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KittyWampus's Journal
Posted by KittyWampus in General Discussion (1/22-2007 thru 12/14/2010)
Sun May 17th 2009, 08:23 PM
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:
http://www.npr.org/blogs/money /

...........................................................


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.

snip


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, itís 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 customersí 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.

http://www.nytimes.com/2009/05/17/magazine...
Discuss (29 comments) | Recommend (+8 votes)
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