Earlier quoted context omitted.
Given that they're probably already tracking everything via my credit card number (whether I sign up for anything or not), I don't feel like much privacy is being given up. Though as a rule I don't bother with most of these programs, mainly due to the inconvenience factor. I've lost hope of maintaining my privacy through any actions I can take individually. A legislative solution is required.
Correct me if I'm wrong, but if you're using a credit card the bank is only getting a receipt that shows the sum total of the transaction and not an itemized receipt. The club cards are consuming and tracking the data of the entire transaction.
Yes, it won't be perfect (especially if one uses multiple cards), but many stores are getting extremely sophisticated with their techniques for profiling customers.