Kroger - Nation's Largest Supermarket Chain - Widens Ban on Visa Credit Cards

When a company feels Visa credit card fees are too expensive, they stop accepting them.

"Visa has been misusing its position and charging retailers excessive fees for a long time," said Mike Schlotman, Kroger's executive vice president and chief financial officer. "They conceal from customers what Visa and its banks charge retailers to accept Visa credit cards. At Smith's, Visa's credit card fees are higher than any other credit card brand that we accept. Visa's excessive fees and unfairness cannot continue to go unchecked. That's why, starting April 3, Smith's will accept all forms of payment except Visa credit cards."

The timing of the ban seems to also coincide with the planned April 2019 rate increase Visa has planned. This is the second brand in the Kroger portfolio to refuse acceptance of Visa cards. In August of 2018, Kroger launched its ban on Visa acceptance at their Food Co brands.

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BLOOMBERG NEWS : https://www.bloomberg.com/news/articles/2019-03-01/kroger-plans-to-widen-ban-on-visa-cards-citing-excessive-fees


AURIC Idea Team