On its face, FutureCard, launched by Silver Spring, Maryland-based Future, is a debit card platform that rewards consumers for sustainable purchases. After speaking with Future’s co-founder and CEO, Jean-Louis Warnholz, I found that there is more to the company than meets the eye. Its efforts in mapping the sustainable economy, as Warnholz put it, are what stands out to me.
Future’s transport footprint
Unlike other debit or credit cards that incentivize non-sustainable practices such as purchasing gasoline or flying, FutureCard, which launched in 2021, rewards sustainable choices with tangible benefits.
By reframing green decisions as economically advantageous, Future aims to motivate individuals to contribute to climate action. Its platform offers cash-back rewards for opting for renewable energy and purchasing secondhand goods. Its Future Marketplace also offers a curated list of sustainable goods eligible for cash back. For example, at the time of publication, if you were to purchase a Levy Plus Electric Scooter priced at $729, you would receive an instant cash-back reward of $36.45. These features earned Future recognition among Fast Company’s best-designed finance products of 2023.
Future advances transport decarbonization by collaborating with transport companies and public agencies such as New York City Transit, Lyft, Revel and Volkswagen. Future incentivizes actions such as switching to electric rideshare vehicles, taking the subway and riding a Lyft Citi Bike.
In addition to awarding 5 percent cash back for items categorized in the company app as sustainable purchases, Future says that users can earn a “FutureCoin” for each metric ton of carbon dioxide equivalent saved, redeemable for $90 per coin.
Mapping the sustainable economy
While the rewards program for sustainable purchases is exciting, Future’s mapping of the sustainable economy is something that other financial institutions and card companies should watch.
If you’ve ever used a Lyft Citi Bike and purchased it with a standard credit card or debit card, you’d see a charge from Lyft on your statement. That Lyft charge classification would be no different if you rode a Citi Bike or in a seven-passenger SUV rideshare.
What distinguishes FutureCard from other cards is that it’s able to differentiate a Citi Bike from a passenger vehicle or an electric Uber ride from a gas Uber ride and reward the user according to how sustainable the choice is. These rewards also apply to other purchases, such as buying secondhand clothing versus new clothing.
“We’re able to give you rewards for every single bike share, every single charging session … in the country, and I can safely say that no other card is in a position to do that as far as I’m aware of,” Warnholz said.
The limiting factor
Even with these perks and benefits, I see one simple problem with FutureCard — actually using it. I love travel hacks and racking up credit card points. However, I’ve had the FutureCard app downloaded on my phone for roughly a month and still have not used it.
Several weeks ago, I tried to create an account, but hit a small software glitch in the app and still need to return and finish my account setup, link my bank account and transfer money to begin making purchases.
I also find myself forgetting to start using Future. While that might be user error, in today’s world of major credit card reward programs from companies such as Chase and American Express, I think consumers prefer to centralize purchases across a select number of credit and/or debit cards. That, combined with how difficult it is to shift personal habits and behaviors, is why I think FutureCard is exciting but I still haven’t jumped on the bandwagon.
Looking ahead
My hope is that major credit card companies follow suit and adopt similar practices to FutureCard by creating unique incentives and cash-back or point programs for more sustainable practices. As consumers increasingly prioritize eco-conscious choices, integrating sustainability into mainstream financial products becomes desirable and essential for a greener future.
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