Could this be the end of Visa credit cards? Could we not be spending them in shops, in bars or at casinos? Amazon are the first but will the following providers follow suit – companies like 888 casino, BetVictor, Mega Casino or Grosvenor could all be about to do the same?
Nothing is certain as of yet but it could be a real game-changer in the financial world if more companies follow.
Amazon dropped a bombshell on the UK market recently with their decision to stop accepting the Visa credit card from next year. It is a move that has brought much disappointment to people who regularly use their Visa as a way of building up rewards and a much easier way of managing their finances.
It is reported that the fees are too much for Amazon to pay and they will be phasing the card out over the next few weeks. Ultimately, they will stop allowing the card to be used on the website on the 19th of January 2022.
The credit card company announced they would be increasing their fees for digital payments where a physical card is not present, raising them to 1.15% for debit transactions and 1.5% for credit transactions from 0.2% and 0.3%.
The decision caused outrage with Amazon who were concerned pre-Brexit about charges but felt the rise was too much. However, they state the decision was not because of Brexit.
Many consumers are happy that they can still use their UK credit card in time for the Christmas holidays and part of the January sales but it will be interesting to see if Amazon loses customers over the decision because it is excluding part of the market.
It is more than likely that this is a huge push by Amazon to get people signed up to their own credit service therefore able to attract people to use Amazon and keep costs down at the same time. Amazon has expanded their horizons on many other occasions and this is just another one.
The decision has been met with bafflement from Visa themselves who feel the decision is “odd” and “inaccurate”. Amazon’s mind seems made up about the decision as they are currently compensating thousands of customers with £20 gift vouchers who are in a situation where the Visa is their default card.
However, it is not all doom and gloom as there are still many places that accept the card currently and the current providers look set to continue to accept the card even after Amazon’s decision.
The big supermarkets in the UK and they could be tempted to change their policy on allowing the Visa UK credit card to be used in their store or online. It could be worrying considering many of the big names have banks of their own and use Mastercard rather than Visa.
However, as it stands nothing has changed in their policy regarding Visa UK credit cards but it could be worth keeping an eye on the situation depending on how Amazon handles the situation after the 19th of January.
People use their Visa UK credit card for all sorts of entertainment such as visiting the cinema, gambling online, going out for meals and many more. It is a good way of earning rewards as stated previously but could that all come to an end?
It would be a serious blow to how people are living their lives and thousands of Britons would be affected by the deal but the following casino providers are certainly still accepting the major leading credit card. Mansion Casino, Dream Vegas, Betway Casino and Mr Mega all accept Visa UK credit cards and can provide the customer with more benefits of depositing with one of those cards.
This could have serious effects on how people will shop in the future. Amazon is a company that dominates the shopping market with many people using the company website easily to buy and sell. However, the move will turn people off if they cannot use the card they want to.
Other big shopping companies could actually benefit from the fact that Amazon will no longer accept the card because people do not like to change their finances drastically. If Amazon sticks with their decision the effects will really be seen from Black Friday 2022 to Christmas 2022.
Should I change my card?
So with all that to consider there is really no need to panic and change your card because Amazon is the only company stopping it. It will be something that needs to be monitored carefully if you are a Visa customer but for now, there is nothing to change.
The only reason you should consider changing is if you are an avid Amazon customer who relies solely on using a credit card otherwise stay as you are for now especially with talks ongoing between Visa and Amazon about the situation.