library that sits across the street from Parker’s office. Soon after the ATM was installed, Parker began fielding questions from area residents who were skeptical of the machine and wanted to know if it was legitimate. But Parker didn’t have any information to share with them. “There was no outreach. There was no community engagement. So I’m like, ‘Let me investigate,'” she said. “I think that’s a symptom of how investment is done in Black communities, even though it may be well-intentioned.”
As it turns out, the temporary ATM belonged to JPMorgan Chase. The megabank has had a commercial banking presence in Buffalo for years, but it didn’t operate a retail branch in the region until last year. Today it has four branches in operation and plans to open another two by the end of the year, a spokesperson said.
After the Tops shooting, the governor’s office reached out to Chase asking if the bank could help in some way, the spokesperson said in response to the skepticism. The spokesperson said that while the Chase retail brand is new to the Buffalo region, the company has been active in the market for decades by way of commercial banking, private banking, credit card lending, home lending and other businesses.
In addition to the ATM, the bank provided funding to local organizations including FeedMore Western New York, which distributes food throughout the region.
“We are committed to continuing our support for Buffalo and helping the community increase access to opportunities that build wealth and economic empowerment,” the spokesperson said in an email.
In the year since the massacre, there has been some progress by banks in terms of their interest in listening to the East Side community and learning about its needs, said Nicholas. But he hasn’t felt an air of urgency from the banking community to tackle the issues right now.
“I do experience banks being a little more open to figuring out what their role is, but it’s slow. It’s slow,” said Nicholas. The senior pastor of the Lincoln Memorial United Methodist Church, located about a mile north from Tops, Nicholas is part of a 13-member local advisory committee for the New York arm of Local Initiatives Support Coalition, or LISC. The group is focused on mobilizing resources, including banks, to address affordable housing in Western New York, specifically in the inner city, as well as training minority developers and connecting them to potential investors, Nicholas said.
Of the 13 members, seven are from banks — one each from M&T, Bank of America, BankOnBuffalo, Evans and KeyBank, and two members from Citizens Financial Group. One of the priorities of LISC NY is health equity, and the fact that banks are becoming more engaged in looking at health disparities is promising, Nicholas said. Still, they have more work to do, he said.
“I need them to think more on how to strengthen and build the economy on the East Side and provide leadership around that, not only to provide charitable things, but using sound business and banking and community development principles to say, ‘OK, if we’re going to invest in this community, these are the types of things that need to happen in this community,’ and then encourage their partners and other people they work with … to come fully in on the East Side.”
Some bankers agree with the community activists.
“Putting a branch in is great. Having a bank on wheels is great,” said Noah of BankOnBuffalo. “But if you’re not embedded in the community, listening to the community and trying to improve it, you’re not creating that wealth and creating a better lifestyle for everyone.”
What could make a substantial difference in terms of banks’ impact on the community is a combination of collaboration and leadership, said Taylor. He supports the idea of banks leading the charge on the creation of a comprehensive redevelopment and reinvestment plan for the East Side, and then investing accordingly and collaboratively through their charitable foundations.
“All of them have these foundations,” Taylor said. “You can either spend that money in a strategic and intentional way designed to develop a community for the existing population, or you can spend that money alone in piecemeal, siloed, sectorial fashion that will look good on an annual report, but won’t generate transformational and generational changes inside a community.”
Banks might be incentivized to work together because it could mean two things for them, according to Taylor: First, they’d have an opportunity to spend money in a way that would have maximum impact on the East Side, and second, if done right, the city and the banks could become a model of the way to create high levels of diversity, equity and inclusion in an urban area.
“If you prove how to do that, all that does is open up other markets of consumption all over the country because people want to figure out how to do that same thing,” Taylor said.
Some of that is already happening, at least on a bank-by-bank case, said KeyBank’s Owunwanne. Through the KeyBank Foundation, the company is able to leverage different relationships that connect nonprofits to other entities and corporations that can provide help.
“I see this as an opportunity for us to make not just incremental changes, but monumental changes … as part of a larger group,” Owunwanne said “Again, I say that not to absolve the bank of any responsibility, but just as a larger group.”
Downstairs from Parker’s office, Golden Cup Coffee, a roastery and cafe run by a husband and wife team, and some other Jefferson Avenue businesses are trying to build up a business association for existing and potential Jefferson-area businesses. Parker imagined what the group could accomplish if one of the banks could provide someone on a part-time basis to facilitate conversations, provide administrative support and coordinate marketing efforts.
“In the grand scheme of things, when we’re talking about a multimillion dollar [bank], a part-time employee specifically dedicated to relationship-building and building out coalitions, it sounds like a small thing,” Parker said. “But that’s transformational.”
This week, we interviewed Saurabh Shah from InstaLend.
Without further ado…
Who are you and what do you do?
My name is Saurabh Shah – I am the co-founder of InstaLend, which is a nationwide lender for fix and flip and rental loans. I have spent the last few years growing the business and scaling it across loan product types. Typically when a borrower wants to enquire about a loan, they speak to me to get the loan origination process initiated.
What problem does your product/service solve?
InstaLend is transforming neighborhoods by allowing anyone to become a real estate developer. We do this through our flexible loan programs which are available to first-time property investors, as well as experienced folks.
What are you most excited about right now?
I believe that once the moratorium on foreclosures and evictions are lifted, we could see a lot more distressed properties come to the market, which could increase buying opportunities for property investors. This in turn should help lenders like InstaLend scale their operations and grow further.
What’s next for you?
Expanding to commercial real estate.
What’s a cause you’re passionate about and why?
I’m passionate about consciousness around our carbon footprint. With the Biden Administration, we’ve seen platforms like EnerYields being created that are helping property owners tap into low-cost incentives to make their buildings go green.
Thanks to Saurabh for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop us a line (Community @ geekestate dot com).
