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Many of the nation's leading banks are using information about their customers' shopping habits -- how much they spend, where they shop, what they buy -- to make money.
The banks don't actually hand over your data to retailers. Instead, retailers describe what type of customer they'd like to target and the bank then sends the deal to customers who fit the profile. When the customer cashes in on the deal, the bank gets paid a commission.
Merchants pay banks an average fee of 10% to 15% of the purchase price of a product each time a customer uses a discount that's generated from the bank's data, according to Cardlytics, an intermediary that works with both banks and retailers.
Aite Group estimates that more than 460 million cardholders will be enrolled in the programs by 2015. (In most of cases, consumers are automatically enrolled in the merchant incentive programs, but they do have the right to opt out -- as required by bank regulations.)
originally posted by: karmicecstasy
Fifty years from now. People who hate this. Are going to be thought of like the people who believed the earth was flat. The time to stop this was over 20 years ago. Welcome to the now. The earth wide Cheers bar......"Where everybody knows your name."