Credit Card Companies Know More Than You Think
It’s no secret that most of the things we do online are traced and recorded in one way or another, but did you know that credit card companies use this information? Some credit card companies use transaction data to weed out potential credit risks. A certain Visa card was accused of lowering available credit to those who used their cards at marriage counseling, pawnshops or bars, because they see those as risky behaviors. This is our list of the top 6 things credit card companies know about you based on your transactions.
1.They Know Where You Go
Credit card companies track where you go, and which ATM’s you visit. This is usually used to prevent fraud, because the companies will flag a purchase that doesn’t match your usual routine.
2. If You Take Care Of Your Home
A study found that those who buy carbon monoxide monitors and chair leg padding for their homes rarely miss a payment. Those who protect their home, protect their credit score. Credit card companies recognize, and reward this behavior.
3. If You Are A Small Business Owner
Small-business owners tend to make frequent business purchases on their cards, sometimes racking up incredible amounts. Credit card companies often seek out and buy lists of new companies in order to send them business credit card offers.
4. Where You Will Be Shopping
Card companies work with marketers who target you based on what you purchase in order to create special deals and retain your business. This means, for example, that if you’re a frequent shopper at Walmart, a pop-up might show up on your mobile banking app to lure you back.
5. You Don’t Take Advantage Of The Benefits
Many cards offer perks such as insurance, air miles and store credit. Credit card companies know that most people don’t bother to read the fine print, or forget after signing up for a card.
6. You’re Trying To Cancel
If you haven’t used your card in a while, you’ll be flagged by the credit card companies. Often, this means that you will be sent promotional material, intended to encourage you to keep your card and continue to give the company your business.
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