Best for cash back: Maximum Rewards® World Mastercard® by Amalgamated Bank
Pros
No annual fee
Unlimited 1.5% cash back on all purchases
$30 bonus (30,000 points) when you spend $600 within the first three billing cycles
0% intro APR on purchases and balance transfers for the first 12 billing cycles
Cons
Higher variable APR on purchases and balance transfers after the introductory period
3% foreign transaction fee
Features
Travel insurance including
Amalgamated Bank supports a number of different causes from environmental sustainability to workers’ rights, and it’s union-owned to boot. Founded in 1923, it’s been rallying behind rallying people for over a century. It’s net-zero and run on renewable energy, pro-union, an ally to immigrants, and politically progressive.
But we’re here to talk about the credit card too. The Maximum Rewards® World Mastercard® is a rewards credit card that earns 1.5% rewards on all purchases. It’s got a great 12-month intro APR, a signup bonus, and good redemption flexibility — all without an annual fee.
Choose this option if you want to have your cake and eat it too (i.e. side with a bank that’s doing some good and still get a great flat-rate cash back card).
Learn more.
Best socially responsible card: Rewards Platinum Visa® from Green America
Pros
No annual fee
Unlimited one point per dollar on all purchases
0% intro APR on purchases and balance transfers for the first 12 billing cycles
$150,000 in Travel Accident Insurance
Cons
1% foreign transaction fee
Features
Donates a portion of profits to charities
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Maybe you’ve heard of Green America, the nonprofit working to combat climate change, promote ethical practices and corporate governance, fight for social justice, and more. Green America’s work covers a broad range of issues, and its credit card, the Rewards Platinum Visa®, supports these efforts with every transaction. And it earns unlimited points on everything.
This affinity card has a fairly competitive APR, doesn’t charge an annual fee, and has a few nice benefits like travel insurance and a lower foreign transaction fee. But it’s not perfect, and we wish it were more clear about how donations worked and where exactly they were going.
This is a good choice if you’re interested in socially responsible causes and giving back.
Learn more.
Best card for charitable donations: Charity Charge Card
Pros
No annual fee
Lower interest rate on purchases
Cons
Does not earn rewards
2% foreign transaction fee
Features
Donates 1% of all purchases to the charity of your choice
The Charity Charge Card automatically gives to charity every time you use it. Can your current card do that?
When you apply for this credit card, you get to choose the nonprofit you want your spending to automatically benefit. If a nonprofit is set up to receive credit card donations, it is likely available as an option. Bonus: your donations may qualify for charitable tax deductions, which can help the fact that you otherwise won’t earn rewards or cash back sting a little less.
Since donations are calculated as a percentage of spending, you’ll have a greater impact the more regularly you use this card. If you don’t want to miss out on rewards entirely, you could use this card for some of your spending that wouldn’t qualify for the best rates otherwise.
Learn more.
Read more: Want To Help But Can’t Give Cash? 10 Alternatives To Donating Money
Best secured credit card: Secured Mastercard® by Amalgamated Bank
Pros
Potential for a credit limit increase in as little as seven months after opening
Set your own credit line between $300 and $5,000
Potential to receive security deposit back in as little as 11 months with on-time payments
Cons
Does not earn rewards or cash back
$35 annual fee
3% foreign transaction fee
Features
Set your own limit and qualify for a credit limit increase
The Secured Mastercard® by Amalgamated Bank is a decent low-fee secured card for eco-conscious borrowers. It has a minimum limit of $300 and a maximum of $5,000, and your line is determined by your security deposit. This carries a modest annual fee (for a secured card) of $35 and fairly average interest rates, and it’s a little more flexible than the average competitor.
You may be eligible for a credit limit increase in as little as seven months after opening an account with responsible use and can get your deposit back in less than a year.
This is a good option for borrowers with little or poor credit, but you should only choose this if you couldn’t qualify for one of the others, as it doesn’t earn rewards and has higher fees.
Learn more.
Best for travel: Visa Signature Card (Climate Card) by Beneficial State Bank
Pros
No annual fee
Unlimited one point per dollar on all purchases
Cons
1% foreign transaction fee
Features
Travel insurance and protection including: Travel & emergency assistance services, travel accident insurance, auto rental collision damage waiver, and roadside dispatch
Beneficial State Bank is a purpose-driven financial institution with an eco-friendly card for people who may want their spending to help out green charities and nonprofits.
The Climate Card is similar to the Rewards Platinum Visa by Green America in that it earns flat-rate rewards that can be donated to charity. But unlike the Green America card, the Climate Card has you choose what happens to your points. So if you want to donate them, you can. But if you want to instead redeem for cash or travel, that’s your prerogative too.
This is a good travel card because it has a 1% foreign transaction fee (compared to 1% or 2%) and comes with benefits like insurance and roadside dispatch. And because it lets you choose between keeping your points and donating them, it’s also one of the most flexible choices.
Learn more.
Best fee-free credit card (for people in Washington): Verity Signature Rewards Visa
Pros
No annual fee
No foreign transaction fee
1.5 points per dollar on all purchases
0% intro APR on purchases and balance transfers for the first 12 billing cycles
Cons
Only people in Washington state are eligible to join Verity Credit Union
Features
Signature Rewards Visa protection benefits including: extended warranty protection, emergency assistance travel services, accident insurance, and more
Credit cards without foreign transaction fees can be hard to come by, but this card makes it happen. The Signature Rewards Visa by Verity Credit Union charges no annual fee and no foreign transaction fee, giving it a huge advantage over all the others on this list. But it has the huge disadvantage of being only available to people in the state of Washington.
Points can be redeemed for cash, travel, gift cards, or purchases and there are no restrictions for earning. There’s also an intro APR offer of 12 months on purchases and balance transfers, making this comparable to many rewards cards on the market. If you do qualify to join Verity, consider it for this — especially if you’re on the fence about eco-friendly cards.
This is a good card from an admirable credit union, but it won’t be a fit for everyone (or most).
