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.


Mitch Reply:
July 14th, 2009 at 12:26 AM
I agree with you, and I don’t like it at all. I hate the feeling that we’re continually getting pushed around by these guys.
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Finance Advisory Stop Reply:
July 14th, 2009 at 2:54 AM
Yeah. Sad thing is that we can’t really do much about it. I mean, if we could, it wouldn’t seem like as big of a problem as it really is. I don’t think many people know of credit card companies doing this yet — once people start to find out though, I don’t think they will be too happy. I’m sure not.
Finance Advisory Stop´s last blog ..Does Money Bring Happiness?
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Mitch Reply:
July 15th, 2009 at 8:12 AM
Nope, people won’t be happy, but they’ll be stuck. I’m now down to two cards, and may get down to one when I can.
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