Visa cards no longer accepted at Walmart as of next month

[Senator Clay Davis]

RE: Amex. Besides charging higher fees, they also are the latest to pay out settlements from my experience. Usually get Interact/MC/Visa the following business day, Amex usually takes two business days.

[GGG]

I like this war between Visa and Walmart. The consumer in the end will win when Visa caves and lowers its transactions fees. It's good to see the corporations fight each other instead of collude.

Visa will look at its data and see that all the credit card balance carrying people who shop at Walmart and realize they make more by having back a few tenths.

[Wormius]

Originally Posted by Hack&Lube

The best hope is for Visa to kowtow and cut their rates for Wal-Mart so the rest of us can go on with our regular lives.

That is unless, Wal-Mart Canada is dead-set on pushing their Mastercard. I feel bad for their cashiers pushing it on every customer. They must have some extraordinary drills or pressure or incentives put on them every day to sign up as many people as possible.

Sure. Just as long as this doesn't mean that I am losing my Visa rewards points.

[Slava]

Originally Posted by Locke

Ditto. I take almost all forms of payment except AMEX because of their insane transaction fees.

I was once offered a Goat in exchange for a tax return. I politely declined but when my options were 'Goat or AMEX' I seriously gave that goat a second thought...

OK, I'll throw in the pair of rubber boots you wanted with the goat. Final offer!

[Kjesse]

IMHO: Its only a matter of time before a large, well monied entity disrupts this industry with a type of open-source offering including transparency about what the fees are and where they go.

[calgaryblood]

Originally Posted by rohara66

Their cashiers pushing their stupid in house credit card already pushed me to return to that stupid store as little as possible.

"Would you like to make this purchase on our wally mart MasterCard"
"no"
"Well, would you like to sign up for one today"
"no"
"Well, there is a low interested rate of blah blah blah..... on and on BS blah blah blah...."
"......"

as I hold my West Jet MasterCard ready to pay and GTFO already.

One the other day actually said "would you like our rewards card?" she of course was talking about their MasterCard. Almost pulled a fast one there granny.

[GGG]

Originally Posted by Delgar

IMHO: Its only a matter of time before a large, well monied entity disrupts this industry with a type of open-source offering including transparency about what the fees are and where they go.

Part of the problem is that stores can't pass on the markup of people using various cards. So there is little consequence for Visa /MC /Amex charging whatever they feel like.

[Azure]

Originally Posted by Senator Clay Davis

RE: Amex. Besides charging higher fees, they also are the latest to pay out settlements from my experience. Usually get Interact/MC/Visa the following business day, Amex usually takes two business days.

Isn't the reason they have higher fees is because it is easier to get credit from them? I have heard from some business owners that they can get low interest credit lines from AMEX that if rotated and paid off properly doesn't cost much compared to credit from our card companies.

[Handsome B. Wonderful]

Originally Posted by Delgar

IMHO: Its only a matter of time before a large, well monied entity disrupts this industry with a type of open-source offering including transparency about what the fees are and where they go.

[corporatejay]

Originally Posted by GGG

I like this war between Visa and Walmart. The consumer in the end will win when Visa caves and lowers its transactions fees. It's good to see the corporations fight each other instead of collude.

Visa will look at its data and see that all the credit card balance carrying people who shop at Walmart and realize they make more by having back a few tenths.

How will the consumer win now? You think walmart is going to pass those savings on to you?

[Resolute 14]

Originally Posted by GGG

I like this war between Visa and Walmart. The consumer in the end will win when Visa caves and lowers its transactions fees. It's good to see the corporations fight each other instead of collude.

Visa will look at its data and see that all the credit card balance carrying people who shop at Walmart and realize they make more by having back a few tenths.

It's adorable that you actually think any such resolution would result in lower prices for consumers rather than higher profits for Walmart.

[Wormius]

Originally Posted by Resolute 14

It's adorable that you actually think any such resolution would result in lower prices for consumers rather than higher profits for Walmart.

It's more of a race towards the end of rewards cards if this trend continues. Nothing good for consumers will come of this.

[Resolute 14]

Probably not the end entirely, but rather a severe cut in utility. I'm sure at some point Walmart would love to put out a Walmart rewards card where you can collect points only at Walmart and redeem them only at Walmart as Walmart seeks to entrench your business.

[FlameOn]

So... I took a look at VISA's rates in Europe and compared them to Canada, why is the rate so high here? It's nearly 5 times higher here than the UK. Why is Canada not pushing for lower general rates across all companies?

http://www.visa.ca/en/aboutcan/media...es-current.pdf
https://www.visaeurope.com/media/ima...5-73-17806.pdf

[Dan02]

How do you think they pay for your rewards cards?

[Lubicon]

Originally Posted by FlameOn

So... I took a look at VISA's rates in Europe and compared them to Canada, why is the rate so high here? It's nearly 5 times higher here than the UK. Why is Canada not pushing for lower general rates across all companies?

http://www.visa.ca/en/aboutcan/media...es-current.pdf
https://www.visaeurope.com/media/ima...5-73-17806.pdf

Originally Posted by Dan02

How do you think they pay for your rewards cards?

I think this is likely the case, our rates are apparently much higher here than in most other places around the world. Seems to be a common theme in Canada for pretty much everything. Retail goods, cell phones, internet etc. - it all costs more here but I digress. At the end of the day the consumer will pay for whatever happens. Either retailers stop using Visa (or other cc companies) giving the consumer less choice, or the big retailers negotiate better terms with the CC companies (or they are legislated by the government) which is another way of saying the CC companies will be forced to take in less revenue. They will make up for it by increasing fees to the cardholders or reducing awards no doubt. I fully expect this to happen next.

[Regorium]

Originally Posted by FlameOn

So... I took a look at VISA's rates in Europe and compared them to Canada, why is the rate so high here? It's nearly 5 times higher here than the UK. Why is Canada not pushing for lower general rates across all companies?

http://www.visa.ca/en/aboutcan/media...es-current.pdf
https://www.visaeurope.com/media/ima...5-73-17806.pdf

I think one part is that people use credit cards a lot more in Canada, and will actually make consumer decisions based on what credit cards are accepted.

In Europe, I found that cash is used on a much wider scale, so VISA has to reduce their fees to get merchants to look at them.

I know I will actively avoid places that place any restrictions on credit cards (no credit cards under $30, doesn't accept credit cards etc.), and that forces the merchant to make a choice. The choice is a lot easier in Europe where the vast majority of people won't do that.

[GGG]

Originally Posted by Resolute 14

It's adorable that you actually think any such resolution would result in lower prices for consumers rather than higher profits for Walmart.

Walmarts whole existence has been to stay ahead of competition in reducing supply chain costs and getting the lowest cost product. Then they undercut the competition.

Walmarts entire operation has been about getting the absolute lowest cost for their consumers to snuff out competition. It is a race to the bottom. So yes the savings from transaction fees will be passed on to consumers to give Walmart a price advantage over their competitors as they have always done.

[GGG]

Originally Posted by Wormius

It's more of a race towards the end of rewards cards if this trend continues. Nothing good for consumers will come of this.

Ending rewards cards is great news. You pay for those rewards through transaction fees. Well the business does but just like minimum wage hikes and increased lease rates the consumer pays in the end.

[stampsx2]

Originally Posted by corporatejay

How will the consumer win now? You think walmart is going to pass those savings on to you?

Yes. They have more and more competition. They know they have to cut costs to keep customers.