The logo for Amazon is displayed on a screen at the Nasdaq MarketSite, in New York, Friday, July 27, 2018. Amazon’s British website has backed away from plans to stop accepting Visa credit cards issued in the United Kingdom. The online retailer said Monday, Jan. 17, 2022 that the change would not be implemented as planned Wednesday while talks between the two sides continue. (AP Photo/Richard Drew, file)
LONDON (AP) — Amazon’s British website has backed away from plans to stop accepting Visa credit cards issued in the United Kingdom, saying Monday that the move has been put on hold while talks between the two sides continue.
The online retailer said the change would not be implemented as planned on Wednesday. Amazon had announced the move in November, blaming “the high fees Visa charges for processing credit card transactions.”
“We are working closely with Visa on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk,” the retailer said in an email to customers.
Amazon didn't rule out future action but told customers it would give them “advance notice” of any changes related to the acceptance of Visa credit cards.
Credit card fees have been a growing source of tension between Amazon and Visa. Last year, Amazon started charging customers in Australia and Singapore who use Visa credit cards a 0.5% surcharge.
In any credit card transaction, there are a number of fees involved, such as an “interchange fee” that the shopper’s bank pays to the retailer’s bank and other costs like service and technology charges. It isn’t clear which fee is the focus of the U.K. dispute.7 Consumer Discretionary Stocks That May Defy Expectations
Consumer discretionary stocks are those of companies that make products that are popular, but not considered essential. These stocks tend to perform well in a bull market but can lag behind the broader market during periods of volatility. And for the last six months, the volatility that the market has been enduring is adding risk to buying consumer discretionary stocks.
Simply put, consumers will have to be discerning because there are a lot of stocks that will perform poorly. However, like most sectors of the market, it's important for investors to not paint all consumer discretionary stocks with a broad brush. There are several companies that continue to show solid demand remains in place. This is despite high inflation and rising interest rates.
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