Have you heard of Offermatic? It’s a free service which tracks your debit or credit card purchases and then offers you discounts and deals based upon what you routinely purchase. Here’s what Lifehacker says:
The best discounts are for things you actually buy. Free web service Offermatic uses your credit card, through the same back-end as Mint.com, to offer 40-90 percent discounts on products similar to what you’ve already purchased.
If you’re not squeamish about providing financial information to financial scanning sites like Mint.com, Offermatic is a pretty sweet deal. You register your credit cards with Offermatic through their secure system, which then scans your purchases and spits back out high-discount offers from their advertisers, made to match your interests. You won’t necessarily get coupons for the exact stores you shop at, but the examples seem to be highly related.
I’m curious: Would you be willing to provide them your financial information in order to get a coupons and deals in return?
Thanks for the heads’ up on this, Jason!
Good Things about this offering
1. Savings – With the way the internet is shaping the way we buy stuff no one would mind savings be it in form on free shipping or x % off a product.
2. Pro Consumer – These services clubbed with other tools like reviews etc can become such a big driver for consumers to want to try this on. Think about you as a customer buying something like a specific product based on the reviews nearly everyone does that now and on top of it you get a discount on it. I’m sure no1 would deny that its a good thing.
Concerns
1. Trust – I think the real issue is about giving credit card info to them. Like tracking of credit card info happens all the time. Just that we do not see it openly or we are not aware of it. Banks track what we do, govt agencies track who buys what – place an order for guns online and someone would surely catch it, place bulk order of an iffy medicines – ditto.
My take
1. I would love to have this service if I can feel secure that my credit card info is not going to be compromised
2. Maybe if there’s a big name lets say amazon connected with this. I would feel more comfortable
Nope
NO WAY!
Absolutely not!
uummmm….NO….just another way to get us to spend more money on more stuff we probably don’t need. Come on, people!! Don’t get suckered!!
It wouldn’t help me…we’re on a cash system for these kinds of purchases. We tried the debit card for a while, but it just didn’t work well for us. I like seeing exactly what I have left in my “categories” by simply looking in our cash wallet. And, I probably spend 40-90% less already just by using cash, coupons, and tips from your emails!
Wouldn’t work for us because we’re on a cash budget now, and I’m never going to go back! It took me so long to be convinced that a true cash system was worth it, and boy is it ever. We save more by being on a cash budget and hunting for deals than we would by getting these discounts, or getting “rewards” for using our debit card, etc. The only things that ever come out of our bank account is tithe checks, health insurance checks, student loan payment and money we transfer to savings. But hey, if they can offer me a discount on the student loan payments (i.e. forgive 40-90% of it), I’d take that offer!! HAHA!!
Everyone is so protective of their information, and rightly so, but just remember, every time you hand a check to someone, you are giving them all the information they need to do just about anything with it. And anytime you give your credit card to someone at a restaurant or store, pretty much the same thing.
Um, no.
I’m sure if you spent 5 minutes every week or so, you would be able to find these same deals (or ones very similar) all by yourself on line…just like your post about the meal-planning service, this is just another company trying to “sell you convenience”. But it risks so much more!
I’m sure this “deal” would appeal to some people. Some folks are truly busy and overwhelmed, but as in most of life, “This too shall pass”. That was my mantra when I had a 2 year old and infant twins. Some days were really hard, but hard things did pass and the light at the end of the tunnel did show up. I am so glad that I didn’t succumb to some “deal” like this.
It is too bad that every aspect of our culture is just turning into a money making scheme.
Absolutely not! I try to minimize the amount of information that is available about me and my family. I don’t even have a Facebook page! I use cash almost exclusively and will never provide debit or credit card information to anyone unless it is absolutely necessary, i.e., I’m purchasing something from them and have some recourse if they misuse my data.
No way! It would take very little abuse to more than wipe out anything I’d gain through their program.
No absolutely not! I do have an expenditure account at my checking website ~ but since we do a lot of envelope system stuff it always makes me laugh ~ our average spendature for entertainment over the last 12 months is 75 cents!!
