Amazon reverses decision to ban Visa credit cards in the UK over fees

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The decision to ban Visa credit cards in the UK was announced last November and was due to kick in this week.

In an email to customers, Amazon said it was working closely on a potential solution that will allow customers to continue using their Visa credit cards on Amazon.co.uk. The company did not say what the solution was or how long it was in place, but said that they would give you advance notice if they made any changes to Visa credit cards.

Visa raised interchange fees five-fold after the UK left the EU.

Visa credit cards were banned from Amazon.co.uk due to a dispute over payment fees. When the UK left the EU, it gave issuers free rein to increase the fees. Amazon was annoyed by Visa raising its interchange fees from 0.3 percent to 1.5 percent.

Visa's stock dropped after the ban was announced because it was not clear what deal had been brokered between Amazon and Visa. According to Sky News, Visa said in a statement: "Amazon customers can continue to use Visa cards on Amazon.co.uk after 19 January while we work closely together to reach an agreement."