Credit Cards Center Credit cards from our partners
Reply
Highlighted
Contributor
Posts: 102
Registered: ‎05-10-2009
0

If the credit card companies know what we're buying, why can't we?

http://www.nytimes.com/2009/05/17/magazine/17credit-t.html

 

Who knew they knew what was inside of our receipts?

 

I hope one day we have the same access. It would make filing taxes and getting deductions easier, eh?

 

Then again, if you were on to deduct, you'd probably keep your receipts.

 

Just my thoughts.

 

Yours?

Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
0

Re: If the credit card companies know what we're buying, why can't we?

That was a great article! Very informative.
Here we go again...
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: If the credit card companies know what we're buying, why can't we?


jhtrico1850 wrote:

http://www.nytimes.com/2009/05/17/magazine/17credit-t.html


 

One line that seems a little ominous to me:

Are they using their cards for groceries? It might mean they are trying to conserve their cash

My wife and I use our credit cards for groceries all the time, as we have done for many years, not because we are strapped for cash but for convenience.  I sure hope the CCC bean counters won't decide to cut our limits.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Valued Member
Posts: 33
Registered: ‎05-10-2009
0

Re: If the credit card companies know what we're buying, why can't we?

[ Edited ]

Where did it say that they see what is inside our receipts? I don't think that is true in general.

 

It seems that only Canadian Tire company could see what customers were purchasing at their store (since they had store transaction data) with cards issued by them (since they had credit card payment data), and made conclusions based on this data?

 

Message Edited by refskuska on 05-18-2009 07:12 PM

Message Edited by refskuska on 05-18-2009 07:13 PM
Contributor
Posts: 78
Registered: ‎02-18-2009
0

Re: If the credit card companies know what we're buying, why can't we?

Can each credit card company see only what you put on THEIR card?

 

For example, if I have Amex, which I gather is notoriously fickle these days, I would only use that for certain types of purchases/vendors. 

And I can put what I darn well please on my USAA card because they don't seem to drop limits for having the audacity to shop at a lower-end retailer.

 

Do I understand this correctly?

Regular Contributor
Posts: 204
Registered: ‎10-30-2008
0

Re: If the credit card companies know what we're buying, why can't we?

More info -- Q&A with The New York Times' Charles Duhigg:

 

http://marketplace.publicradio.org/display/web/2009/05/15/mm_duhigg_q/ 

Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: If the credit card companies know what we're buying, why can't we?


MattH wrote:

jhtrico1850 wrote:

http://www.nytimes.com/2009/05/17/magazine/17credit-t.html


 

One line that seems a little ominous to me:

Are they using their cards for groceries? It might mean they are trying to conserve their cash

My wife and I use our credit cards for groceries all the time, as we have done for many years, not because we are strapped for cash but for convenience.  I sure hope the CCC bean counters won't decide to cut our limits.

 


I wouldn't worry about it. I personally only use a card that gets bonus points at grocery. If they want to cut it, then so be it. I'm to the point now that I could lose almost all of my CCs and still keep on keeping on.
Valued Member
Posts: 33
Registered: ‎05-10-2009
0

Re: If the credit card companies know what we're buying, why can't we?

[ Edited ]

 


pjohnston2 wrote:

Can each credit card company see only what you put on THEIR card?

 

For example, if I have Amex, which I gather is notoriously fickle these days, I would only use that for certain types of purchases/vendors. 

And I can put what I darn well please on my USAA card because they don't seem to drop limits for having the audacity to shop at a lower-end retailer.

 

Do I understand this correctly?


Please correct me if I am incorrect, but I believe that they see the retailer and the purchase amount, just like you can see it on your monthly statement.

 

But for example, if you purchase something at Target with a Target credit card then they will have both your transaction information (from their store card) AND your receipts (from their store).

 

Unless you buy something at the Amex store (they are rare), they won't be able to see the receipts for your purchases. Just the retailer and the amount.

Message Edited by refskuska on 05-19-2009 08:01 PM
Message Edited by refskuska on 05-19-2009 08:01 PM
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: If the credit card companies know what we're buying, why can't we?


refskuska wrote:

 


pjohnston2 wrote:

Can each credit card company see only what you put on THEIR card?

 

For example, if I have Amex, which I gather is notoriously fickle these days, I would only use that for certain types of purchases/vendors. 

And I can put what I darn well please on my USAA card because they don't seem to drop limits for having the audacity to shop at a lower-end retailer.

 

Do I understand this correctly?


Please correct me if I am incorrect, but I believe that they see the retailer and the purchase amount, just like you can see it on your monthly statement.

 

But for example, if you purchase something at Target with a Target credit card then they will have both your transaction information (from their store card) AND your receipts (from their store).

 

Unless you buy something at the Amex store (they are rare), they won't be able to see the receipts for your purchases. Just the retailer and the amount.

Message Edited by refskuska on 05-19-2009 08:01 PM
Message Edited by refskuska on 05-19-2009 08:01 PM

I believe you are correct.  Of course they still can infer a lot from the name of the vendor.  For instance my wife and I rarely shop at Walmart, and twice in the past few years when we got home from making a fairly large purchase there the credit card company's Security Department called us to verify the transaction.  In our case there was never any mention of adverse action, it was merely that an out-of-pattern purchase had triggered an alert.  None of our numerous Stop and Shop purchases over the years have ever tripped an alert.

 

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.