Amazon to stop accepting UK Visa credit cards from January

Got something to share that isn't strictly related to Cyprus? Post it here.
Post Reply
User avatar
memory man
Posts: 4483
Joined: Wed Dec 28, 2016 7:30 am
Location: on top of ATLANTIS
Contact:

Amazon to stop accepting UK Visa credit cards from January

Post by memory man » Wed Nov 17, 2021 12:13 pm

The online retail giant said it has made the decision due to ‘the high fees Visa charges for processing credit card transactions’.

READ MORE HERE
Image

glang3000
Posts: 117
Joined: Mon Jan 15, 2018 11:27 pm

Re: Amazon to stop accepting UK Visa credit cards from January

Post by glang3000 » Wed Nov 17, 2021 7:11 pm

This is thanks to EU law, a couple of years ago the EU decided that companies could not pass on the charges from more expensive cards, i.e. if a credit card company charges 2.5% and the debit card company charges 0.5% you can't charge people who use a credit card the extra 2% nor can you give the customer who uses the debit card a discount. The result is Credit card companies can now charge what they like and are putting up their charges.

Post Reply