A new service will allow you to let your friends, and the world, know everything you’ve purchased on your credit score. From a Washington Post article, I understand that Blippy is similar to Twitter, except it posts your credit card transactions, showing how much you spent, where you spent it, and in some cases, a detailed list of what you bought. Similar to Facebook statuses, your friends can “Like” what you purchased and even comment on your transactions.
Could Blippy encourage credit card debt? I can imagine some users would increase their spending so more transactions would show up on Blippy. They might even use the service to show off in front of their friends, saying “Look what I bought.”
Could it become a competition to see who is spending the most on their credit cards? And if you max out your Blippy card, would you go out and get another one so you can keep updating? I can see how making credit cards more “social” would cause credit card spending to spiral out of control. Credit card companies are undoubtedly excited about the prospect of a social networking site that would drive credit card usage.
Blippy could create some problems, especially if you don’t want your whereabouts known. You called in sick to work, but a spa treatment just showed up on your Blippy. You could get fired. Your wife thinks you’re working late and sees you just paid for a room at the local hotel. You could end up divorced. The creep who’s been stalking you sees you just purchased gas from the Shell on 5th Avenue You get the point…
You’d have to be very careful about what you purchased on your Blippy card. Some things you just don’t want anyone to know, like that you’ve just paid to get your back waxed.
On the other hand, Blippy could help in early detection of credit card fraud. You’d know sooner if someone’s been using your credit card or if a restaurant charged you the wrong amount. Plus, it sounds fun.
Right now, Blippy is in a beta stage being tested by a private group. You can sign up to be alerted via email when the service is open to everyone else.
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