Bank of America Corp. said it will make all of its plastic credit and debit cards from recycled material beginning next year.
All of the cards, which will feature a recycling logo, will be manufactured using at least 80% recycled plastic, Bank of America said in a statement Thursday. The Charlotte, North Carolina-based company said it’s the first U.S.-based bank to make the change across all its debit and credit cards, with the transition intended to reduce greenhouse-gas emissions and energy and water use.
“Shifting to a recycled card product is another step toward a more sustainable solution which will foster a circular economy,” Mary Hines Droesch, head of consumer and small-business products at Bank of America, said in the statement.
Bank of America has pledged to achieve net-zero emissions in its financing activities, operations and supply chains by 2050, joining other banks that have made similar commitments. It also set a $1.5 trillion goal of financing projects aimed at supporting climate change and social equality by 2030.
The company said it issues about 54 million consumer and commercial cards a year, and that it expects the recycling effort to help reduce more than 235 tons (213 metric tons) of single-use plastic. The bank also offers digital debit cards, introduced in 2019, that use no physical materials.
Bank of America has been revamping its credit-card portfolio, adding new perks and offerings for consumers and executives. The lender saw an uptick in spending in the first quarter as customers began traveling and dining out again after years of Covid-19 limitations.
–With assistance from Jenny Surane.© 2022 Bloomberg L.P.