Walmart Canada no longer accepting VISA

[Thumper]

Apparently Walmart Canada will stop accepting VISA credit card payments as of July 18th...

http://www.wealthprofessional.ca/news/walmart-visa-refusal-could-cost-banks-big-bucks-208859.aspx

[Sandwraith]

I saw that the other day, sounds annoying to those who use Visa (i don't)

[gregpj]

Having done a wee bit of development (only a few months) on a project that involved credit cards/bank cards, yes the fees charged are pretty outrageous. They have a pretty robust system in place and they are highly protective of any IP (as one would expect) but the fees charged just to do the development and use their test systems were out of this world expensive.

[tacsniper]

The only loser on this one is Visa. If you look at Costco who exclusively use one card processor + interact and they are not losing business out of it. I just simply use my debit card at Costco and I will be doing the same in Walmart. It is not stopping me from my clearance hunt!

Now the question is... what about Walmart.ca will they still accept Visa?

[jeff_14]

No threat to my Elite PC Mastercard by this. Carry on.

[gregpj]

10 minutes ago, jeff_14 said:

No threat to my Elite PC Mastercard by this. Carry on.

I do the Air Miles MC, but we've been thinking of ditching it. We really do use it for flights but the available flights/seats in the last 12 months have been _AWFUL_ to say the least. Something to consider if we do switch...

[jeff_14]

18 minutes ago, gregpj said:

I do the Air Miles MC, but we've been thinking of ditching it. We really do use it for flights but the available flights/seats in the last 12 months have been _AWFUL_ to say the least. Something to consider if we do switch...

My other main card is an air miles Amex. They've offered to upgrade mine to one where you get a free friend ride every year. Definitely worth the slightly higher annual fee.

[lobo1969]

30 minutes ago, gregpj said:

I do the Air Miles MC, but we've been thinking of ditching it. We really do use it for flights but the available flights/seats in the last 12 months have been _AWFUL_ to say the least. Something to consider if we do switch...

I have an airmiles MC and airmiles Amex and I've only used airmiles on booking flights ONCE. Airmiles cash and airmiles vouchers at TRUs is way more useful to me.

As for Walmart and VISA? I just don't care to be a patron of either.

[Thumper]

54 minutes ago, tacsniper said:

The only loser on this one is Visa. If you look at Costco who exclusively use one card processor + interact and they are not losing business out of it. I just simply use my debit card at Costco and I will be doing the same in Walmart. It is not stopping me from my clearance hunt!

Now the question is... what about Walmart.ca will they still accept Visa?

eew debit card, rather have the 21 days of daily interest while the cash sits in a hi savings account + consumer protection + insurance/warranty + 1% cash back on the fee free visa rewards card or even the 1/2% on the MC vs nothing with debit card.

on another note, recently noticed Costco carries coffins & urns... wonder if they come in multi packs like most things in there ;-)

[lego rules]

Never liked the cards with points system.  My 2% CB MC is still good to go!

[jeff_14]

21 hours ago, lego rules said:

Never liked the cards with points system.  My 2% CB MC is still good to go!

You can easily exceed 2% on better points cards like PC Mastercard or an Air Miles cards given all the various promotions they throw at you. 

[lego rules]

7 minutes ago, jeff_14 said:

You can easily exceed 2% on better points cards like PC Mastercard or an Air Miles cards given all the various promotions they throw at you. 

I looked at PC and it comes no where close to my card.  I get 2% on ALL my purchases and I can get Cash when I want and how I want.  So many cards only offer a bonus or redemption with limitations. I shop for food where I want and gas where I want and Lego where I want.  I can't stand Air Miles cards.  Collect a billion points which takes years to collect for some limited flight.  I collect enough money in a year I could fly wherever and whenever I want.

I still collect Air Miles points but only for vouchers.  I don't shop enough at the stores that collect Air Miles to make a real big difference though.

 

Anyways, back on topic.  Visa released a public statement basically calling Walmart a bully (which they are) and using their customers as leverage (which they are).

[jeff_14]

1 minute ago, lego rules said:

I looked at PC and it comes no where close to my card.  I get 2% on ALL my purchases and I can get Cash when I want and how I want.  So many cards only offer a bonus or redemption with limitations. I shop for food where I want and gas where I want and Lego where I want.  I can't stand Air Miles cards.  Collect a billion points which takes years to collect for some limited flight.  I collect enough money in a year I could fly wherever and whenever I want.

I still collect Air Miles points but only for vouchers.  I don't shop enough at the stores that collect Air Miles to make a real big difference though.

 

Anyways, back on topic.  Visa released a public statement basically calling Walmart a bully (which they are) and using their customers as leverage (which they are).

Visa is in trouble and they know it. If someone like Walmart stands up to them, then others will too, and before long they will have to cut fees, which could prompt cuts across the industry. Costco used to be exclusive to Amex, then switched to MC for the same reason. This is an example of trickle down that will actually benefit all of us. 

As for PC, I get way more than 2% back when you factor in all the bonuses they give me, especially shopping in store. And since I buy groceries there I cash in my points regularly. I will always have to buy groceries.

