American Express have launched a new credit card as part of Bono’s new venture, Product Red, which aims to raise money for the Global Fund to fight Aids, TB and malaria.
The American Express Red card promises to pay 1% to the Global Fund for every pound spent:
When you spend up to £5,000 in any year, we transfer, on your behalf, 1% of that spend to Global Fund−financed programs in Africa which positively impact the lives of women and children affected by HIV/AIDS. Over £5,000 of spend a year and we increase the REDmoney rate to 1.25% for the amount above the threshold.
They’ll also donate £5 to the fund if you use your card within the first month. The card charges an APR of 12.9% and has a balance transfer rate of 5.8%, which appears to be the same as their Nectar credit card.
You can apply for the card at the American Express website, and there’s more about Bono’s latest charity venture at the BBC.
I’m a little unsure how I feel about a big company like American Express getting involved in such a product, afterall, they will still be making some money from it off the back of other people’s generosity. However, if the card was to really take off then a lot of money would be raised for a worthwhile cause, so perhaps the source shouldn’t matter? What do you think?
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