I recently used my credit card to buy a banana. Then I tried to figure out how my credit card let companies buy me.
You might think my 29-cent swipe at Target would be just between me and my bank. Heavens, no. My banana generated data that’s probably worth more than the banana itself. It ended up with marketers, Target, Amazon, Google and hedge funds, to name a few.
Oh, the places a banana will go in the sprawling card-data economy. Despite a federal privacy law covering cards, I found that six types of businesses could mine and share elements of my purchase, multiplied untold times by other companies they might have passed it to. Credit cards are a spy in your wallet — and it’s time that we add privacy, alongside rewards and rates, to how we evaluate them.