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Amazon to stop accepting UK Visa credit cards

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Re: Amazon to stop accepting UK Visa credit cards

#181

Post by robjan »

iampims wrote: post #115
ericd wrote: post #104

Earlier quoted context omitted.

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.

And merchant add 2% to their base price which amounts to everyone not using a credit card “subsidizing” the benefits to all credit card users.

The cost of handling cash is similar to handling a credit card transaction

Re: Amazon to stop accepting UK Visa credit cards

#182

Post by [deleted] »

barrkel wrote: post #2

I cannot believe that Visa transaction overhead would be higher than Amex - there's something going on behind the scenes here. I don't think this is the end of it either, it smells like a negotiation threat. Visa have a larger market share overall (80%, including debit cards [1]) but Mastercard leads in credit cards. Amex has always been fairly niche because it's not accepted everywhere. [1] https://www.statista.com/…

[deleted]

Re: Amazon to stop accepting UK Visa credit cards

#183

Post by [deleted] »

adav wrote: post #176
swarnie wrote: post #163

Earlier quoted context omitted.

Such a broken system..... I have to spend everything on a credit card, then when i get home from shopping 45 minutes later go and pay it off using a debt card. Its so unfriendly for the consumer.

Why not rely on direct debit to pay the full balance?

[deleted]

Re: Amazon to stop accepting UK Visa credit cards

#184

Post by tazjin »

oarsinsync wrote: post #170
toyg wrote: post #101

Earlier quoted context omitted.

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.

> well, if you make sure to forbid negative balances on the spending account I'm unaware of a UK bank that will let you do this, so...

Monzo. It's the default in fact, since in order to get an overdraft you need to do a credit application.

Re: Amazon to stop accepting UK Visa credit cards

#185

Post by bogle »

0xy wrote: post #73
londons_explore wrote: post #3

If this is a negotiation tactic, why is it not a global proposal? Perhaps because bank transfer is very developed in the UK, and wire transfers could totally replace credit cards, with lower fees? On mobile devices, the effort to set up a wire transfer or direct debit is only maybe 1 minute for most users, and that's a one time thing, and unlike credit cards they don't expire either. Fees for the use of the system ar…

It is being rolled out globally. Amazon instituted a very hefty fee for Visa transactions in Australia. No such fee for Amex or MasterCard payments.

In the UK you aren't able to add a fee for using a credit card over another form of payment.

Re: Amazon to stop accepting UK Visa credit cards

#186

Post by refurb »

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.

But that 2% fee is squeezed out from the processors anyways and flows back to consumers.

Re: Amazon to stop accepting UK Visa credit cards

#187

Post by swarnie »

adav wrote: post #176
swarnie wrote: post #163

Earlier quoted context omitted.

Such a broken system..... I have to spend everything on a credit card, then when i get home from shopping 45 minutes later go and pay it off using a debt card. Its so unfriendly for the consumer.

Why not rely on direct debit to pay the full balance?

Poor management on my part, i'd rather know its done and keep a watch on my spending day to day.

Re: Amazon to stop accepting UK Visa credit cards

#188

Post by baq »

toyg wrote: post #119
blowfish721 wrote: post #108

Earlier quoted context omitted.

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.

I reckon a situation like that is un-European, the Commission will probably step in at some point.

that would be suicidal, but an EU initiative for incentivizing low-fee cashless payments is not out of question.

Re: Amazon to stop accepting UK Visa credit cards

#190

Post by dustinmoris »

input_sh wrote: post #79
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?

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…

> can't be overcharged, can't go below zero,

...and can't get a mortgage and buy a house because you have no credit score.

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