All the Ways Your Credit Card Reveals Personal Information
If someone asks you why you use a credit card for everyday purchases such as groceries, you might refer to some combination of the convenience of paying a credit card bill later, protecting consumers from potential fraud, or not having to carry cash or worry. about your verification. balance.
But of course all these advantages have to be dealt with. Washington Post tech columnist Jeffrey A. Fowler took a city expedition to demonstrate how credit card companies and their friends are selling your data. In a tedious tale of two bananas, an Amazon Prime Visa and an Apple Card that doesn’t come from a printer , Fowler pointed out six places where using your credit card can provide more personal information than you think.
Card issuer
Credit card issuers are allowed to share your data with other companies, unless you specifically opt out of using the default as stated in the card’s privacy policy (more on that later).
Card network
In addition to the bank that issues your card, card networks – such as Visa and Mastercard – can use and anonymize your information to sell “analytics”. “Visa said it allows customers to see data for populations of 50 people or more, which are often tied to groups using zip codes,” Fowler wrote. This purchase data may be used, for example, by a company considering opening a store in your area.
Retailer
Each time you swipe your card, the store can add the contents of the receipt to your purchase history. Depending on the store, your data may be sold or, more ambiguously, “transferred” to another company, Fowler noted.
Payment processor
Perhaps you are not really thinking about the payment panel in which you insert the card. But these payment terminals also collect your personal data. Some of this information can be stored in the form of a customer profile, for example, on registration tablets that remember where to send a receipt. These services may collect your purchase history with others as a date shared outside of that seller.
Your mobile wallet
Left your wallet at home? Okay, you have a phone. However, if you do not change your privacy settings, your mobile wallet may transfer your personal information. Google Pay, for example, can use your information to allow other Google companies to sell you products, Fowler said. Apple Payments, Inc. and Green Dot Bank keep Apple Pay Cash data separate from the rest of Apple. Most of the data is not transferred at all.
Your financial applications
If you sync your spending with a budget app, this company can aggregate your data with that of other users and sell it to a third party. EveryDollar , for example, says it shares aggregated anonymous data within its parent company, The Lampo Group.
Stop sharing your credit card information
At this point, it’s safe to assume that if you’ve signed up for a product or service, they are transmitting your data in some way. Maybe they are selling it; maybe they use it for industry case studies. After thinking about all the ways you’ve traded your privacy for convenience, you might want to ditch the city and hide in a bunker.
But heck, maybe you’re willing to trade some of that privacy for a treat that’s easier to shop or get rewarded for loyalty. If you do not plan to stop using credit cards any time soon, there are two steps you can take to restrict the transfer of personal data.
First, credit cards are needed to provide a way to opt out of data sharing. Check out your card issuer’s privacy policy for how to get off their marketing lists.
Once you’ve figured out your card issuer, don’t stop there – you may also need to ask the card network to stop sharing your information. Visa and Mastercard have online systems for this. Discover and American Express let you control your privacy on your online account or over the phone.
Curbing your credit card details won’t keep your shopping habits as private as using cash. But it can at least reduce the number of “personalized” offers you find in junk mail.