[redghostx]

12 minutes ago, jeff_14 said:

Visa is in trouble and they know it. If someone like Walmart stands up to them, then others will too, and before long they will have to cut fees, which could prompt cuts across the industry. Costco used to be exclusive to Amex, then switched to MC for the same reason. This is an example of trickle down that will actually benefit all of us. 

As for PC, I get way more than 2% back when you factor in all the bonuses they give me, especially shopping in store. And since I buy groceries there I cash in my points regularly. I will always have to buy groceries.

I agree with a lot of what you have written except that you couldn't pay me 5% cash back to step into a Superstore unless it was my only choice.

[jeff_14]

10 minutes ago, redghostx said:

I agree with a lot of what you have written except that you couldn't pay me 5% cash back to step into a Superstore unless it was my only choice.

To each their own. Not only do I get groceries there, but some of my best lego discounts. They will clear random lego sets at up to 50% off from time to time. Few other places in Canada of any size do that now that Target's gone.

[redghostx]

3 minutes ago, jeff_14 said:

To each their own. Not only do I get groceries there, but some of my best lego discounts. They will clear random lego sets at up to 50% off from time to time. Few other places in Canada of any size do that now that Target's gone.

There are definitely good deals at Loblaws, but I just don't like the feel of the stores, or the staff, or... or any of it.  I don't want to feel like I'm herded through the store and then have to wait in a slow checkout line when I go shopping.  I also detest paying for bags because Galen is too busy making money and not because of city ordinances. 

Plus, I have access to the US market, which is a significant factor for me when I determine my grocery budget.

[lobo1969]

2 hours ago, jeff_14 said:

Visa is in trouble and they know it. If someone like Walmart stands up to them, then others will too, and before long they will have to cut fees, which could prompt cuts across the industry. Costco used to be exclusive to Amex, then switched to MC for the same reason. This is an example of trickle down that will actually benefit all of us. 

 

It warms my heart to see two hated corporate giants trying to crap on each other. Hopefully the average consumer will benefit in the end.

[kd123]

53 minutes ago, lobo1969 said:

It warms my heart to see two hated corporate giants trying to crap on each other. Hopefully the average consumer will benefit in the end.

Hopefully in the long run because in the short term it's going to inconvenience many.  I use visa 100% and have no care to switch to mc just because Wm.  Haven't seen a God deal from wm in a long time.

my purchases at Costco is also down since they moved to cap1 but I am small fry.  The noise will be gone in a month.

[jeff_14]

I've long had 1 of each of the 3 major cards. To me there's no downside and only potential upside if it means prices go down a little, which Wal-mart says they will do with the savings. Even if it's only pennies right now, this is the sort of thing that can snowball in time if it forces fees lower, possibly even spurring regulators to act and ensure not just the big corporations benefit from lower prices at the expense of small business. This is what the market is supposed to do, compete, and if Visa isn't competitive then they lose out on a big name player.

[jeff_14]

Just ran across this article about where this issue could be heading.

http://www.theglobeandmail.com/report-on-business/rob-commentary/visa-v-walmart-credit-card-fees-need-to-be-capped-for-small-and-large-business/article30501233/

In other news, my PC card weekly promo is giving me 20% off all toys this week. That's 1000% better than a 2% cash back offer just for owning this card. That's nothing to sneeze at.

[lego rules]

3 hours ago, jeff_14 said:

In other news, my PC card weekly promo is giving me 20% off all toys this week. That's 1000% better than a 2% cash back offer just for owning this card. That's nothing to sneeze at.

That is some creative math!

[jeff_14]

5 minutes ago, lego rules said:

That is some creative math!

How so? With a 2% cash back card, if you spend $100 you get $2 back. If I spend $100 on toys, I get $20 back, which is 1000% larger than $2. If I double my money that's considered a 100% return. So if I get 10 times what you get, that's 10x times 100%, eg 1000%.

Edited June 17, 2016 by jeff_14

[lego rules]

8 minutes ago, jeff_14 said:

How so? With a 2% cash back card, if you spend $100 you get $2 back. If I spend $100 on toys, I get $20 back, which is 1000% larger than $2. If I double my money that's considered a 100% return. So if I get 10 times what you get, that's 10x times 100%, eg 1000%.

You love your PC card; I get it.  No need to post 20% off crappy toys which can be had anywhere else.

[redghostx]

38 minutes ago, jeff_14 said:

How so? With a 2% cash back card, if you spend $100 you get $2 back. If I spend $100 on toys, I get $20 back, which is 1000% larger than $2. If I double my money that's considered a 100% return. So if I get 10 times what you get, that's 10x times 100%, eg 1000%.

900% larger, 10x as large. It's a matter of perspective.

 

Edited June 17, 2016 by redghostx
Edited for clarity because I was clumsy.

[jeff_14]

33 minutes ago, lego rules said:

You love your PC card; I get it.  No need to post 20% off crappy toys which can be had anywhere else.

The whole point of this site is to promote deals. And you can't have this deal unless you have this card. With any luck they'll be having one of their no tax days and toys I want will already be on clearance. Closest we Canucks get to stacking coupons.

10 minutes ago, redghostx said:

900% larger, 10x as large. It's a matter of perspective.

 

1000% larger. It it was 900% larger I'd be getting $18 back not $20.