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A recent article from CNN reveals a new way banks are making money—by selling information about your shopping habits. Although this may seem a little like a breach of your privacy at first, the banks have taken measures to protect their customers’ privacy, and they might not be the only ones who benefit from the sale. Some of these programs will save you money, too.

What Banks Are Doing

A couple of banks and credit card companies such as Wells Fargo and Discover have started allowing retailers to send their customers targeted ads. This may be in the form of a text message, an ad on your bank statement, or a coupon sent to your email. When customers see the ad and decide to make a purchase, banks get a cut—usually around 3 or 4%. An ev

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Tags: Making, Probably Making

Get ready to sign up for your “Serve” accounts via your choice of hundreds of “Patch” sites by this fall! American Express and AOL’s “Patch-” the local arm of AOL Huffington Post Media Group- have forged their partnership whereby you can access the “Serve” digital payment and commerce platform. With this, you can redeem local deals and transact with local merchants via the American Express network at local merchants throughout the country! This lets the merchants post offers online in a more streamlined, effective way while, as a “Patch” user, you can tap into the “Serve” account offering for your very own co-branded card to redeem local merchant deals offline. Goodbye coupons and codes!

Tags: Accounts

Budget airlines and travel companies will have to stop hiding card fees for online payments or face enforcement action, the Office of Fair Trading announced today.

And it wants transaction fees for debit cards banned – as they are the online version of cash.

Airline, rail and ferry customers often have to click through multiple pages online before the payment charge is added to the end price.

Transaction booking fees are defended by companies, such as Ryanair, EasyJet and other budget airlines, as an administration fee associated with the cost of booking. However, they typically hugely outweigh the actual cost of processing a payment.

The OFT has now ordered firms to make payment charges clear in the headline price, to stop a surprise card surcharge at the online checkout.

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Tags: Card, Card Surcharges