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Verdict: Green living has become trendy these days, with everyone from home builders to auto makers focusing on producing environmentally friendly products. It makes sense, then, that banks would get in on the act. Citizens Bank operates its own Green$ense Checking Account, one that uses less paper than do traditional checking accounts. Consumers who are already signed up with one of these accounts can also apply for a Green$ense credit card. This card comes with its own rewards program. Consumers, though, will have to read the fine print to understand exactly how they’ll earn their rewards, and how much they can earn each month.
Overview: The Green$ense Platinum MasterCard is a cash-back card. Cardholders who earn cash during a given month will have it automatically deposited by Citizens Bank into their Green$ense Checking Account.
How This Card Works: There are some catches with this card, though. To earn any cash-back rewards, cardholders must also have a Green$ense Checking Account and a Green$ense debit card. To earn cash-back bonuses from their card, they must make 10 qualifying transactions with either their checking account or debt card. Only after they complete these transactions can consumers start earning cash from their Green$ense credit cards.
Travel and Shopping Benefits: Cardholders earn 30 cents in Green$ense cash for every dollar they charge on their card after they complete their 10 qualifying checking account or debt card transactions. Cardholders can earn up to $30 a month in cash-back bonuses or $360 a year. This money will be deposited into their checking accounts once a year.
Fees: The card comes with a fairly high purchase interest rate of 15.99 percent, 17.99 percent or 19.99 percent depending on the creditworthiness of cardholders. The card’s penalty interest rate is a sky-high 29.99 percent. Once it’s in place, triggered when cardholders make a late payment or go over their credit limit, it can remain attached to the card indefinitely. The card comes with no annual fee and an introductory interest rate offer of 0 percent on balance transfers for the first 12 months. Cash advance fees are either $10 or 3 percent of the advance amount, whichever is higher, while late fees run up to $39.
- Solid cash-back bonus program.
- No annual fee.
- Introductory 0 percent interest rate for balance transfers.
- High purchase interest rates.
- Must jump through hoops to earn cash-back bonus.
- Penalty interest rate of 29.99 percent.