Learn more.
Best debit card for earning: Aspiration Spend and Save
Pros
Up to 10% cash back on eligible Conscience Coalition purchases
Earns up to 3.00% interest with qualifying debit activity
Cons
Monthly fees for the Plus Plan ($7.99 a month paid monthly or $5.99 a month paid annually)
Does not earn cash back on all purchases
Does not build credit
Features
$10 minimum deposit
Additional green benefits like carbon offsetting and planting trees with purchases
The Aspiration Spend & Save account offers a debit card that earns rewards like a credit card and comes with a whole host of eco-friendly benefits. There are two plans to choose from.
The base Aspiration plan uses a “pay what is fair” fee structure and the Aspiration Plus plan costs $5.99 or $7.99 a month depending on if you pay monthly or annually. The Aspiration plan pays up to 1.00% interest and up to 3% – 5% cash back while the Aspiration Plus plan pays up to 3.00% interest and 10% cash back on Conscience Coalition spending.
Both have features like early direct deposit and the ability to plant trees when you spend, but only the Aspiration Plus account includes additional automatic offsets and Purchase Assurance. If you decide this account is right for you, pick the Plus Plan to maximize benefits.
Read our full Aspiration review.
Aspiration Zero Credit Card
Aspiration used to offer a credit card called the Aspiration Zero Credit Card, but they are no longer accepting new applications. Now, this bank’s only individual solution is the Spend & Save account, a rewards-earning checking account with a debit card.
Best debit card for eco-friendly spending: FutureCard Visa Debit Card
Pros
No monthly fees or annual fee
6% cash back on eligible purchases at FuturePartners
5% cash back on “climate-smart spending” purchases such as EV charging, bikes and scooters, public transit, etc.
Cons
Does not earn cash back on all purchases
Does not build credit
Features
See your climate impact using your FutureScore
Complete missions to earn FutureCoins
The FutureCard Visa Debit Card earns rewards based on your spending habits. The more eco-friendly your purchases, the more you’ll earn.
With this card, you’ll get points for “climate-smart spending.” This is defined as purchases with a lower carbon footprint, and examples include electric vehicle charging and secondhand items. There’s no cap on earnings but you won’t earn cash back on all purchases.
This card is also unique because it provides you with a summary of your impact in the form of a FutureScore. The app then gives you suggestions for living more sustainably and pays FutureCoins, which can be redeemed for cash, when you complete Missions. Look out for promotions and bonus days to earn even more cash back on your purchases.
Learn more.
Best business credit card for nonprofits: Charity Charge Nonprofit Business Card
Pros
No annual fee
Discounts and rebates on business spending
Cons
Does not earn rewards
Features
Mastercard Zero Liability protection
If you own or work for a nonprofit and are looking for a business credit card, look no further than the Charity Charge Nonprofit Business Card. This business card is exclusively for nonprofits and works with over 2,000 nonprofits to meet their spending and financing needs.
This card doesn’t charge an annual fee and offers service benefits specifically geared toward not-for-profit rather than for-profit institutions. These include expert guidance from the support team and dedicated representatives.
The Charity Charge Nonprofit Business Card is ideal for nonprofits with less credit to work with, especially newer and growing organizations.
Learn more.
What is an eco-friendly credit card?
An eco-friendly credit card or green credit card has a positive environmental impact.
There isn’t one single type of eco-friendly credit card, as the term “green” looks a little different to everyone, but the point is that they’re better for the planet. There are also green and eco-friendly debit cards.
A card might be green if it:
Has a smaller carbon footprint than the average card
Rewards you for eco-friendly spending
Donates to environmental nonprofits
Plants trees with each transaction
These are just a few examples.
There are also cards that have a more general positive impact. For example, they might support socially responsible missions such as fair labor and equal housing. These can benefit the planet but might also benefit other causes as well. The Rewards Platinum Visa® from Green America is a good example of this.
Pros and cons of greener cards
Green credit and debit cards aren’t for everyone, but for some might be just what they’ve been looking for. Here are a few of the main pros and cons to consider with this type of product.
Pros
Eco-friendly cards offer many benefits for people with environmental — or financial — goals.
Some allow you to donate to charities without using money out of your own pocket, and these donations could be tax deductible. The best ones even let you choose the charity.
Others incentivize you to be more eco-friendly in your spending habits by handing you the most rewards points for green purchases. This could help you live more sustainably.
And a few have their own unique benefits, like Aspiration’s tree-planting with transactions.
Many of these cards earn some sort of rewards for spending, with several offering flat rates on everything. And a handful also have everyday perks like purchase protection and discounts too.
Cons
While greener cards offer benefits like lowering your impact and motivating yourself to make more sustainable choices, they do require you to compromise in some areas.
When it comes to rewards you actually earn, most of these cards just aren’t as competitive as others. The highest rate we’ve seen for green credit cards is 1.5% cash back, and this is the lowest base rate for many of the best rewards cards out there. And you might not have a lot of flexibility in how you redeem these rewards with an eco-friendly card.
These cards also don’t have as much going for them in the perks department. They have leaner travel benefits, if any at all, and very few free features.
Sure, the satisfaction of knowing you’re helping the planet is rewarding, but it might not help you save money and isn’t as flashy as what other cards offer.
Who are eco-friendly credit cards and debit cards best for?
If your spending habits make sense for one of these cards and you’re willing to compromise on rewards some in order to do good with your dollars, an eco-friendly card could be right for you.
You might decide to go green with your card because you don’t want to support big banks with harmful practices that hurt the planet, people, or both. For example, many major card issuers are responsible for enormous carbon footprints and lend money to fossil fuel companies.
Some are also involved in scandals, wrapped up in politics, and sneaky about where they spend money. It’s not a good look.
If you want to be part of something different, these cards are just one way to do that.
Read more: What is public banking?
Who are eco-friendly credit cards and debit cards not ideal for?
