For better or for worse, get ready for the smart credit card.
Reid Hoffman at Forbes breaks down some of the features we'll see soon.
Cloud-connected cards will cut down clutter, helping us shop smarter. "Instead of holding on to that Red Lobster gift card, REI loyalty card and printed Groupon deal, you can add these to your card, and receive benefits automatically when you make a purchase," Hoffman says. Despite being a dying breed, the average American leaves $300 in unused gift cards on the table. But smart credit cards would remind us put them to use and reap the rewards.
Marketers will scrutinize our transaction history to offer better deals. Forget one-size fits all campaigns and a glut of reviews. Consumers' transactions will be scrutinized to the point marketers where marketers deliver a tailored stream of feedback and recommendations based on where consumers "check in" and shop. We'll also be rewarded for liking, sharing, reviewing and returning to our favorite services.
The "quantified self" will "deliver a stream of valuable intelligence (to marketers) based on your transaction behavior," says Hoffman, which could lead marketers to roll out rewards and loyalty programs you actually like.
As we've reported, there are pros and cons to both sides of the smart card coin, and really any digital wallet tool for that matter. Increasing our finances' exposure to the web raises the risk of reckless spending and identity theft.
And no matter how good the deals sound, not every campaign is foolproof. It could translate into a major headache for weary shoppers.
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