Credit Card Penalizing Consumers Based On Where They Shop
Goodness, these credit card companies are getting more intrusive in our business. Now it’s being reported that they’re tracking our purchases to see where we’re buying certain things, to try to determine if our credit status and financial positions are potentially getting worse based on where we’re shopping.
In this particular news story, they showed a group of people shopping at thrift stores, and had those people saying they were trying to save money by buying used and inexpensive clothes. They were then told that credit card companies were tracking purchases and seeing the types of places people were buying items from, and could use that to increase interest rates or cut upper balance limits.
Not that they need more ways to figure out how to hurt the consumer. American Express has already made some interesting changes with their cards, and Capital One tried to take a big chunk out of me, until I decided to cancel it and “risk” hurting my credit score. Yeah, right.
I wish we didn’t have to deal with credit cards, but they’re a necessary evil. I can hardly wait until the beginning of the year when the new credit card rules kick in, although, by then, we won’t need to worry about it since no one will have a credit card anymore.