If you’ve got some Christmas shopping to do at Walmart, you might want to do it soon if you plan on using your Visa card. All 16 Walmart locations in Manitoba will stop accepting Visa beginning Monday, October 24, 2016.
The company cited ‘unacceptable high fees’ as the reason. Retailers have a to pay a fee ranging from 1.42 to 2.08 per cent for purchases made in-store with a Visa card. MasterCard’s website shows that their fees range from 1.44 to 2 per cent.
However, MasterCard offers lower rates to large retailers (as low as 1.26 per cent) for those who have a “net purchase volume” of $3 billion. Walmart makes a worldwide total revenue is $115.9 billion a year.
They’ve growing list of retailers refusing to accept Visa. No Frills doesn’t accept Visa or American Express. Costco only accepts MasterCard when it comes to credit card payments.
Walmart will continue to accept Cash, Debit, MasterCard, American Express and Discover cards.