A few months ago, Kroger had stopped accepting Visa Credit cards in thei stores and attacked Visa for charging exaggerated fees, which, like any other business, they pass on to the consumers by increasing the price of their products.
"Visa has been misusing its position and charging retailers excessive fees for a long time," Kroger CFO Mike Schlotman said at the time. "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."
Yesterday, out of nowhere, we got the reverse announcement. Kroger is accepting Visa Credit cards again but the reason to end this ban is not clear.
Did Visa and Kroger reach a deal about the fees? If so, why are they keeping it a secret?
The consumers should be informed about these deals that affect their lives but as usual with Big Business, Business secrets remain locked up.
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