I don’t mind using shopping cards to help marketers figure out my buying trends and custom tailor Catalina offers to me (as well as Rewards coupons and such), but something like this I draw the line. I find E-coupons a bit invasive, but when it is the only coupon I can find for an item I’ll flinch and use them.
YES, credit card companies do sell your buying preferences to a whole bunch of marketing companies (sorry to tell people that), but I don’t use credit cards anymore and I’m super careful with the one check card I have left. So, no I wouldn’t use this service at all.
Intriguing and terrifying all at the same time! I would not feel comfortable doing this.
No. And that is why I don’t shop at stores where I need a special card either, like CVS or Kroger. I am all for saving a few bucks but they don’t need my information to buy products.
No way – everything can be hacked into!
Never in a million years!
I don’t do Swagbucks because of the privacy invasion so I definitely wouldn’t do this one.
No way! I am too worried about companies knowing my social. You never know what someone might do with your information.
I would not, but I pay cash for most things anyway, so having it track my debit card would only show gas purchases. My credit union offers a “smart checking option” where in return for sharing your debit/credit car habits with marketing firms, you receive 1% cash back at the end of the year. Not worth my privacy to get $20 back at the end of the year!
There was an article in a local paper here in Michigan recently about a man who used this or a similar service and then found out that they had published his social security number “in error.” Eek!
Uh no… I dont even get some FB coupons if I dont trust em. EEK!
Everyone here seems to be non-standard. There was a study several years ago that indicated most people would write their SSN on a form for a /chance/ to win Chocolate.
Or maybe people have been educated better now. In answer to your question, No, I would not.
@Chris, I don’t even write my SSN on medical forms at the doctor’s office. They still manage to track me down if I owe them money.
@Jen, hah. I have filed my taxes without a SSN as a protest and they still knew who I was.
@Chris, Exactly! “They” will find you if they really want to!
No way! Just too risky!
I don’t think it would be worth the risk, but we use cash for most purchases anyway so it probably wouldn’t matter.
No.
(did you mean to ask “I’m curious” rather than “In curious”)
No way.
Uhhmmmm….that would be a big ol NO….the hackers are just too good 🙂
I understand the tought process behind it, but as I have the time to find my own deals, I will rely on myself and my trusty bloggers (thanks!!) to find good deals. It’s not worth giving my information.
No!! I’ve been enjoying our switch to cash and gift cards. It’s easier to track our spending and it’s anonymous. The rise of electronic tracking capabilities is creepy to me.
Sure! We give information like this to our grocery stores, CVS, and our credit cards all the time. This service would only know your buying habits, not your credit card number. If this means I get great deals on items I actually purchase, or stores I frequent, I’m all for it!
@Zuania, I think you missed the part where MSM said you DO give them your CC#. That’s how they track your spending. They’re not just tracking what you buy online, but in brick & mortar stores, too.
NO!
Nope-not me.
This is really interesting. I think it does indicate that there may be tiers, though I think you would need a lot more datapoints to really prove it statistically.
I would never give away all that info just to save some money. Down the road, I would really regret having all my info out there, and protecting your privacy is priceless, really. I think I will not be participating in this one!
No, absolutely not.
I use Mint.com and love it. You don’t give them your credit card number, just your log-in so it can pull in your purchase history. I don’t know that there’s a way to get your credit card number online anyway, unless you download a pdf of your statement.
To me, this sounds very much like the Nielsen home scanner, except not quite as bad because the company wouldn’t know exactly what items you purchase.
@Lauren, I also use mint.com and find it useful. You do not provide your credit card information. Even though we are on a cash basis, I withdraw the money from the bank each week (which does show up online). You can then “split” that transaction based on how you use it. I find it very useful for our budgeting but realize it might not work for all.
No way! We have one credit card and I try to pay with cash as much as possible. I like a good deal but that is a bit extreme.
Never!!!!!!
We’re on a cash basis here….hard for others to track our spending!