Don’t go for a green credit card or socially responsible card if your number one priority is earning the most rewards. These cards have lower payouts than others, fewer options for redemption, and often less earning flexibility.
Eco-friendly credit and debit cards are not yet on par with the rest of the options in the personal finance world. And until they have higher rewards rates and more benefits overall, they’re not likely to become mainstream any time soon.
Fortunately for those who want to help the planet but don’t want to sign up for one of these cards, there are other ways to spend more sustainably. This next section is for you.
What if you don’t want a green credit card?
If you don’t want to have to compromise on rewards — or you just don’t need a new card — but still want to make a positive impact, you can skip the card and do these things:
Click the link below for more ways to make your money green.
Read more: 12 easy ways to make your money green and protect our planet
Summary
There are many green credit and debit cards to choose from, each with its own benefits for your wallet and the environment. We’ve highlighted the best here, but even some of these leave a little to be desired when it comes to rewards earning, perks, and redemption.
But if this category catches on as consumers grow more conscious of their impact on the planet, more eco-friendly cards will be available and this space will become more competitive.
The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is “as is” and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service.
When we think of things that will save the environment we think of taking the bus to work or buying local food — both expensive actions. Yet going green doesn’t have to cost you a ton of time or money. In fact, many of the eco-smart habits also help you save money by reducing excess and getting more use out of old things.
We all know the phrase: Reduce, Reuse, Recycle. However straightforward it may sound, it can still be hard to incorporate environmentally friendly actions into your everyday. Becoming familiar with the sustainability of every company and brand you support can be time-consuming and difficult. It can be confusing to determine which kinds of plastic can be recycled and which can’t.
Thankfully, there’s technology out there that can make helping the environment a bit easier — all while saving money. There’s apps that help us monitor our energy and water usage to help us make smarter choices, and apps that make it easy to upcycle old clothes and electronics.
If you draw a paycheck, you’re due an extra $160 in January and February thanks to the Temporary Payroll Tax Cut Continuation Act of 2011.
What’re you gonna do with your windfall? Maybe not much. It’s pretty easy to miss $20 more in salary, especially if fixed expenses (groceries, insurance, child care, gasoline) keep going up.
Note: This is not a political column. I repeat: This is not a political column. I really don’t care what you think about the payroll tax cut. Please keep all your #$@!# dumb-o-crat policies or #$@!# con-man-servative hatefulness comments until a later date. Like, um, never. Get Rich Slowly is a personal finance site, not a flame-throwing political forum. Thank you for not foaming.
Technically you have two choices: Save it or spend it. I’d like to suggest a third: Save it or spend it intentionally.
You could go out to lunch a couple of times each week. You could treat yourself to $20 worth of cupcakes or ceramic clowns from the dollar store. Or you could convince yourself that each double sawbuck represents an opportunity to improve your life.
Which it does — if you look at it the right way.
If someone offered you $160 in cash, you’d probably grab it. (And if you didn’t, can I have yours?) But to some people, an “extra” $20 a week seems penny-ante.
Thanks to rampant ATM use, $20 bills have become the coin of the realm. I believe this has devalued them in the popular imagining — and there’s no denying that $20 doesn’t go very far these days.
True and Cumulative Costs
In particular, it doesn’t go very far if we fail to pay attention to spending. We grab a soda and some chips when we go in to pay for gas. We add a magazine and a few packs of gum at the grocery checkout counter. We always get popcorn at the movies because, well, we just do, that’s all.
It’s only $3, or $5, or $7. Besides, we deserve it.
That’s how some people get into trouble in the first place: By neglecting to frame expenses in terms of their true and cumulative costs. Dropping a few hundred dollars on a spur-of-the-moment weekend getaway is great fun at the time, but you may regret it if you can’t pay the balance in full.
The money you spent (and continue to spend, in the form of credit card interest) also is cash that can no longer be used in a smarter way, such as retirement or a pay-cash-for-a-car fund.
Let me be clear: I am not saying that you can never have any of the things you want. In fact, I am learning — slowly! — to spend a little money on myself. So if you’re in a position to drop that extra $20 per week on chai tea or sheet music, by all means drop it.
And if not? Make those temporary twenties work damned hard for you — and incidentally, their job might be to pay for something fun, such as frugal entertainment.
Pay It Down, or Pay It Forward
How can you put that money to work? Use it for the following:
Emergency fund. Not to belabor the obvious, but that $160 is a nice fund-plumper. And if you’re brand new at this, the sum is nearly one-third of the $500 that Liz Weston says you need in the bank.
Retirement. Put the money into your Roth IRA or whatever other fund you have. (Don’t have one? Let this be the seed money.)
College fund. Add an extra $160 to Junior’s post-secondary plan.
Pay down debt. One hundred and sixty dollars = a nice debt snowflake.
Shopping, if you must:
Nonperishables. Flour, sugar, dry beans, tuna, rice, canned goods, pasta, your favorite cereals — and give yourself bonus points for buying on sale with coupons. Your grocery bill will drop a bit for the next month or two as you eat your way through the storehouse. And if something unexpected happens (illness, car repairs, job loss), you’ll congratulate yourself on having a well-stocked pantry.
Pet supplies. When you see a screamin’ deal on food or litter at PetSmart or PETCO, stock up. Improve the sale price by paying with plastic scrip from a discounted gift card site.
Cut-rate couture. Watch for end-of-season sales on wardrobe basics you know to be durable and comfortable. You might not have to buy work slacks for a year or two. Or browse a thrift store or consignment shop — again, looking for clothing that’s well-made and flattering. What fun to see how far a $20 bill will go, especially on 50-Cent Day. (I’m referring to the price tag, not the rap star.)
Shoes. Use price-comparison and cash-back sites as noted above to find sale prices on your favorite make and model. I recently ordered three pairs of my favorite old-lady comforts for about $153 (minus the nearly $11 cash-back rebate).
