Amazon has announced that it will be phasing out the use of Visa credit cards – here’s what that means for shoppers and how to claim a cash reward for switching payment methods.
Buyers are called upon to update their billing information as the company is phasing out the use of Visa credit cards.
The online retail giant announced last month that Visa credit cards will no longer be accepted as a viable payment method as of January 19.
Officials confirmed the move was influenced by high credit card transaction fees, but stressed that Visa debit cards will still be accepted.
An Amazon spokesperson said, âThe cost of accepting card payments continues to be a barrier for businesses striving to offer customers the best prices. These costs are expected to decrease over time with advancements in technology, but instead they continue to stay high or even increase. “
Alternative payment methods including American Express, Mastercard and Eurocard, as well as their own branded credit cards, will continue to be viable.
Visa officials said they were “disappointed by their announcement of the end of their long-standing relationship with Amazon.
A Visa spokesperson added, âWe are very disappointed that Amazon is threatening to restrict consumer choice in the future.
“We have a long-standing relationship with Amazon, and we continue to work on a resolution, so that our cardholders can use their preferred Visa credit cards on Amazon UK without restrictions imposed by Amazon from January 2022.”
Amazon is now calling on buyers to change their payment information in exchange for a small amount of cash worth up to Â£ 20.
How to claim your Â£ 20 or Â£ 10 reward
Amazon Prime customers are offered a Â£ 20 credit to switch from using Visa to another payment method.
Meanwhile, other Amazon customers will receive a Â£ 10 credit for removing a Visa credit card as the default card.
Amazon customers with a Visa credit card on their account will receive an email asking them to update their payment information.
You must click on the link in this email to receive payment.
You can also click on the Amazon banner or popup on Credit, or call customer service and follow the instructions.
Customers can also access their account online and update their payments accordingly.
Amazon has introduced a series of restrictions on the use of credit.
Funds cannot be used for certain subscriptions or certain digital content or products, including Alexa, Fire, and Kindle products and devices.
Money cannot be exchanged for cash.