How to choose ethical and eco friendly credit cards

When it comes to choosing a credit card there are a lot of factors to consider – the interest rate and the credit card rewards are only the beginning. But what about the feel-good factor behind the card?
More than ever, ethical banking is a key concern of many consumers. It also means a lot of different things to different customers, from avoiding the funding of live exports to a clear net zero emissions game plan.
Rather than just finding a credit card from an ethical bank, you might be interested in looking at the cards themselves. A recent study by Mastercard found that 57% of Australians are more mindful of their environmental impact since COVID-19, with 84% of adults willing to take personal action to combat environmental and sustainability issues.
What are my options for ethical or sustainable credit cards in Australia?
With increasing frequency, there are options on the market for those looking to go green with their credit cards.
- Linked to the Gateway Bank Everyday Savings account, the Eco Debit Card is made from Polylactic Acid (PLA) instead of PVC, which is made from fermented materials instead of fossil fuels.
- Mastercard have just announced their intent to eliminate first-use PVC plastics in all credit cards on their payment network by 2028. These will be available with growing numbers of Mastercard’s partners, and will use rPET, rPVC, and PLA as some examples of recycled or bio-sourced materials. Many banks have already got on board, like HSBC
- First Option Bank's Low Rate Visa Card is made from 82% recycled plastic and is linked to an Environmental Rewards program. With every transaction you make, 0.25% will be contributed to one of First Option Bank's partners in fuelling biodiversity and environmental action. The bank itself is also carbon neutral.
- The Defence Bank Foundation Credit Card contributes half of its $45 annual fee to the Defence Bank Foundation, which trains service dogs to work with veterans who have PTSD.
- Community First Bank offers both the Pink Credit Card and the Blue Credit Card, where half of the $40 annual fee contributes to McGrath Foundation or the Prostate Cancer Foundation respectively, so you’ll be doing some giving back.
- Linked with the SpendME Transaction Account, you can choose the charity partner you'd like your ME debit card to support, with 1c from every transaction going towards the partner of your choosing. There's a pink card for the National Breast Cancer Foundation, the green card for Australian Wildlife Conservancy, the rainbow card for Minus18, the blue card for Beyond Blue, and the orange card for Orange Sky Australia.
- The app Hay also offers a 100% biodegradable Visa card, but is not itself a bank account – it will need to be paired with an existing account.
What are my other credit card options?
If none of those options floats your boat, you might want to look at credit cards from organisations whose sustainability practices or ethos you agree with.
To do this, have a look at the “about us” section of a provider's website for a good head start. Make sure to also consider which credit card is the best for you, because it’s important that you aren’t choosing a card that’s great for the environment but actively bad for your bank account.
The greenest option is, of course, eschewing cards altogether. A mobile wallet rules out the physical plastic, which is a great starting point.
In the meantime, start by comparing the credit cards below – or take a look at Mozo’s best credit cards.
Start comparing credit cards - last updated 3 December 2023
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NAB Low Rate Card - Balance Transfer Offer
Spend with confidence with a low 12.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
Purchase rate
12.49% p.a.Balance transfer rate
0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)Annual fee
$59 $0 in the first yearRewards program
-CompareCompareLow Rate Card - Balance Transfer Offer
Spend with confidence with a low 12.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).
- Purchase rate
- 12.49% p.a.
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Annual fee
- $59 $0 in the first year
- Rewards program
- -
- Purchase rate
- 12.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%, Min $3
Read our Mozo Review to learn more about the NAB Low Rate Card - Balance Transfer Offer
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American Express Qantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$450Rewards program
Qantas Frequent FlyerCompareCompareQantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $450
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $450
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Ultimate Card
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American Express Velocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$375Rewards program
Velocity Frequent FlyerCompareCompareVelocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $375
- Rewards program
- Velocity Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $375
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Velocity Platinum Card
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American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$0Rewards program
Qantas Frequent FlyerCompareCompareQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $0
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $0
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Discovery Card