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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?
@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.
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
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?
More info -- Q&A with The New York Times' Charles Duhigg:
http://marketplace.publicradio.org/display/web/2009/05/15/mm_duhigg_q/
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.
@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 cashMy 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.
@Anonymous 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.
@Anonymous wrote:
@Anonymous 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 PMMessage 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.