Socks and undies. Bor-ing? You betcha. But elastic isn’t forever and your socks will eventually develop holes. When crew socks and tighty-whities go on sale, buy half a dozen or more of each.
For the health of it:
New glasses/contacts. Still squinting through those three-year-old specs? Discount eyewear emporia regularly offer coupons in newspapers and Valpak envelopes, and through online coupon sites like Savings.com and Retail Me Not. Oh, and stock up on contact lens solution when it goes on sale.
Vitamins. Aim for a three- or six-month stash of your favorite supplements. Use a price comparison website like Price Grabber or Cheap Uncle to find the best deals, and see if the lowest-priced merchant can be accessed through a cash-back shopping site like Mr. Rebates, Extrabux or FatWallet.
OTC meds. Restock your medicine cabinet with analgesics, bandages, antibacterial ointments, allergy meds and the like. You may be able to get these free or nearly so by combing coupons and rebates.
Dental work. Don’t have dental insurance? Me neither. But I regularly see social commerce vouchers and Valpak coupons for X-rays and cleanings. They cost $30 or less. A professional cleaning and a big-picture look at incipient problems may even save your life.
That’s entertainment:
Discounted movie tickets. Warehouse clubs sell them. However, you might get a much better deal through — yep — a discounted gift card site.
Annual pass. Museums, zoos, botanical gardens, opera, the orchestra — whatever floats your boat.
The Entertainment Book. It’s full of BOGOs for city attractions from art to boat tours. Buy it through a cash-back site for a rebate of up to 35% plus free shipping.
Condoms. Go ahead and snicker. But not having protection can be pretty damned expensive in the long run. I know a couple whose second child is on planet Earth because “we were out of birth control and decided to take a chance.” No, I couldn’t believe it, either.
Thinking ahead:
Warehouse club membership. Even studio dwellers might be able to buy in bulk if they’re creative about storage.
Go green. Replace some incandescent bulbs with LED or compact fluorescent bulbs and trim your electric bill. Faucet aerators and low-flow showerheads reduce both energy and water/sewer bills. If the commode in your abode is really old, consider a water-saving toilet.
Car care. Watch for sales on fluids (antifreeze, windshield washer, a case of motor oil, et al.), filters and replacement wiper blades. If your tires have receding treadlines watch for sales on those, too. (Don’t forget Craigslist. A friend bought four high-quality, nearly new tires for $100.)
Ant or Grasshopper?
The grasshopper generally has a swell summer: long days at the beach, trips to amusement parks, ice cream for breakfast. Meanwhile, the ant is weeding the garden, clipping coupons and hanging all his laundry to dry outside.
Once the temperature drops, the grasshopper is likely to regret his profligacy. The ant, meanwhile, has a storeroom full of pinto beans and tube socks. All the windows have been caulked, too.
Of course, it’s your money and therefore your decision. But try thinking of your $160 in ways like these:
One night at a nice hotel, or an extra chunk of fundage into your Roth. (Oh, compound interest, I’ve missed you so! Let’s never fight again!)
A couple of months’ worth of cable vs. new glasses. (What good is TV anyway if you can’t see it?)
Dinner for two at a nice restaurant, or some depth to your pantry.
One more suggestion: Split the difference. Get yourself $80 worth of truffles and apps and $80 worth of something less than sexy but ultimately beneficial, such as cat litter or dental X-rays. Even $40 will pay for a fair amount of decadence, especially if you use a coupon.
You don’t have to be an environmental scientist to want to help preserve our planet. With a few small changes, you can start making more eco-friendly decisions with your money.
Here are 12 ways to go green with your finances today.
What’s Ahead:
1. Invest in green stocks and funds
Green investing is a popular way to make your money work for the environment. It often includes building a portfolio made up of companies with strong environmental, social, and governance (ESG) values.
You can also invest in green funds or green ETFs, which are portfolios of companies that have a positive environmental impact.
For example, Empower is one of the best robo-advisors for green investing. It has low fees and plenty of socially responsible investing (SRI) portfolios to match your goals and values.
(Personal Capital is now Empower)
Read more:
2. Use a green bank or credit union
Supporting eco-friendly initiatives doesn’t stop at where you invest your money. You can also support the environment by using a bank or credit union that has sustainable practices.
Look for a financial institution that uses paperless banking, funds renewable energy projects, avoids fossil fuels, or has other green policies in place.
And if you want to really up the ante, you can make sure the institution is a Certified B Corporation (which means they’re legally required to follow certain sustainability and diversity requirements).
Some of my favorite green banks are:
Aspiration Bank: Has spending and saving accounts, as well as investment accounts with fossil fuel-free portfolios.
Ando Money: On a mission to fight climate change. Accounts come with unlimited 1.5% cash back on purchases, free overdraft protection, and early paydays.
BankPurely: Plants a tree every time someone opens a SavingPurely account.
Read more:
3. Get an eco-friendly credit card
With a green credit card, you can help the planet while also earning rewards for yourself.
There are now a few different companies that offer eco-friendly credit cards. Most reward you for shopping with green businesses or help offset your carbon footprint.
One of the best green credit cards is the Aspiration Zero Credit Card. It earns 1% cash back and plants a tree every time you make a purchase to help neutralize your carbon footprint.
4. Make your home more energy-efficient
Source: giphy.com
Another way to turn your money green is to make your home more energy-efficient. There are tons of simple ways to do this:
Install LED light bulbs.
Weatherstrip your doors and windows.
Unplug electronics when you’re not using them.
Turn the faucet off when you’re not using it.
Install low-flow fixtures in your home to save even more water.
Always run your dishwasher and washing machine when it’s full.
Air dry your clothes instead of using the dryer.
Install solar panels.
You can even get a tax credit for making certain energy-saving improvements to your home.
