Sustainability is a concern for many people the world over. Every day we see new photos from around the world of how we, the human race, are damaging mother nature beyond repair — and there's really no excuse anymore. Technology and science are both advancing at an incredible rate and we should be embracing each new development accordingly.
One of the biggest problems at the moment is the use of single use plastics. They are everywhere and, in some cases, it’s unfortunately unavoidable. In the finance industry alone, there are over 20 billion plastic payment cards in circulation. While they may seem small in physical size, anything in that quantity is going to have a massive effect at some point — and we know that the oceans in some parts of the world are already full of rubbish.
Although we’re sure there are some places that can recycle credit and debit cards, and there must be some companies that offer payment cards made from recycled plastic, we thought there must be something more that we can do.
Polar Credit Line was launched, aiming to fill a gap in the financial services market while making sure we’re doing as much as we can for the environment.
A credit line combines many of the advantages of a credit card:
…but instead of issuing a separate plastic card to access those funds, with a Polar Credit Line, you simply withdraw the funds directly into your bank account. All you need is access to the internet — either before you leave the house or when you are about to make your purchase — and you can withdraw as much as you need (up to your agreed credit limit of course).
It's simple, right? But we didn't want to stop there. We thought, ‘how else can we be sustainable?’ and we started to think outside the box. We not only wanted to try to be environmentally sustainable, but we also wanted to make Polar Credit a sustainable credit product as well. That's why, on your one year anniversary with us we will reduce your interest rate by 10% pa, and for every 6 months you borrow with us after that, we will reduce your interest rate by a further 5% pa until it reaches 29.9% pa.
We understand that you may be excluded from accessing mainstream financial products at the low interest rates that are available for those with a good credit history, and we don't think it's fair that you don't get the chance to show that you are a responsible borrower. Maybe you had a bad start to your credit career or you’re only just starting to build your credit score now: Polar Credit could be the revolving credit product you need to help in times of temporary cash flow shortfalls.
If you’re still not sure what a credit line, we have loads of information in our FAQs and info hub to help, but for ease, we’ve included some information below.
A credit line is a revolving credit product which allows you to withdraw funds directly into your bank account 24/7. You’ll have an agreed credit limit and you can borrow as much or as little of that credit limit as you need. There’s a £25 minimum withdrawal and you need to make your minimum payments on time each month, but otherwise, you can use your Polar Credit Line in a way that suits you and your financial flexibility.
How would I benefit from a credit line?
More questions? Check out our FAQs section.