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[03/27/2008]
Donating to Charities: Cash or Affinity Credit Cards?
Helping others for free and without waiting something in return is a really good cause. Americans have a reputation for altruistic wish to help those who are in need. Take, for instance, Hollywood celebrities, even the most spoiled and freaky ones, that earn incredible amounts of money, they loosen the purse strings to donate to research and rehab centers, to Greenpeace, help kids from the third world countries, etc.
But not just the rich and famous try to make this world better. Ordinary people, just like me and you, also strive to make their contribution to changing the world for the better. And credit card companies support such initiatives. They issue affinity cards for those who care.
Such credit card deals are issued by the world-wide known companies Visa and MasterCard. Though credit cards, in the first place, are associated with market, commerce, and profit oriented business, this industry really helps non-profit and charity organizations though affinity programs. This is how such cards work.
You get one of the affinity credit card offers. Make any types of purchases with them. And a certain amount of money (which is determined by your credit card agreement's terms and conditions) is donated to a charity partner. But let's figure out, are affinity cards actually so helpful? Can they save someone's life or give a shelter to those who are in need?
The best credit cards with affinity programs donate just 50 cents from $ 100 dollars you have spent. Even if you spend $ 1,000 a month with your credit card, your donation to some und helping starving kids in Africa will make up $ 60 a year. How many children, do you think, will you feed with 60 bucks in your pocket?
Well, of course your every dollar or even cent contributed counts. Besides, if at least a thousand people have affinity cards, and everyone contributes to the same organization $ 60 a year, that will be $ 60,000. And this is some real help. However, if you listen to reason, you will realize that donating in cash will be more helpful to those who are in need, and more beneficial for you. Why? It is pretty simple.
Assume you donate the same $ 60, but at a time and in cash. You say - what does it change? Your contribution is just the same, while you lose extra $ 60 that you could have earned through your affinity card rewards program. But look at it this way. With an affinity card you earn some certain amount of money and it is automatically donated to some charity organization. But you do not get any benefits from your card.
Actually, you can consider getting one of the rewards cards, a cash back credit card, for instance. This way you contribute to a good cause, get approximately the same amount of money though a cash back program and numerous bonuses that come with cash back offers. So, you contribute to a good cause, do not lose anything, and even get benefits. Everybody is happy.
Besides, the APR that affinity cards come with is usually pretty high. So, if you opt for one of the low rate credit cards, you can benefit more. You can even compare the rates and do some math on the difference between an affinity card's rate and a low APR's one. And if you are really willing to share, you can donate this difference (in the cash equivalent).
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