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For example, with T-mobile, I can register my credit card, and if I use that credit card at any of the participating outlets, I can earn cashback. Similarly, if I register a non-Bilt credit card with Bilt, then I can earn Bilt points on 'eligible spend'. How are they able to access my credit card transactions? and are they...

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Submitted ⁨11⁩ ⁨months⁩ ago by [email protected] to [email protected]

https://kbin.social/m/[email protected]/t/288945

For example, with T-mobile, I can register my credit card, and if I use that credit card at any of the participating outlets, I can earn cashback. Similarly, if I register a non-Bilt credit card with Bilt, then I can earn Bilt points on 'eligible spend'. How are they able to access my credit card transactions? and are they getting access to only the participating outlets, or all of my transactions? and what do they gain by doing these schemes other than increasing their brand value?

Comments

  • [email protected] ⁨11⁩ ⁨months⁩ ago

    They sell your transaction history to advertisers.

    • [email protected] ⁨11⁩ ⁨months⁩ ago

      The ToS and privacy policy will give you an actual answer. Generally, you are having all of your purchases and stuff tied to your name, age, gender, address (approximate or specific maybe), and other demographic data. This data is then used for a variety of purposes running from actual research on trends and such to targeted ads, to who-knows-what. Basically you and your data are the product and you get points for being so.

      Grocery store cards were one of the early adopters of this sort of thing, IIRC.

      • [email protected] ⁨11⁩ ⁨months⁩ ago

        usually a percentage of the amount this of the sale.

        It's usually a percentage plus a fixed amount. Rewards cards and AMEX and Discover can be significantly higher than your bog standard bank account card.

        Here's Squares rates, which flatten out all the variables to these standard fees. Traditional merchant credit card processing services pass on the exact charges based on the type of card, issuer, and entry method. I think AMEX was 3.5%+.

        The Square standard processing fee is 2.6% + 10¢ for contactless payments, swiped or inserted chip cards, and swiped magstripe cards. Payments that are manually keyed-in, processed using Card on File, or manually entered using Virtual Terminal have a 3.5% + 15¢ fee. Invoices cost from 2.9% + 30¢.