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GE's 'Earth Rewards' Card Funds Green Projects

General Electric is issuing an Earth Rewards Platinum MasterCard that allows customers to use reward points to reduce global warming by purchasing greenhouse gas-emissions offsets. The offering is part of CEO Jeffrey Immelt's "ecomagination" campaign, under which GE sold $12 billion of environmentally friendly products last year.

Consumers can pick what rewards they want--either 1% can be contributed to the emission-reduction projects, or ½% to the projects and ½% cash back. On Earth Day each year, accumulated points will be used to fund projects that reduce emissions led by a venture of GE's energy finance unit and electricity producer AES Corp. The joint venture between GE and AES invests in projects like methane-collection systems to generate carbon credits.

Bank of America in March said it will issue a carbon-offset program as part of its broader "green" card programs, but it hasn't provided specifics on how they will work. Citigroup's rewards include planting trees through its "Thank You" program.

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