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Your Credit Card Is Spying on You

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posted on Apr, 7 2010 @ 04:00 PM
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Your Credit Card Is Spying on You




Visa knows if you’re going to get a divorce. It knows that you just moved and, most importantly, it knows if you’re going to miss a payment—maybe before you do. Credit card companies have developed eerily accurate models for predicting consumer behavior based on the things they buy, the Daily Beast explains. “Card companies don’t really care about divorce in and of itself—they care whether you’re going to pay your card off,” explains one law professor.

People who buy cheap motor oil or drink in certain bars are considered risky borrowers, whereas people who buy carbon monoxide detectors and premium birdseed tend to pay on time. When American Express offered some customers $300 to close their accounts last year, it used this kind of data to pick its targets. And if the company predicts a major life change, like a move or divorce, it alerts marketing partners, so they can sell you things like furniture and home refurbishing services.

Read the full article here

We all know that technology spies on us - but this is new (to me) so I thought I'd share.

Basically, based on the models made, your tracked by your purchases and based on those purchases - buying cheap oil/gas rather than spending more on something you may not need... - these credit card companies can sort of predict the future a bit, at least regarding your payments. I wonder what else they have up their sleeves?

I find these pretty biased if you ask me. I, personally am not a cheap person, but I know sometimes we all spend less on certain items because there is no point in spending more because of a name brand for example. So, what if someone with a good job, who has steady income, is 'cheap?' I hate to use that term because I have been called cheap before because I'd rather get a cheese steak at my favorite place, rather than go to an expensive restaurant and pay 3x as more for something that wont taste as good - so I know how it feels to be called cheap when you're making a decision based on your opinions and 'tastes' (literally & figuratively).

So based on this article, maybe it's better to just buy the nice, name brand, expensive and over priced stuff with your credit cards, and all the other stuff in cash. I always liked cash better anyway, although it will be useless sooner than later, use it while you still can!

[edit on 7/4/2010 by highlyoriginal]




posted on Apr, 7 2010 @ 04:08 PM
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They most definitely do spy and are ruthless if they "see" something they don't like!!

For example, I ran out to the grocery store and could not find my debit card anywhere! So I charged my groceries to my credit card -- I never do this and had nothing else on me at the time -- and guess what? Two days later I received a letter from my credit card saying they were raising my rate. (It didn't matter to me, there is no balance other than the groceries).

But, the funny thing is, they raised my rate because I had charged my groceries and broke my typical spending pattern. This prompted them to panic that I was in a financial crisis and they'll be darned if THEY are going to pay for my chicken and beans! So to combat their worries they raised the rate to 29.99%. Because after all, I may not be able to pay my balance but they bet I can make that minimum payment!!

I of course simply cut up the card and closed the account. But I was rather surprised that they picked up on this so quickly and acted so harshly.



posted on Apr, 7 2010 @ 04:43 PM
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Fortunately for me, I'm not doing anything like buying crack or hookers with my credit card, so I'm not particularly worried. I don't really care if "they" know how much toilet paper I'm buying, or my favorite kind of ice cream. I even get coupons to help me save money when I buy these things, because they already know what I like.

I don't see a real downside to this, although I can see where people up to a lot of monkey business might.



posted on Apr, 7 2010 @ 04:53 PM
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Originally posted by Blue Shift
Fortunately for me, I'm not doing anything like buying crack or hookers with my credit card, so I'm not particularly worried. I don't really care if "they" know how much toilet paper I'm buying, or my favorite kind of ice cream. I even get coupons to help me save money when I buy these things, because they already know what I like.

I don't see a real downside to this, although I can see where people up to a lot of monkey business might.


Really? This doesn't, and wont, just effect people involved in 'monkey business' think of LEGIT businesses. Like I mentioned in the OP, if you are considered someone who is 'cheap' because you may be buying supplies for lets say your legit business here, which you don't need to buy the best toilet paper or paper towels for, it will effect your credit while you may have plenty of money to pay off such things. Why should you be penalized for the way you buy things? And the way they're doing it is not only biased, but they are also basing this stuff of models that decide what they believe will be future spending habits. How they can tell the future? Oh because they have statistics? Yeah, okay...



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