The Internet was almost blown up earlier this week when Amazon announced that it will no longer be accepting Visa credit cards issued in the UK from January 2022.
The company says it has made the decision due to “high fees” charged by Visa for processing credit card transactions. Visa, on the other hand, said it was disappointed by the decision which it claims is threatening to restrict user choices.
Well, there are usually at least two sides to every story; everybody has something to gain or something to lose when decisions like this are made. One thing I know is that Amazon’s decision to stop accepting Visa credit cards will force many people into looking for alternative payment methods.
Come to think of it, Amazon said customers will still be able to use their visa debit cards! So was the problem? If you look at this decision from another angle, it may actually be helping to stop some people from getting further into debt. This is just my thinking especially with the Black Friday Sales, not many people might be tempted to get further into debt if they use credit cards. This may actually be a blessing in disguise for some people.
Using your debit card Visa debit card means you can only buy what you have money for. This is just my take on the issues for now. What do you think? I’ll be waiting to read your comments.
By the way, did you know you can use PayPal to pay for your purchases on Amazon?
To do this, simply add your card to your Amazon account by first going to “Accounts and Lists” in the top right of the screen. Then go to “Your account” > “Your payments” > “Add a payment method”.
PayPal is a virtual card that can be used at any online merchant that accepts Mastercard. It can be added to your Amazon account like a normal card.Niyi Adeoshun
Money Management Coach
Author of the newly-published book:"Winning Together"
(A Couple's Guide to Success With Money and Marriage)