Are you looking to get a charity credit card? Read some of our helpful information about these cards before you apply.
Charity credit cards have been around for quite a while now, yet few people know what they are and the advantages of them. Basically they are just like a normal credit card, and a small percentage of the purchases you make on the cards is given to charity. For example, if you make $500 of purchases on your charity credit card, depending on the card, around 1% of this figure will be donated to the charity of your choice, in this case $5.
The main advantage of these cards is obviously that they allow you to donate to your favorite charities without having to even think about it. The more you buy on the card the more you will be donating, this can be a huge plus for people that love to shop and it can even help to reduce the guilt you may feel after a big shopping spree.
There are two ways you can get a charity credit card. The first way is to talk to a regular credit card provider, such as Citibank or bank of America, and ask them what options they have for donating to charity. These big credit card providers sometimes allow you to forgo the usual rewards, such as airmiles, and instead donate the equivalent amount of the rewards to the charity you choose. Unfortunately most credit card companies do not offer this option, and if they do it is only on a select few cards. If this is the case then you can get a charity card the second way, by going straight to the charity that you want to donate to. Many large charities now offer there own credit cards which feature a small donation for purchases made on the card. Simply go to your favorite charity or search online to find out if they offer their own charity credit card.
You also need to remember that in most cases these cards will not come with the usual rewards that you may be used to. Instead of typical rewards such as air miles, cash back and gift cards you will instead be giving money to charity.
With charity cards you need to still be careful about how many purchases you are putting on credit. It may seem like a good idea to put almost every purchase on your credit card to give a bigger donation to your charity, but this can result in you paying far more interest than you should be. Use charity credit cards wisely and not at the expense of your own financial interests.
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