Bank of America Will Transition to Recycled Plastic for All Plastic Credit and Debit Cards Beginning in 2023


Bank of America today announced that it will transition all plastic credit and debit card products to be made from at least 80% recycled plastic starting in 2023.

The company is the first US based bank to make this commitment across its entire debit and credit card portfolio, in keeping with its focus to reduce single-use plastic in its supply chain. This will help reduce the environmental impact of plastics in cards issued by Bank of America and support the company’s efforts to drive sustainable, low-carbon solutions.

Market research conducted by Escalent (April 2022) found that more than 72% of consumers and small business clients are interested in environmental sustainability and more than 69% show favorability towards having a recycled plastic debit/credit card.

“Shifting to a recycled card product is another step toward a more sustainable solution which will help foster a circular economy,” said Mary Hines Droesch, head of Consumer and Small Business Products at Bank of America. “We are committed to incorporating sustainability throughout our business.”

Bank of America issues 54 million consumer and commercial cards annually and estimates this effort will help to reduce more than 235 tons of single-use plastics, based on its annual card issuance. The company also anticipates that switching to recycled plastic for its credit and debit card portfolio will reduce greenhouse gas emissions, energy and water usage.[1] In addition, Bank of America has offered digital debit cards since 2019.

“Bank of America offers a digital card for debit which clients can instantly create when they open an account or when they need a card replacement,” said Robin Growley, Consumer Deposit Payments and Products executive at Bank of America. “The digital card further helps to reduce our clients’ reliance on plastic.”

Bank of America’s History of Sustainable Leadership

Bank of America set its first goal to reduce greenhouse gases in its operations in 2005, and in 2019 the company met its carbon neutrality goal a year ahead of schedule. Last year, Bank of America set a net zero before 2050 goal across its financing activities, operations and supply chain. Earlier this month, the company announced its targets for reducing emissions associated with financing activities related to three key sectors: auto manufacturing, energy and power generation.

In April 2021, the company also announced a $1 trillion by 2030 goal to mobilise capital to accelerate the environmental transition, this as part of its $1.5 trillion sustainable finance commitment to support the United Nations Sustainable Development Goals. Since 2007, Bank of America has mobilised more than $350 billion toward climate and environmental business activities.

Additional resources: Annual Report to shareholders; Environmental Commitment.

[1]More details about this initiative will be shared in early 2023, when the company completes an ISO-conformant life-cycle assessment of its plastic credit and debit cards.

Most recent episodes

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...


Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...


Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...


HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...


ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...


Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...


Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...


Critical Trends in Trade and Supply Chain Management

Three trade finance experts from Societe Generale join Ben Poole (TMI) in the virtual TreasuryCast studio to discuss critical developments in the trade space that are particularly impactful to corporate treasurers. In this podcast, Isabel Santos, Ariel Emirian and Pierre-Antoine Barreault (Societe...