5. Consider a green car
If you’re in the market for a new car, look into fuel-efficient or electric models. Not only will you save money on gas, but you’ll also be doing your part to reduce emissions. Plus, you may be eligible for a tax credit if you buy a qualified electric vehicle.
Read more: The cost of driving a hybrid
6. Drive less and drive smart
Speaking of driving…
When you do need to use a car, there are a number of ways to save money and be more eco-friendly. This includes carpooling, using public transportation, and biking or walking when possible, all of which can help reduce your carbon footprint.
And when you do drive, you can save fuel and money by driving the speed limit, keeping your tires inflated, and combining errands into one trip.
7. Replace disposables with reusables
Source: giphy.com
Another easy way to make your money green (and reduce your impact on the environment) is to replace disposables with reusables.
For example, you could:
Use a reusable water bottle instead of buying bottled water.
Bring a reusable mug to the coffee shop.
Carry stainless steel straws with you so you don’t have to use plastic ones.
Bring your own bags to the grocery store.
Invest in reusable menstrual products like cups, cloth pads, and period panties.
These are just a few examples — there are many more ways to reduce your impact by switching to reusables. And the best part is, they often save you money in the long run. So if you’re looking for an eco-friendly budgeting hack, this just might be it!
8. Avoid fast fashion
Source: giphy.com
The fast fashion industry is one of the biggest polluters in the world. The production of clothing uses a lot of resources, and most of it ends up in landfills. When you buy from fast fashion brands, you’re contributing to this cycle of waste.
Use these two alternatives instead:
Switch to slow fashion
Instead, opt for slow fashion brands that focus on sustainable and ethical production.
Some of the best slow fashion brands are Reformation, Everlane, and Girlfriend Collective.
You may pay more upfront for a single item when you shop slow fashion, but these items are built to last. And they often end up being cheaper than fast fashion brands when you factor in cost per wear. (This is an item’s price divided by how many times you plan on wearing it.)
Shop secondhand
You can find high-quality secondhand clothing at thrift stores, consignment shops, and online. It’s a great way to repurpose high-quality items that have already been produced and keep them out of the landfill.
Read more: Conscious consumerism: how to spend your money with intention
9. Minimize your food waste
Source: giphy.com
A four-person family wastes about $1,500 a year on uneaten food. This food then rots in a landfill for decades. (Did you know it takes 25 years for lettuce to decompose?!)
One of the best ways to reduce your impact on the environment — and develop more eco-friendly budgeting habits — is to minimize your food waste.
Plan your meals so you use all the food you buy, and compost any scraps. You can even save money by turning leftovers into new meals.
Read more: How I used local farms to slash my food bill
10. Eat less meat
Meat production is a major contributor to greenhouse gas emissions, so eating less of it can help the environment. If you’re not ready to go completely vegetarian or vegan, try incorporating more meatless meals into your diet.
Read more: The true cost of going vegan
11. Start an eco-friendly side hustle
There are a number of ways to make extra income while also helping the environment. You could start a composting business, offer carpooling services, or sell eco-friendly products. If you’re passionate about sustainability, there are plenty of opportunities to make a difference — and a profit.
Read more: Side hustle ideas: 35+ ways anyone can earn more money on the side
12. Donate to environmental charities
Last but not least, you can make your money green by donating some of it to environmental charities. There are a number of organizations working to protect our planet, and your donation can help them continue their work.
Some of the top environmental charities include the Nature Conservancy, the Sierra Club, and the Environmental Defense Fund.
When you donate to these organizations, you’ll be supporting their efforts to protect our planet. And you’ll be making a difference in the fight against climate change.
Read more: You’re not too broke to give to charity (and 4 other reasons to give)
Summary
Making even just a few of these changes can help you live a more eco-friendly lifestyle. And as you start making greener choices with your money, you’ll be doing your part to protect our planet for future generations.
You don’t have to be a tree-hugger to want to embrace a more green commute. Not only does going green in your commute help your environment, it can also help your wallet. Considering the current gas crisis and the rising prices at the pump, wanting to go green has never been more been more beneficial.
75 percent of Americans get to work by driving solo — so green commuting offers an opportunity to make a big difference for the environment. And with many cities offering a “Guaranteed Ride Home” program to bikers, carpoolers and public transit users, there’s no reason not give one of these options a try. In fact, several communities are actually making the most of green commuting options
It’s impressive that military-based communities such as Colorado Springs, Biloxi and Bremerton have embraced the green commuting lifestyle. While larger city neighborhoods such as Koreatown, NY, Hudson Exchange, NJ, Boston’s Beacon Hill and Dupont Circle, DC might come as no surprise given the city’s large transport infrastructure, it’s surprising to find that a smaller city such as Ann Arbor, MI would also make the list.
Are you one of America’s green commuters? Think your area does a lot better than one of these? Comment below and let us know.
Best for cash back: Maximum Rewards® World Mastercard® by Amalgamated Bank
Pros
No annual fee
Unlimited 1.5% cash back on all purchases
$30 bonus (30,000 points) when you spend $600 within the first three billing cycles
0% intro APR on purchases and balance transfers for the first 12 billing cycles
Cons
Higher variable APR on purchases and balance transfers after the introductory period
3% foreign transaction fee
Features
Travel insurance including
Amalgamated Bank supports a number of different causes from environmental sustainability to workers’ rights, and it’s union-owned to boot. Founded in 1923, it’s been rallying behind rallying people for over a century. It’s net-zero and run on renewable energy, pro-union, an ally to immigrants, and politically progressive.
But we’re here to talk about the credit card too. The Maximum Rewards® World Mastercard® is a rewards credit card that earns 1.5% rewards on all purchases. It’s got a great 12-month intro APR, a signup bonus, and good redemption flexibility — all without an annual fee.
Choose this option if you want to have your cake and eat it too (i.e. side with a bank that’s doing some good and still get a great flat-rate cash back card).
Learn more.
