Martin Lewis: Best credit cards to switch to as Amazon to block Visa credit cards
MARTIN LEWIS suggested viewers "go and take Amazon's money" by switching their Visa credit cards, for another form of payment. This suggestion follows Amazon's announcement yesterday that they will no longer be accepting payments made with UK Visa credit cards from next year.
Martin Lewis outlines the best credit cards to switch to
On ITV's This Morning, the Money Saving Expert founder answered a viewer’s question about the best credit cards she could switch to. Jackie called in asking for his thoughts on the best Mastercard available, which would offer her rewards and benefits.
She explained that she currently has a Visa credit card but wishes to change it for a Mastercard Credit card due to Amazon’s announcement.
Jackie spends about £600 a month and pays it off in full each time.
Martin told her to just use her debit card, however she said she prefers to use a credit card due to the protection it offers.
As an incentive, Amazon is paying people £10 - £20 to switch from a Visa credit to another form of payment.
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For people looking for the best reward credit cards, Martin suggested the American Express Platinum Card.
He said: “It gives you five percent cash back in the first three months, tiered rates after and you can earn up to £100 extra cash back in the first three months.
“You may have to put three or four grand a year on it to make that work though, you have to check.”
Alternatively, he suggested Amazon's credit card.
He said: “Really frustratingly, probably the top Mastercard is the Amazon Mastercard operated by NewDay.
“This is currently giving £40 if you sign up for it and the £10 or £20 on top."
The Amazon credit card also offers customers zero percent interest on all purchases for three months of the account opening.
Account holders can also profit from points on the spending they already do.
Every 1000 points adds up to a £10 Amazon Gift Card.
Since leaving the EU, Visa has increased the interchange fee for the UK.
The interchange fee is the fee that retailers charge when someone uses their card, Martin explained.
People don’t have to shift to another credit card if they don’t want to. Martin explained that they can just use their debit cards.
Amazon are still going to accept Visa debit cards, Mastercard debit and credit cards, as well as American Express cards.
Having a credit card may be an attractive offer for those people who want rewards for their spending and section 75 protection when spending over £100.
The Martin Lewis Money show airs tonight at 8:30pm on ITV. This Morning airs weekdays on ITV from 10am.