My bank gave me a choice: share my spending data for a lower rate or keep it private

Last month, my bank sent a new offer for my credit card. They said I could get a 2% lower interest rate if I let them track and analyze all my purchases. The other option was to keep my rate the same and keep my spending private. I picked the private option, even though it means paying about $150 more a year in interest. It felt wrong to trade my whole purchase history, which shows where I shop and what I buy, just to save some money. I don't want them building a profile on me to sell to other companies or figure out how to get me to spend more. It was a clear moment where I had to put a price on my own data. Has anyone else been given a deal like this, and what did you choose?

4 comments

4 Comments

gavin36527d ago

Remember when stores started asking for your phone number at checkout? I gave mine once for a discount, and suddenly got so many spam texts about sales. Now I just say no thanks, even if it means missing a coupon. That small trade never feels worth it later.

green.reese26d ago

Totally feel that... never worth the hassle.

jadej5026d ago

Ugh, exactly! It's like they're buying your peace of mind for a couple bucks off. Once they have your number, @gavin365, it feels like they sell it to every other store in the mall. You end up with a phone that buzzes all day with junk. That discount never covers the annoyance of deleting all those messages. I'd rather just pay full price and keep my inbox quiet.

jana8814d ago

My pharmacy offers a loyalty card that tracks every medicine I buy. I skip it even though it would save me a few dollars each visit. That data feels too personal to hand over for a small discount.