Doubtful.
Noooo! Too shady!
I have never heard of Mint.com before, or this new Offermatic. But it seems like the benefits to their company seem higher than the benefits to you when you sign up and give them your information. I’m wary whenever this seems to be the case. This is the kind of situation where I will wait to see what others’ experiences are with the service and whether or not they are happy with the deals they receive before making my decision. If it would continuously save me a significant amount of money on the things I am already spending money on each month, then I would consider it, but only after researching and finding that the response from others is overwhelmingly positive.
Absolutely not! Saving a few $$ is not worth the nighmare of someone obtaining your banking and credit card information.
Um, no thanks. The fewer places that have my credit card on file, the fewer chances of it getting hacked and misused.
Ummm. Aren’t you a Shop at Home blogger? Their site and toolbar are the same thing without the credit card info. They offer you cash to go through their site and are tracking exactly what you buy. In exchange you get any available coupon codes and a percentage back. You are partnered with them, so I find this post surprising! Offermatic is offering the same thing essentially only different presentation. Using your card to track spending, collect the information and redirect to other retailers. Shop at Home redirects by offering bigger percentages back on “feature” retailers. What am I missing?
Also, what do people think happens when you click on an email ad for 20% off Old Navy but not on a Free Shipping ad? They are tracking what discount you are likely to click on. Already being done people. Get out your 1984 or … go with it. I want retailers to know I’m not willing to order anything online if I have to pay shipping. I don’t have to give any company my credit card info though. They track me anyway.
@Andrea,
I don’t think that most of the comments are referring to having a company track WHAT they buy, they are saying no way that they would give their credit card #. I think that the vast majority of us understand that just about every click we make on our computers is tracked but there is no way in hades that I would give a company my credit or debit card info to use to track my purchases!
No way!!!
Never! Not in a million trillion kazillion years!
Nope. Even if I did have a credit card, I wouldn’t do it. First of all, my purchasing habits are my own business. I’m not cool with somebody tracking my every move. Second of all, my credit is worth more than saving a few bucks here and there. For me, the less personal info about my family that is out there, the better!
I’d have to say that I’d rather scope out deals myself. That just doesn’t seem like a good idea to me.
No way!!!
I think I will pass on this. Not worth giving up that much info.
Nope, not me! I don’t use mint.com either. We have had our Paypal accounts and bank accounts hacked more than once. I do not give out my card #’s freely. I will stick to finding the deals myself.
I bet you and your readers get better deals, without providing so much information about themselves. Lately I have been shopping with gift cards, instead of using my credit card. Some I buy through a Christian school (they use Scrip and get the cards at a discount, so they make money). I also buy discounted gift cards and charge them to my cash rebate credit card. With the way the world is going I like being a little more annonymous in the electonic world.
I would, in fact I have already provided all my account info to BillShrink.com to provide me with comparisons for which credit cards would be a better deal based on what I charge, my payoff rate and what rewards I get.
I have noticed recently that the credit card companies put little offers like this right in my online statement. So they are already selling my purchase data to such a company. Why shouldn’t I take control and get a better deal?
nope! I don’t use my debit card much anymore anyway and a credit card not at all.
Um, no way! I can’t believe anyone would take this kind of risk just to get a few good deals. IMHO, the risk outweighs the benefit way too much!
No!
I’m not opposed to it, but I’d have to know more about it, like talking to people who already have it that aren’t just testimonials off of their website.
Not on your life. The whole idea behind Mint.com is iffy to me anyway, so I’m not about to give it to some coupon-tracking site. I realize there is no way remain totally safe from fraud if you use credit cards and debit cards, but I’d rather keep my known-handing-out-of-that-information to a minimum.
Not a chance!
no doesnt sound like its worth my privacy
no way. you have to draw the line somewhere. this is just to risky. I am way to protective of my credit.
I might be open to this if credit card companies implemented some sort of API like facebook and twitter have for outside sites where you can approve them. I wouldn’t give them my username or my card #.
Heck NO!!!!!