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Amex Red |
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Choosing the right credit card can save you hundreds - perhaps thousands - of pounds a year. Naomi Caine, a former Sunday Times money editor, pinpoints five of the best very best. Click to view Top 5 Credit Cards.
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Best Ethical Card (Amex Red 12.9% APR) |
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 The ethical consumer's choice. Amex Red combines genuinely competitive rates, with rock star looks and an ethical policy which means that for every £1,000 you spend, £10 goes to fight disease in Africa. If you want a reasonably priced card that helps others as well as yourself this is it. |
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Like most credit cards, Amex Red does not charge interest on purchases for the first 56 days, so if you pay off your balance in full each month it costs you nothing. On the other hand, if you miss the occasional payment, interest is charged at 12.9% APR, which is broadly competitive and should not hurt too much. Transfers to Amex Red from other credit cards are also charged at 12.9% APR.
But Amex Red is not just a reasonably priced credit card. It’s the only credit card signed up to the “Red” initiative launched earlier this year by Bono, the U2 front man and anti-poverty campaigner. This means that Amex pays 1% of the value of all purchases you make on the card to the Global Fund, a charity that fights Aids, tuberculosis and malaria in Africa. Once your spending exceeds £5,000 in any year, the rate climbs to 1.25%. |
Gives As You Shop |
 Speaking at the launch of Amex Red, Bono said: "This is really sexy to me. It is sexy to want to change the world. This card is designed to eliminate HIV in Africa." Giorgio Armani, the fashion designer, added: "An ordinary person can simply walk into a shop and feel that they can participate in helping the needy by simply buying a perfume."
Some argue that this is trite and there are more efficient ways to donate to charity – regular standing orders for example. Others accuse Amex of "cashing in" on the aid-for-Africa movement and point out that it is not being as generous as it might be.
There is truth in both these criticisms but for people who pay off their balance each month and want to give a little to charity each time they shop, the Amex Red card is ideal. Certainly it gives more to charity than any other credit card we have come across. |
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Pros:
- Gives more than other charity cards
- Reasonable interest charges
- Shows you care (if that's important)
Cons:
- Not the cheapest credit card available |
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