Amazon to stop accepting UK Visa credit cards • Hacker News Board

Re: Amazon to stop accepting UK Visa credit cards

#101

Post by toyg » Wed, Nov 17, 2021, 10:31 AM UTC

gambiting wrote: post #88

input_sh wrote: post #79

Earlier quoted context omitted.

Here's why: two debit cards, one for receiving money, one for spending money. Automated payment from the 1st one to the 2nd one once a month with a fixed amount you expect to spend in a month. Nothing to pay off, you're spending your own money, can't be overcharged, can't go below zero, if someone leaks your spending card they can't touch the majority of your money, no scummy business practices. Never owned a credit…

>>one for receiving money, What do you mean debit card for receiving money? In what sense? >> Automated payment from the 1st one to the 2nd one Again, I have absolutely no idea what you mean by that. Payment from a debit card to a debit card? What?

I guess he's trying to compartimentalize so that, if the spending account is compromised and depleted, the main-income one is untouched.

Seems like a lot of work to do what CCs do automatically. I guess the upside is that crazy spending is impossible (well, if you make sure to forbid negative balances on the spending account) and it's impossible to accrue interest.

Re: Amazon to stop accepting UK Visa credit cards

#102

Post by mytailorisrich » Wed, Nov 17, 2021, 10:32 AM UTC

worble wrote: post #29

havkd wrote: post #10

Earlier quoted context omitted.

I like this. If that’s the case, it proves the free market works. You don’t need regulations when corporations can strongarm one another.

Oh yeah, this is a real win for consumers now that a large proportion of them are locked out from using their credit cards on Amazon.

Consumers can also strongarm Amazon.

If everyone using Visa credit cards stop buying on Amazon starting 19th January, Amazon will probably budge.

But since everyone has a debit card Amazon must be betting that if they do stop accepting Visa credit cards then customers will just shrug and switch card because they really, really need that stuff now.

Re: Amazon to stop accepting UK Visa credit cards

#103

Post by TekMol » Wed, Nov 17, 2021, 10:32 AM UTC

How much does Visa charge when someone pays, say, $100 to Amazon via a credit card?

And if that is a substantial amount - how will the Lightning Network not drive Visa out of business?

Re: Amazon to stop accepting UK Visa credit cards

#104

Post by ericd » Wed, Nov 17, 2021, 10:32 AM UTC

jdiez17 wrote: post #62

mrec wrote: post #43

Earlier quoted context omitted.

> most people buying stuff on Amazon would be using a debit card, folks only really use credit cards for large purchases Huh? I'm in the UK, have been an Amazon customer for over 20 years and have always used a credit card for everything. I didn't even know you could use a debit card, and can't see any reason you'd want to. Paid off in full every month, better consumer protection, what's not to like?

> what's not to like? Well, the predatory business model, for one. The reason your credit card company can offer you "better consumer protection" and other benefits is because they count on a percentage of people not paying off their debt in time (and thus making more money out of them). Also, I personally wouldn't want "better consumer protection" to be mediated by a private company. That should just be the default.

It's not necessarily predatory, so much as they take a couple percent of everything that flows through them. Also, they don't take the hit on chargebacks, the merchant does. Those two things cover purchase protection just fine without relying on people getting hit with high interest rates.

Re: Amazon to stop accepting UK Visa credit cards

#105

Post by Ekaros » Wed, Nov 17, 2021, 10:33 AM UTC

helloguillecl wrote: post #98

It is mind blowing that in 2021 we have a payment system collecting a fairly big percentage of the economy's output. I don't know for sure, but 2% over revenue could easily be about what the government collects in corporate taxes derived from that revenue.

2% sounds high, something under 1% sounds reasonable for unified network providing reasonably secure payment flow. Dealing with lot of cash isn't really free either. It gets quite complicated and less secure if sums were really to increase.

Re: Amazon to stop accepting UK Visa credit cards

#106

Post by mytailorisrich » Wed, Nov 17, 2021, 10:35 AM UTC

docdeek wrote: post #75

ChrisRR wrote: post #6

Well that's annoying. Visa credit cards are very common in the UK, I myself use one for everything online. I don't know anyone who's got an American Express card in the UK Edit: Could it also be that Amazon offer their own Mastercard credit card and they're trying to nudge people towards that?

Not sure about the UK but here in France Amazon has just started promoting a co-branded Amazon Amex card.

In the UK Amazon has had a co-branded Mastercard credit card for at least a decade.

Re: Amazon to stop accepting UK Visa credit cards

#107

Post by ealexhudson » Wed, Nov 17, 2021, 10:35 AM UTC

IanCal wrote: post #77

fredoralive wrote: post #41

Earlier quoted context omitted.

Presumably confusion between debit (where Visa is common) and credit (where it isn't).

HSBC credit cards were visa. I assume they'll change as first direct has.

I got a new HSBC credit card just the other day - still Visa. If they're planning to change, they're taking their sweet time about it...

Re: Amazon to stop accepting UK Visa credit cards

#108

Post by blowfish721 » Wed, Nov 17, 2021, 10:35 AM UTC

rightbyte wrote: post #84

larschdk wrote: post #37

Earlier quoted context omitted.

Denmark has a standardized national debit card. Physical stores are not allowed to charge a fee, but online stores are (typically DKK1.50/$0.25). Works great, but obviously only for stores in Denmark. They are almost always combined with a Visa debit card on the same card for a yearly fee (typically DKK150/$25).

Really? Nice. There is no need to have Visa et al. take a 1-3% tax on everything.

Downside of this as a tourist/visitor in Denmark at least some smaller shops force you to pay with cash since they don’t accept visa/mastercard but only the national debit card. Just a minor annoyance at least as a Swede since we don’t usually carry cash these days.

Re: Amazon to stop accepting UK Visa credit cards

#109

Post by Ekaros » Wed, Nov 17, 2021, 10:36 AM UTC

ZeroGravitas wrote: post #5

Has anyone successfully nationalised/regulated into sanity this business? It's 2021, buying stuff should involve neither precious metals nor weird faceless financial cooperatives owned by private banks.

I'm not entirely sure that network owned by private banks is the worst possible thing. If properly regulated and open to everyone on same rules and fees.

I would actually trust such one more than anything bought by government...

Re: Amazon to stop accepting UK Visa credit cards

#110

Post by azalemeth » Wed, Nov 17, 2021, 10:37 AM UTC

I really don't get why we accept this de-facto tax on the world economy by US companies. Amex, Visa and Mastercard are all based in the US, and all charge a (nowadays) non-negotiable fee on selling anything. Cash has many problems, and clearly won't work for online purchases, but at least small business owners could pay their employees "out of the till" at the end of the week, bypassing bank transaction fees and a fairly substantial (~1%) barely-negotiable and highly regressive charge on their income.