We all spend a lot of time wondering how financial products such as credit cards with 0% interest can help us, but what about how they can help other people? It’s always nice to be able to do something for others and being careful about which financial products we choose is one way we can do this. For instance, it is now possible to choose credit cards that have an ethical angle as well as personal financial benefits.
One good example of this is the charity credit card. This type of credit card allows you to donate money to good causes as you spend, benefitting other people while still being a useful thing for you. They also work on a simple premise and so are very easy to understand.
Essentially, if you make a purchase on a charity credit card, you get cash back in return. This cash back can amount to around 1% (when it is topped up with Gift Aid) and so is certainly worthwhile; if you spend £800 every month for a year, it would work out to be a cash back total of £96. That money is then donated to charity – you can either choose the charity you would like to benefit from the money or, if you are unsure of which good cause you would like to support, your credit card provider will have recommendations that you can make use of.
Another financial product that can be a good way to help others is a climate change ISA. This is a stocks and shares ISA which involves investing in stock exchange-listed companies that have a smaller than average carbon footprint and that are taking steps to limit their impact on the environment. If you are someone who cares about the world around you but also wants to get a high quality investment ISA, this could be a good option for you to consider.
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