I saw several providers decide it was a good time to automatically link future credit card rates to base rate increases though - meaning that benefit in the longer run.
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True, but most providers did offer support in other ways, like payment holidays.
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I’ve haven’t had a card that wasn’t 0% for years. At one point I was ‘stooging’, these days it’s just a handy option, but when one 0% offer runs out I never seem to struggle to find a new one.
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Curve just sent out an email capitalising on the news, but as others pointed out here, you lose section 75 protection
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Not sure if anyone mentioned it but they sent out another email letting business customers know this change does not apply to them. If you have an Amazon business account they will still accept your visa credit cards for payment.
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Just had an email from Amazon saying they are working on a resolution with Visa so they won’t be stopping accepting them on 19th January as previously announced
Wonder if they will reach a compromise?
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That was almost definitely the plan from the start and this wouldn’t have gone through.
The big question is who blinked first?
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I’d put good money on it not being Amazon.
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With the new authorised payment functions of Open Banking, if I were Visa or Mastercard, I’d be very worried.
Watch Visa become the next Polaroid.
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Looks like I’m safe
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This has just been a negotiating tactic all along. I am sure they never wanted to throw visa out of the platform but actually wanted to get the fees lowered.
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I didn’t see that coming at all
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So has this helped every business, large and small, by forcing Visa to lower their charges across the board, or did Amazon just end up helping themselves?
The reason I ask, is because Amazon was seen as being the hero, by taking on Visa for the good of all businesses. I’m not sure if that was ever their intention though.
I would imagine Amazon have the sway and volume to get a better rate.
Very few others can try and fight them (and win)
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I think part of Amazon’s mission is to put every other business out of business, so, if anything, I’d expect Visa to recover any lost revenue wherever they can.
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With the Open Banking debit features imminent this year, Visa and Mastercard are going to have to adapt significantly to compete.
Both online, and in–store with the Pay by Bank App service (which, actually, Mastercard owns)
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Are they? I’m still annoyed they involved customers at all in their negotiations. Pointless really given they were always going to settle
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Agreed.
Just makes me wonder why a lot of people placed Amazon on such a high pedestal, claiming they’ll be helping every business with the boycott.
I think Amazon simply wanted to reduce their own costs and wasn’t thinking about other retailers.
And rightly so, I guess.
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Or did Amazon back down? We don’t know, nothing has been explained as to what the agreement was. For all we know, Visa didn’t change anything and Amazon blinked, because their whole mode of operating is to make it as easy as possible for people to pay without thinking. Suddenly setting 30%–50% (at a guess) of your accounts to not having a valid payment method is not good for business.
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