BETTER OPTIONS

How Large Companies and Nonprofits Can Select a Climate-Aligned Credit Card Partner

Large companies and nonprofits ― including Costco, L.L.Bean, Alaska Airlines, the Susan G. Komen Foundation, Expedia, Amazon, and more ― have co-branded credit card partnerships with the largest funders of fossil fuels in the world: JPMorgan Chase, Citibank, Bank of America, and Wells Fargo. But for companies that care about addressing their climate impact, there are better options.

DOWNLOAD THE REPORT

KEY FINDINGS

There are better options

Out of the 20 largest credit card issuers in the United States, eight financial institutions have not provided large-scale financing to the fossil fuel industry between 2021-2024.

Because these financial institutions have not financed fossil fuel expansion, they are aligned with the International Energy Agency's (IEA) pathway to Net Zero.

And there are worse options

Twelve credit card issuers provided billions to the fossil fuel industry, including fossil fuel expansion, between 2021-2024.

In 2021, the IEA concluded that, in order to reach Net Zero by 2050, there can be no new upstream coal, oil, and gas development. Therefore, financial institutions that are providing billions of dollars to fossil fuel expansion are incompatible with a Net Zero by 2050 pathway.

RECOMMENDATIONS FOR COMPANIES AND NONPROFITS

Large Companies and Nonprofits Should Integrate Climate Performance into Credit Card Partner Selection Process

Just as companies and nonprofits that have climate commitments care about selecting climate-aligned supply chain partners, they should also select a climate-aligned credit card partner. They can do that by taking these three steps:

1: Evaluate your current credit card partner

Evaluate your current credit card partner on climate performance indicators and commit to incorporating an assessment of climate performance into your next credit card partner selection process.

2: Draft climate criteria

Draft climate criteria and incorporate that criteria into your next credit card partner selection process. Here is our recommended criteria, which is based on the IEA's Net Zero by 2050 pathway:

  • The financial institution has not provided financing for fossil fuel expansion since 2021.
  • The financial institution has decreased fossil fuel financing by an average of 9% annually since 2021.
  • The financial institution has increased sustainable energy financing by an average of 15% annually since 2021.
  • The financial institution has provided six times the amount of financing to sustainable energy relative to its fossil fuel financing since 2021.

3: Perform additional due diligence

Perform additional due diligence and consult with contract and procurement experts:

There is a world of expertise on the credit card partner selection and procurement process. Companies and nonprofits should do their own due diligence to assess the performance of financial institutions across multiple indicators, such as consumer protection violations, customer benefits, interest fees, and other criteria, which are beyond the scope of this report.

COSTCO: CLEAN UP YOUR CREDIT CARD
JOIN THE CAMPAIGN

SIGN THE PETITION

Join 45,000 people, including 20,000+ Costco members, in calling on Costco to clean up its credit card partnership with the climate-wrecking Citibank.

If enough of us speak up, Costco will listen. Sign the petition — and then join us for the campaign call on Thursday, Feb 26th.

SEND AN EMAIL TO COSTCO

Send an email to the executives at Costco, L.L.Bean, and other climate-concerned companies, urging them to get a better, greener credit card.






SEND COSTCO YOUR FEEDBACK

If you're a Costco member, your voice matters! Why? Because Costco cares about its members!

Submit a comment through Costco's feedback form, making it clear: you want Costco to get a cleaner, greener credit card!


REPORT AUTHORS

ENDORSEMENTS

National and International Organizations

Amazon Watch

Action Aid USA

Campus Climate Network

Climate Defenders

Earth Guardians

Elders Climate Action

Green America

Green Faith

Hip Hop Caucus

Sierra Club

Stand.earth

Urgewald

Youth Climate Finance Alliance

1000 Grandmothers for Future Generations

350 Network Council

Regional and Local Organizations

Climate Conversation Brazoria County

Climate Families NYC

Climate First!, Inc.

Connecticut Citizen Action Group

Earth Ethics, Inc.

For a Better Bayou

Giniw Collective

Gulf of Mexico Youth Climate Summit

Gulf South Fossil Finance Hub

Houston Climate Justice Museum

MARBE SA

Mazaska Talks

New York Communities for Change

Oil & Gas Action Network

Planet Over Profit

Scientist Rebellion Turtle Island

South Seattle Climate Action Network

Texas Campaign for the Environment

Third Act Arizona

Third Act Colorado

Third Act Georgia

Third Act Lawyers

Third Act Maine

Third Act Maryland

Third Act Massachusetts

Third Act New Jersey

Third Act New Mexico

Third Act New York City

Third Act Ohio

Third Act Oregon

Third Act Pennsylvania

Third Act Southern California

Third Act Texas

Third Act Upstate New York

Third Act Virginia

Third Act Washington State

THIS! Is What We Did

Troublemakers

Vessel Project of Louisiana

Washington Physicians for Social Responsibility

7 Directions of Service

350 Sacramento

350 Seattle

350 Silicon Valley

350 Vermont

350 Wisconsin

350 Yakima Climate Action

350 Hawaii

350 New York City

LEARN MORE

IN THE NEWS #1

“It’s really rare that we have an opportunity to potentially move so much money towards a financial institution that is doing the right thing and away from a financial institution that is doing the wrong thing,” Sarah Lasoff, Stop the Money Pipeline

-Corporate Knights, New climate-finance campaign targets Costco’s partnership with Citibank

IN THE NEWS #2

“Citigroup has increased its financing of fossil fuels through loans and bonds. In 2024, it ranked seventh among banks doing such deals. Last year, it had climbed the league table to become No. 4 thanks to a 16% jump in such transactions.” - Bloomberg, Wall Street’s Oil Deals Have Climate Activists Looking for New Tactics


ON INSTAGRAM

To follow all the latest from the campaign, follow us on Instagram.

On the Costco: Clean Up Your Credit Card campaign Instagram page, we'll share ways you can get involved in the campaign, as well as videos, calls to action, and other key campaign developments.


CONTACT US

If you have any questions about the data, methodology, next steps, or ways to take action, please reach out to us at info@stopthemoneypipeline.org