Complete List of ‘Best’ Credit Card Alternatives As Amazon Blocks UK Visas Affecting Millions | Personal Finances | Finance
Amazon released an update to its customers, with a notification saying, âAs of January 19, 2022, we will no longer accept Visa credit cards issued in the UK. The company noted that payments from other Visa credit or debit cards would not be blocked, but despite this, many experts warned consumers would be limited.
Alternatives to Visa for Amazon customers
Katie Brain, banking expert at Defaqto, reacted to the announcement.
âThis is bad news for consumers as it limits their choice of payment types,â she said.
“Also, if you are looking to purchase an item worth Â£ 100 or more, it is wise to use a credit card instead of a debit card as then you are protected by Section 75 by If there is a problem. This is especially useful if you are making a purchase from Amazon Marketplace which are third party vendors. For those who only have a visa credit card, they will be restricted from January.
âThis might be a good time to take a look at what credit card you have, because most of the best zero percent buy deals are with Mastercard. For those who want a rewards-based card, American Express has some great offers. Alternatively, many other retailers still take Visa and it may be worth shopping elsewhere. “
Ms Brain then explained where the âBest Buy Zero Percent Acquisition Cardsâ are today:
- Tesco Bank – Clubcard credit card, purchase rate duration (months): 23, monthly fee: Â£ 0, card type: Mastercard
- M&S Bank – Shopping Plus credit card, purchase rate duration (months): 22, monthly fee: Â£ 0, card type: Mastercard
- NatWest – Purchase and Balance Transfer Card, Purchase Rate Duration (months): 22, Monthly Fee: Â£ 0, Card Type: Mastercard
- Royal Bank of Scotland Purchase and Balance Transfer Card, Purchase Rate Duration (months): 22, Monthly Fee: Â£ 0, Card Type: Mastercard
- Sainsbury’s Bank dual offer credit card, purchase rate duration (months): 22, monthly fee: Â£ 0, card type: Mastercard
- Ulster Bank – Purchase and Balance Transfer Card, Purchase Rate Duration (months): 22, Monthly Fee: Â£ 0, Card Type: Mastercard
- Lloyds Bank – Platinum Balance Transfer Card, purchase rate duration (months): 21, monthly fee: Â£ 0, card type: Mastercard
- MBNA Ltd – Dual Offer Credit Card, Purchase Rate Duration (Months): 21, Monthly Fee: Â£ 0, Card Type: Mastercard
- Santander – All-in-one credit card, purchase rate duration (months): 20, monthly fee: Â£ 3, card type: Mastercard
- Tesco Bank – Clubcard credit card, duration of purchase rate (months): 20 monthly fees: Â£ 0, card type: Mastercard
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Millions of people affected
James Andrews, personal finance editor at money.co.uk, explained that stores are “completely free” to choose whatever payment method they want under the current rules. However, with Amazon’s plan to stop accepting Visa credit cards, millions of Britons who own such cards will be affected. Mr Andrews noted that big names such as Barclaycard, HSBC and Vanquis all use Visa on their credit cards and with American Express rejected by many UK retailers, consumers will be left with limited options.
âPeople who are looking for rewards on their spending or trying to share the cost of their purchases with a zero percent purchase card on Amazon will effectively be forced to choose a Mastercard,â he said.
“I hope Visa and Amazon resolve their differences before the ban goes into effect on January 19, but in the meantime it would be wise to check your cards now – and consider upgrading to a Mastercard if you have one. the possibility.
âThe good news is that some of the best deals on the market right now come from Mastercard. With, unsurprisingly, Amazon’s own Mastercard-powered rewards card, as well as table garnish offerings from Sainsbury’s, Tesco and M&S.
However, other experts in the field have welcomed the change, noting that it should work better for consumers in the long run.
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“It’s no wonder Amazon is stopping their use”
Peter Kimpton, personal finance expert at Family Money, was not surprised by the announcement. He said that with Visa’s high credit card transaction fees, it’s “no wonder Amazon is stopping their use there.”
Mr Kimpton noted that while Amazon is a clear market leader, it needs to be able to stay competitive with its many competitors online, as well as with the small businesses that people are increasingly trying to support, especially after the pandemic. .
âWith that in mind, they need to be able to charge the lowest possible prices while making a profit, so it makes sense that the first thing to try to reduce is transaction fees,â he continued.
Visa responded by criticizing Amazon for restricting consumer choice, however, I don’t think that will be a problem, with many consumers choosing to have more than one credit card as well as multiple debit cards. that Amazon won’t see any decrease in sales as a result of this change, and we might even see other big retailers follow suit.
Luke Massie, CEO of VibePay, also praised Amazon for its first step towards ending the âVisa Monopolyâ.
âAt a time when consumers are already facing significant financial pressures, the battle between Amazon and Visa will have an immediate impact on their choices,â he said.
“However, this dispute will bring the payments industry closer to card disintermediation, which will translate into long-term benefits for the consumer. In the future, will open the door for fintechs that take advantage of technologies such as the Open Banking and Account-to-Account Payments Then we’ll see consumers have more choice than ever before.
Indeed, the impact of the changes already seems to have an effect on consumers. New findings from casinosites.org on Google search data showed online searches for visa rival Mastercard have exploded today by 1,300% in the UK. This jump was 16 times the average volume in one day, an “unprecedented spike” of interest for Mastercard.
What’s more, the same data showed that searches to “cancel the visa” have skyrocketed to over 700% today – nine times the average volume in one day.
A spokesperson for Casinosites.org commented: âAmazon is the ultimate player in the online retail industry, and as a significant percentage of the UK relies on Amazon deliveries to meet their business needs. ‘purchase, news of the company no longer accepting Visa cards will have a significant impact on Visa users.
âThe sudden surge in searches for Visa alternatives such as Mastercard on the day of the announcement shows how vital online shopping is in our lives today. well being high within the organization they can reestablish a working relationship with Amazon. “
Readers of Express.co.uk responded with passion to the news from Amazon. PercyVeeranc said: “Frankly I won’t miss Amazon – and I certainly won’t miss them!” While Tactica warned: “Amazon is about to shoot itself in the foot with UK consumers.”
However, others seemed to take sides, or at least understand the decisions made by Amazon. Fred999 noted: “Visa needs to reconsider its fees if they are so much higher than Mastercard and other credit cards.”
While Urbanmongrel said: “This seems to be a valid point. Most companies will not accept AMEX due to the fees (myself included) and some payment options issued by the EU are also not accepted. UK.”