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> Credit card networks already know everything you buy I didn’t know this. Let’s say I buy advil, condoms, and dish soap with my capital one Visa card at Walg
by newjersey 4y ago
> Credit card networks already know everything you buy
I didn’t know this.
Let’s say I buy advil, condoms, and dish soap with my capital one Visa card at Walgreens. What information does Walgreens share with visa and/or capital one? I just assumed the name of merchant and the total amount charged was all they needed?
I remember back when I was younger, I’d often see adults requesting the cashier to charge this much on one card, this much on another, bringing out four or five cards. Do all these banks/ card processors get a full list of items sold?
- deleted 4y ago[deleted]
- SketchySeaBeast 4y agoSomehow I doubt it - I would honestly consider it a feature if I could look on my credit card statement and have an explanation around why I spent $22 at 7/11 on the 12th.
- kasey_junk 4y agoThere are 3 levels of data shared from the merchant to the card networks. Level 3 is the highest which does contain item level detail. That tends to only be sent on hotel or airline transactions or when working with government accounts. Generally speaking the merchants and card networks have very antagonistic relationships. The big merchants know that their sales data is valuable and won’t share it without incentives. The credit card networks do offer lower interchange rates for sending level 3 data but it still hasn’t seen a lot of uptake.
- angio 4y agoIf the retailer keeps a record of the receipts, the government can ask for them since they have the payment reference from the credit card company.