Visa Credit Cards are a no-no!

As a dispute over payments escalated, Amazon confirmed that it would stop accepting Visa credit cards in the United Kingdom. According to an email sent to customers, starting January 19th, the company will no longer accept Visa credit cards issued in the United Kingdom.

Amazon will continue to accept Visa debit cards and credit cards from other companies, including Mastercard and American Express.

According to an Amazon spokesperson, costs should be decreasing over time due to technological advancements, “but instead they continue to stay high or even rise.”

Visa’s stock dropped more than 5% after Amazon sent this message to its customers.

Visa expressed disappointment that Amazon is threatening to limit consumer choice but added that it would keep working forward towards a way to solve so that our cardholders could use their preferred Visa credit cards at Amazon UK without Amazon’s restrictions starting in January 2022.

Visa credit card issuers in the UK, such as Barclays, Nationwide, and Co-op, have declined to comment on the dispute. Amazon is offering £20 to Prime customers who switch from Visa to an alternative payment method, and £10 to other customers who have Visa cards as their default or only payment method on their account.

Amazon’s decision to ban Visa credit cards in the United Kingdom was “odd,” and Amazon’s claim that Visa’s fees were “too high” was “inaccurate,” according to Visa Chief Executive Officer Al Kelly.

He also claimed that Amazon’s announcement that it would no longer accept Visa credit cards as of January 19, 2022, was a “threat to punish customers” and that it was part of “challenging negotiations” with Visa over payment rates.