Does Your Credit Card Fund Fossil Fuels?
Every time you use your credit card, fees go to the bank that issued it. You can make sure this money is used to build a better world by finding a socially responsible credit card.
Responsible Credit Cards
Every time you use your credit card, fees go to the bank that issued it. You can make sure this money is used to build a better world by finding a socially responsible credit card.
Just as your bank decides how to use your deposits, so does the bank that issues your credit card decide how to use the fees associated with your card.
If the issuer of your card is one of the US megabanks, then any fees you or merchants pay for your credit card purchases are being disproportionately loaned to or invested in the fossil fuel industry.
Megabanks support the fossil fuel industry in two ways:
- They loan money for fossil fuel projects
- They invest money in fossil fuel companies
Lending to fossil fuel projects
To find out if the bank that issues your credit card is a major lender to fossil fuel projects, check the Banking on Climate Chaos report. This report lists nine US banks that together have loaned more than $2 trillion to the fossil fuel industry since the Paris Climate Agreement:
| Bank Rank | Bank Name | 2023 lending and underwriting to fossil fuel industry (in billions) | Total lending and underwriting since Paris Agreement (in billions) |
| 1 | JPMorgan Chase | $ 40.875 | $ 430.926 |
| 2 | Citibank | $ 30.268 | $ 396.331 |
| 3 | Bank of America | $ 33.682 | $ 333.159 |
| 5 | Wells Fargo | $ 30.378 | $ 296.247 |
| 14 | Goldman Sachs | $ 18.818 | $ 184.927 |
| 15 | Morgan Stanley | $ 19.104 | $ 183.547 |
| 25 | PNC Financial Services | $ 12.149 | $ 108.312 |
| 27 | Truist Financial | $ 14.232 | $ 105.352 |
| 28 | US Bancorp | $ 12.779 | $ 97.274 |
| Total for US megabanks | $212.29 | $2,038.80 |
Keep in mind that some of these banks may go by a shortened name on the back of a credit card. For example, JPMorgan Chase may be listed as “Chase,” Citibank is often listed as “Citi,” and US Bancorp is also known as “US Bank.”
Also keep in mind that a fossil megabank may have a subsidiary that issues credit cards. For example, US Bank owns Elan Financial, which issues credit cards for over 1300 banks and 300 credit unions – including some banks and credit unions that are otherwise sustainable.
Regardless of which logo is on the front of a credit card, it is critical to find out which bank issues the credit card.
Investing in fossil fuel companies
To find out if the bank that issues your credit card is a major investor in fossil fuel projects, check the Investing in Climate Chaos database, published by the German environmental nonprofit Urgewald. This resource pulls global investment data from the London Stock Exchange Group.
If your credit card issuer is not listed, great! If it is, keep in mind these are large institutional investors. Anything under $200 million is not considered a major investment in fossil fuels. If your credit card issuer is listed with a smaller investment in fossil fuels, call them to voice your concerns.
Ready to take charge of your card? Our Responsible Credit Card Guide can help!