Best socially responsible card: Rewards Platinum Visa® from Green America
Pros
No annual fee
Unlimited one point per dollar on all purchases
0% intro APR on purchases and balance transfers for the first 12 billing cycles
$150,000 in Travel Accident Insurance
Cons
1% foreign transaction fee
Features
Donates a portion of profits to charities
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Maybe you’ve heard of Green America, the nonprofit working to combat climate change, promote ethical practices and corporate governance, fight for social justice, and more. Green America’s work covers a broad range of issues, and its credit card, the Rewards Platinum Visa®, supports these efforts with every transaction. And it earns unlimited points on everything.
This affinity card has a fairly competitive APR, doesn’t charge an annual fee, and has a few nice benefits like travel insurance and a lower foreign transaction fee. But it’s not perfect, and we wish it were more clear about how donations worked and where exactly they were going.
This is a good choice if you’re interested in socially responsible causes and giving back.
Learn more.
Best card for charitable donations: Charity Charge Card
Pros
No annual fee
Lower interest rate on purchases
Cons
Does not earn rewards
2% foreign transaction fee
Features
Donates 1% of all purchases to the charity of your choice
The Charity Charge Card automatically gives to charity every time you use it. Can your current card do that?
When you apply for this credit card, you get to choose the nonprofit you want your spending to automatically benefit. If a nonprofit is set up to receive credit card donations, it is likely available as an option. Bonus: your donations may qualify for charitable tax deductions, which can help the fact that you otherwise won’t earn rewards or cash back sting a little less.
Since donations are calculated as a percentage of spending, you’ll have a greater impact the more regularly you use this card. If you don’t want to miss out on rewards entirely, you could use this card for some of your spending that wouldn’t qualify for the best rates otherwise.
Learn more.
Read more: Want To Help But Can’t Give Cash? 10 Alternatives To Donating Money
Best secured credit card: Secured Mastercard® by Amalgamated Bank
Pros
Potential for a credit limit increase in as little as seven months after opening
Set your own credit line between $300 and $5,000
Potential to receive security deposit back in as little as 11 months with on-time payments
Cons
Does not earn rewards or cash back
$35 annual fee
3% foreign transaction fee
Features
Set your own limit and qualify for a credit limit increase
The Secured Mastercard® by Amalgamated Bank is a decent low-fee secured card for eco-conscious borrowers. It has a minimum limit of $300 and a maximum of $5,000, and your line is determined by your security deposit. This carries a modest annual fee (for a secured card) of $35 and fairly average interest rates, and it’s a little more flexible than the average competitor.
You may be eligible for a credit limit increase in as little as seven months after opening an account with responsible use and can get your deposit back in less than a year.
This is a good option for borrowers with little or poor credit, but you should only choose this if you couldn’t qualify for one of the others, as it doesn’t earn rewards and has higher fees.
Learn more.
Best for travel: Visa Signature Card (Climate Card) by Beneficial State Bank
Pros
No annual fee
Unlimited one point per dollar on all purchases
Cons
1% foreign transaction fee
Features
Travel insurance and protection including: Travel & emergency assistance services, travel accident insurance, auto rental collision damage waiver, and roadside dispatch
Beneficial State Bank is a purpose-driven financial institution with an eco-friendly card for people who may want their spending to help out green charities and nonprofits.
The Climate Card is similar to the Rewards Platinum Visa by Green America in that it earns flat-rate rewards that can be donated to charity. But unlike the Green America card, the Climate Card has you choose what happens to your points. So if you want to donate them, you can. But if you want to instead redeem for cash or travel, that’s your prerogative too.
This is a good travel card because it has a 1% foreign transaction fee (compared to 1% or 2%) and comes with benefits like insurance and roadside dispatch. And because it lets you choose between keeping your points and donating them, it’s also one of the most flexible choices.
Learn more.
Best fee-free credit card (for people in Washington): Verity Signature Rewards Visa
Pros
No annual fee
No foreign transaction fee
1.5 points per dollar on all purchases
0% intro APR on purchases and balance transfers for the first 12 billing cycles
Cons
Only people in Washington state are eligible to join Verity Credit Union
Features
Signature Rewards Visa protection benefits including: extended warranty protection, emergency assistance travel services, accident insurance, and more
Credit cards without foreign transaction fees can be hard to come by, but this card makes it happen. The Signature Rewards Visa by Verity Credit Union charges no annual fee and no foreign transaction fee, giving it a huge advantage over all the others on this list. But it has the huge disadvantage of being only available to people in the state of Washington.
Points can be redeemed for cash, travel, gift cards, or purchases and there are no restrictions for earning. There’s also an intro APR offer of 12 months on purchases and balance transfers, making this comparable to many rewards cards on the market. If you do qualify to join Verity, consider it for this — especially if you’re on the fence about eco-friendly cards.
This is a good card from an admirable credit union, but it won’t be a fit for everyone (or most).
Learn more.
Best debit card for earning: Aspiration Spend and Save
Pros
Up to 10% cash back on eligible Conscience Coalition purchases
Earns up to 3.00% interest with qualifying debit activity
Cons
Monthly fees for the Plus Plan ($7.99 a month paid monthly or $5.99 a month paid annually)
Does not earn cash back on all purchases
Does not build credit
Features
$10 minimum deposit
Additional green benefits like carbon offsetting and planting trees with purchases
The Aspiration Spend & Save account offers a debit card that earns rewards like a credit card and comes with a whole host of eco-friendly benefits. There are two plans to choose from.
The base Aspiration plan uses a “pay what is fair” fee structure and the Aspiration Plus plan costs $5.99 or $7.99 a month depending on if you pay monthly or annually. The Aspiration plan pays up to 1.00% interest and up to 3% – 5% cash back while the Aspiration Plus plan pays up to 3.00% interest and 10% cash back on Conscience Coalition spending.
Both have features like early direct deposit and the ability to plant trees when you spend, but only the Aspiration Plus account includes additional automatic offsets and Purchase Assurance. If you decide this account is right for you, pick the Plus Plan to maximize benefits.
