At least that’s the conclusion being drawn by the Financial Times and Wired after analyzing an online presentation from MasterCard, offering up cardholder data to online marketers looking to zero in on holiday shoppers (the presentation has since been taken down).
MasterCard cardholders make tens of billions of transactions each year, according to Wired. Out of that storm of data, patterns start to emerge. Population sectors can be isolated and analyzed. And that can be particularly useful to marketers who want to target business travelers, for example — or, even better, holiday shoppers (broken down into categories like Black Friday shoppers and Cyber Monday shoppers).
Although no personally identifying data would be passed on to marketers, they’d be able to target you with online ads tailored to your shopping habits. That connection between your offline purchases and online life is what’s so mysterious (and so concerning). How, exactly, are these online marketers supposed to use what you’ve been buying at the mall and find you online?
If MasterCard’s potential program takes off, it will be another development in the complicated relationship consumers have with their personal data. On the one hand, we offer up our information on a silver platter to marketers via social media. And we embrace smartphone apps that know where we are and send us coupons for nearby stores. On the other, we get creeped out when our favorite stores seem to know us a little too well and protest when malls try to track our phones. Plus, there’s a vulnerability that comes from marketers having the inside scoop on our impulse buys.
How far is too far? Would MasterCard be crossing the line with this program?
With protecting your wallet in mind, here are some of the best personal finance blog posts of the week:
Money Crashers lists 10 things to never keep in your wallet.
Punch Debt in the Face celebrates achieving financial peace.
One Cent at a Time explains 15 ways you could get scammed on Craigslist.
Personal Dividends offers some tips for negotiating a lower rent.
NarrowBridge Finance explains why freebies don’t always add value to your life.
Your Finances Simplified provides three ways to feed your family when you have little time — and little money.
Source:
creditcardguide.com
