January 25th, 2010
Big Banks and Credit Card Issuers Lend a Hand In Haiti Relief Efforts
Opening your heart and your wallet to relief efforts in earthquake-ravaged Haiti can be done by credit card, text message, and even through your iPhone thanks to companies’ innovative charity campaigns. Credit card issuers and banks have been particularly active in supporting Haiti relief efforts, with nearly every major financial company–from JPMorgan Chase to Goldman Sachs– facilitating donation programs or pledging donations themselves.
After media outcry criticizing credit card companies for taking a cut of “transaction fees” from cardholders’ charitable donations to Haiti relief efforts, American Express, Visa, Discover, MasterCard, and others have waived transaction fees for donations to charities. All of the familiar names in the financial sector are also contributing to the cause: Goldman Sachs, JPMorgan Chase, and Morgan Stanley are donating $1 million to the Red Cross and other charities; Citigroup, which has a branch in Part-au-Prince, Haiti, is donating $2 million plus supplies; Jefferies Group, an investment bank, donated a day’s worth of trading commissions totaling $5 million, and topped it off with an additional $1 million donation from the bank itself.
If you want to contribute personally to recovery and rebuilding efforts in Haiti, consider the following company initiatives committed to lending a helping hand:
- Discover cardholders can donate their CashBack bonus points to the American Red Cross, in addition to donating directly to select charities minus transaction fees. Discover is also matching cardholder donations dollar-for-dollar, plus an initial $100,000 company contribution. This is your opportunity to convert cashback bonuses from a shopping spree into a life-saving donation.
- In addition to waiving transaction fees, Bank of America is allowing consumers to make donations at their bank locations. Whether you show up at a BofA branch or donate via credit card, 100% of your money will be given directly to the charity of your choice. Bank of America has also committed $1 million to relief charities and pledges to match donations made through the Matching Gifts program, with no cap to their overall contribution.
- Take 30 seconds to contribute $10 to the Red Cross by texting “Haiti” to 90999 (charge will be added to your monthly cell phone bill). This successful “mobile giving” texting campaign has spread through social media networks Facebook and Twitter like wildfire, raising $10 million in its first week. Yele Haiti Earthquake Fund is another texting campaign, just text “YELE” to 501501 to donate $5. It’s such a simple and easy way to do your part to help out in Haiti.
- Gamers can contribute too by playing video games online or via iPhone. AppRelief features iPhone apps that will donate 100% of profits to the Red Cross. Also, video game website IGN is hosting a Haiti Charity Event webathon on Jan 27; tune in to donate to Habitat for Humanity or bid in a charity auction while getting your fill of video game entertainment.
- Several airlines, hotel chains, and businesses in the travel industry have come up with creative ways for customers to support Haiti relief efforts by donating airline miles, hotel loyalty points, or supporting travel companies that will do charitable donations on consumers’ behalf. Check out this Los Angeles Times blog post for a list of participating companies.
Whether you charge a donation to your credit card or text to a charity, please take advantage of these humanitarian opportunities to support relief efforts in Haiti by contributing and spreading the word.
At Credit Karma Blog, what goes around comes around… So what do you think about this post? Agree, disagree, or have something more to say? We’d love to hear your reactions!
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