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KittyWampus Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-17-09 07:23 PM
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Buy Premium Bird Seed? Your Credit Card Co Knows You Pay Your Bills. They Know More About You...
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Edited on Sun May-17-09 07:27 PM by KittyWampus
then you know about yourself.

Buy premium bird seed? Your credit card company knows you'll pay your bill
Buy chrome accessories for your car? Your credit card company knows you have a greater chance of paying late.

Credit card companies also know when you log on and check your balance.

Checking your balance at 1:00 in the afternoon? You should be at work.
Checking your balance at 1:00 in the morning? You might be worrying how you're going to pay your bills

Suddenly using your credit card to pay grocery bills? Not good....

On today's Planet Money:

Credit card companies have decided to become your friend, before it's too late. If they chat you up instead of sounding threatening when you call, they figure, you might pay them back first. That's the message from New York Times reporter Charles Duhigg, who just published What Does Your Credit Card Company Know About You?

While they're getting friendly with you, credit card companies have managed to learn a thing or two about exactly your ways. For starters, they're never happier than when customers buy premium bird seed, or put their kids' pictures on their credit cards. But if they hang out at Sharx, an upscale pool hall in Montreal? That's bad news.

Listen to NPR segment here: /


What Does Your Credit-Card Company Know About You?

A 2002 study of how customers of Canadian Tire were using the company's credit cards found that 2,220 of 100,000 cardholders who used their credit cards in drinking places missed four payments within the next 12 months. By contrast, only 530 of the cardholders who used their credit cards at the dentist missed four payments within the next 12 months.


So credit-card firms are changing their business plans. Gone are the days of handing out cards willy-nilly and hoping that the cardholders who dutifully pay up will offset the losses from those who default. Today companies are focusing on those customers most likely to honor their debts. And they are looking for ways to convince existing cardholders that if they only have enough money to pay one bill, its wiser to pay off their credit card than, say, the phone.

Put another way, credit-card companies are becoming much more interested in understanding their customers lives and psyches, because, the theory goes, knowing what makes cardholders tick will help firms determine who is a good bet and who should be shown the door as quickly as possible.
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  -Buy Premium Bird Seed? Your Credit Card Co Knows You Pay Your Bills. They Know More About You... KittyWampus  May-17-09 07:23 PM   #0 
  - Keep a debit card and only pay with cash you take out of ATM machines.n/t  WeDidIt   May-17-09 07:25 PM   #1 
  - Use the debit card provided by your local cedit union.  Occulus   May-17-09 11:14 PM   #21 
  - idiocy  Skittles   May-17-09 07:27 PM   #2 
  - plus, you're smarter than the average bear. PLUS, you'll kick their ass  KittyWampus   May-17-09 07:30 PM   #8 
  - idiocy pt 2  From The Ashes   May-18-09 02:10 AM   #24 
  - I heard that this AM also. Scary...huh? BIG BROTHER takes many forms.  BrklynLiberal   May-17-09 07:27 PM   #3 
  - Corporations use psychology to get us to buy, pay, submit to authority... psychology is black magic  KittyWampus   May-17-09 07:29 PM   #5 
     - Back in the day they used "subliminal". Now they do not have  BrklynLiberal   May-17-09 10:20 PM   #16 
  - Them boys knowshit... let me explain  nadinbrzezinski   May-17-09 07:28 PM   #4 
  - Just as many of us use Google to search folks, and Face Book to Connect  KoKo   May-17-09 07:29 PM   #6 
  - Do they know I won a DUzy?  TheCowsCameHome   May-17-09 07:30 PM   #7 
  - As a matter of fact they DO.. and that means they know you are a commie pinko librul  SoCalDem   May-17-09 07:42 PM   #9 
     - Well, I hope they get my name right.  TheCowsCameHome   May-17-09 07:47 PM   #11 
  - They must LOVE me.. I charged $950 within 3 weeks at the vet  SoCalDem   May-17-09 07:46 PM   #10 
  - REAL CC reform would include preventing them from monitoring purchases  DJ13   May-17-09 08:53 PM   #12 
  - Why?  Occam Bandage   May-17-09 09:06 PM   #14 
     - Because like everything else they will take it too far  DJ13   May-17-09 09:20 PM   #15 
     - Zactly!!!!  BrklynLiberal   May-17-09 10:22 PM   #17 
     - It's their power  Occulus   May-17-09 11:23 PM   #22 
  - k+r  Blue_Tires   May-17-09 08:59 PM   #13 
  - This is old news, such data mining has been going on for a long while  MadHound   May-17-09 10:42 PM   #18 
  - Perfectly content? I don't think so. Most likely they feel powerless to change it.  bertman   May-17-09 10:53 PM   #19 
  - if you read the articles, they aren't just compiling data, it's used to tailor their communications  KittyWampus   May-18-09 08:47 AM   #27 
     - I know all too well what they're doing with this data,  MadHound   May-18-09 09:56 AM   #29 
  - and people who drive old Volvos give more to charity, etc. etc.  Lex   May-17-09 10:56 PM   #20 
  - This is why I like to use good old cash or barter as much as possible  arikara   May-18-09 02:00 AM   #23 
  - There's no reason we couldn't form unions to provide services we want but that are now being used to  snot   May-18-09 03:02 AM   #25 
  - I just love the guy who says he felt good by "helping" someone  WolverineDG   May-18-09 06:59 AM   #26 
  - I must really piss them off because I charge everything I can possibly charge in order to  grace0418   May-18-09 09:44 AM   #28 

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