Read our full Aspiration review.
Aspiration Zero Credit Card
Aspiration used to offer a credit card called the Aspiration Zero Credit Card, but they are no longer accepting new applications. Now, this bank’s only individual solution is the Spend & Save account, a rewards-earning checking account with a debit card.
Best debit card for eco-friendly spending: FutureCard Visa Debit Card
Pros
No monthly fees or annual fee
6% cash back on eligible purchases at FuturePartners
5% cash back on “climate-smart spending” purchases such as EV charging, bikes and scooters, public transit, etc.
Cons
Does not earn cash back on all purchases
Does not build credit
Features
See your climate impact using your FutureScore
Complete missions to earn FutureCoins
The FutureCard Visa Debit Card earns rewards based on your spending habits. The more eco-friendly your purchases, the more you’ll earn.
With this card, you’ll get points for “climate-smart spending.” This is defined as purchases with a lower carbon footprint, and examples include electric vehicle charging and secondhand items. There’s no cap on earnings but you won’t earn cash back on all purchases.
This card is also unique because it provides you with a summary of your impact in the form of a FutureScore. The app then gives you suggestions for living more sustainably and pays FutureCoins, which can be redeemed for cash, when you complete Missions. Look out for promotions and bonus days to earn even more cash back on your purchases.
Learn more.
Best business credit card for nonprofits: Charity Charge Nonprofit Business Card
Pros
No annual fee
Discounts and rebates on business spending
Cons
Does not earn rewards
Features
Mastercard Zero Liability protection
If you own or work for a nonprofit and are looking for a business credit card, look no further than the Charity Charge Nonprofit Business Card. This business card is exclusively for nonprofits and works with over 2,000 nonprofits to meet their spending and financing needs.
This card doesn’t charge an annual fee and offers service benefits specifically geared toward not-for-profit rather than for-profit institutions. These include expert guidance from the support team and dedicated representatives.
The Charity Charge Nonprofit Business Card is ideal for nonprofits with less credit to work with, especially newer and growing organizations.
Learn more.
🌳 What is an eco-friendly credit card?
An eco-friendly credit card or green credit card has a positive environmental impact.
There isn’t one single type of eco-friendly credit card, as the term “green” looks a little different to everyone, but the point is that they’re better for the planet. There are also green and eco-friendly debit cards.
A card might be green if it:
Has a smaller carbon footprint than the average card
Rewards you for eco-friendly spending
Donates to environmental nonprofits
Plants trees with each transaction
These are just a few examples.
There are also cards that have a more general positive impact. For example, they might support socially responsible missions such as fair labor and equal housing. These can benefit the planet but might also benefit other causes as well. The Rewards Platinum Visa® from Green America is a good example of this.
Pros and cons of greener cards
Green credit and debit cards aren’t for everyone, but for some might be just what they’ve been looking for. Here are a few of the main pros and cons to consider with this type of product.
👍 Pros
Eco-friendly cards offer many benefits for people with environmental — or financial — goals.
Some allow you to donate to charities without using money out of your own pocket, and these donations could be tax deductible. The best ones even let you choose the charity.
Others incentivize you to be more eco-friendly in your spending habits by handing you the most rewards points for green purchases. This could help you live more sustainably.
And a few have their own unique benefits, like Aspiration’s tree-planting with transactions.
Many of these cards earn some sort of rewards for spending, with several offering flat rates on everything. And a handful also have everyday perks like purchase protection and discounts too.
👎 Cons
While greener cards offer benefits like lowering your impact and motivating yourself to make more sustainable choices, they do require you to compromise in some areas.
When it comes to rewards you actually earn, most of these cards just aren’t as competitive as others. The highest rate we’ve seen for green credit cards is 1.5% cash back, and this is the lowest base rate for many of the best rewards cards out there. And you might not have a lot of flexibility in how you redeem these rewards with an eco-friendly card.
These cards also don’t have as much going for them in the perks department. They have leaner travel benefits, if any at all, and very few free features.
Sure, the satisfaction of knowing you’re helping the planet is rewarding, but it might not help you save money and isn’t as flashy as what other cards offer.
Who are eco-friendly credit cards and debit cards best for?
If your spending habits make sense for one of these cards and you’re willing to compromise on rewards some in order to do good with your dollars, an eco-friendly card could be right for you.
You might decide to go green with your card because you don’t want to support big banks with harmful practices that hurt the planet, people, or both. For example, many major card issuers are responsible for enormous carbon footprints and lend money to fossil fuel companies.
Some are also involved in scandals, wrapped up in politics, and sneaky about where they spend money. It’s not a good look.
If you want to be part of something different, these cards are just one way to do that.
Read more: What is public banking?
Who are eco-friendly credit cards and debit cards not ideal for?
Don’t go for a green credit card or socially responsible card if your number one priority is earning the most rewards. These cards have lower payouts than others, fewer options for redemption, and often less earning flexibility.
Eco-friendly credit and debit cards are not yet on par with the rest of the options in the personal finance world. And until they have higher rewards rates and more benefits overall, they’re not likely to become mainstream any time soon.
Fortunately for those who want to help the planet but don’t want to sign up for one of these cards, there are other ways to spend more sustainably. This next section is for you.
What if you don’t want a green credit card?
If you don’t want to have to compromise on rewards — or you just don’t need a new card — but still want to make a positive impact, you can skip the card and do these things:
Click the link below for more ways to make your money green.
Read more: 12 easy ways to make your money green and protect our planet
Summary
There are many green credit and debit cards to choose from, each with its own benefits for your wallet and the environment. We’ve highlighted the best here, but even some of these leave a little to be desired when it comes to rewards earning, perks, and redemption.
But if this category catches on as consumers grow more conscious of their impact on the planet, more eco-friendly cards will be available and this space will become more competitive.
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