Here’s one for the gratitude list: The AFFF, Advancing Fossil Free Finance, campaign recently changed its name to Climate Finance. It happened just after I embarked on a journey to align my values with my financial accounts by moving them (my accounts, not my values). When I tried to say AFFF too many times in one day, it turned into FFFFFFFFFthth, which sounds like cussing with some spitting. I certainly was cussing mad when I learned that my biggest carbon footprint was probably from the investments my bank and credit card were making with MY money.
The journey started in the days of my innocence, when Third Act (TA) still lay in wait on the road ahead. For the first time in my adult life, I was without a paying job, so I set my sights on saving the planet. There was much to be proud of—an electric car, a modest lifestyle, and fiscal responsibility that would have made my mother proud.
Except, my community-minded Mom wouldn’t have liked what my money was doing after all. The Fossil Fuel industry wasn’t just messing with the planet; it was disrespecting my mother! It was time to show them who’s boss, but how?
It’s been a fumbly-bumbly path, of which I’m only on the first steps. This blog is to share my ongoing experience in the hopes of making the path smoother for others. Thankfully, there’s a freshly minted roadmap from Third Act Michigan (TA MI) to follow.
As we skip along it, I will bare all, the good and bad, hoping that you will return the favor by doing the same. (To be clear, I’m only talking about credit cards and banking. Don’t be creepy.)
This installment is dedicated to breaking up with my Costco Citi card. Even before TA, I became aware that Citi card was a no-no. It was a difficult one to let go. The perks with Costco were worth a few hundred dollars a year for me. So, I chose to think of giving up that cash as a contribution to a healthy planet. Still, I will miss the annual thrill of getting a check for money that is mine but feels like a gift.
First, I needed to find a replacement card. After a few bewildering online searches, I came across bank.green. Squeaky clean angels sang. The site told me that Amalgamated Bank has a sterling reputation and offers a credit card, so I went for a card that says ‘amalgamated bank rewards’ on the front. But on the back? Fine print —this card is issued by First National Bank of Omaha (FNBO). But who reads the fine print? I signed up.
It took 4 months to clear all the automatic payments and subscriptions from the Citi card. It was simple to remove it and make my new credit card the preferred payment method with Costco online. I wrote a paper letter to Citi Bank explaining that I was breaking up because of their relationship with fossil fuels. But then…
As I started working with the TA Michigan (TA MI) Climate Finance liaison, I had to question whether my new card was truly fossil-free. A deeper dive on bank.green on FNBO came up with ‘Sorry, we don’t know enough …’ and a suggestion to contact FNBO and ask. Now, I am one of those people who really hates phone calls. It feels like conflict. But this journey is about the planet and my mother, so I called.
The person who picked up the call was lovely. She contacted a manager who checked the website and couldn’t tell if they invested in fossil fuels. There was a 2022 mention of investing in solar and recycling, but no specific mention of fossil fuel. I asked for the number of someone who could answer the fossil investment question. A second manager was involved but couldn’t see how such information could be had over the phone.
Hmmmm. Time to try again, this time using TA MI’s guide.
Thanks for your interest and action,
Carolyn G.
While breathlessly awaiting the next blog installment, please share your wishes and/or experience breaking up with a credit card.