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Stock impact report

Kroger's Smith's stores to stop accepting Visa credit cards, citing 'excessive' fees [MarketWatch]

Kroger Co (KR)  More Company Research Source: MarketWatch
Last kroger co earnings: 12/5 08:30 am Check Earnings Report
US:NYSE Investor Relations: ir.kroger.com
PDF Kroger's Smith's stores to stop accepting Visa credit cards, citing 'excessive' fees Kroger Co. KR, +0.72% said its Smith's Food & Drug Stores will no longer accept Visa Inc. V, +0.78% credit cards, staring April 3, citing "excessive" fees. Smith's will be the second Kroger chain of stores that will stop accepting Visa credit cards, following Foods Co. Supermarkets in California in August 2018. Smith's operates 134 stores across 7 states, and has 20,000 employees. "Visa has been misusing its position and charging retailers excessive fees for a long time," said Kroger Chief Financial Officer Mike Schlotman. "At Smith's, Visa's credit card fees are higher than any other credit card brand that we accept." Kroger's stock rose 0.1% in premarket trade and Visa shares gained 0.5%. Over the past 12 months, shares of Kroger have tacked on 6.8% through Thursday, Visa has climbed 23% and the Dow Jones Industrial Average DJIA, +0.83% has advanced 5.3%. Have breaking news sent to your in [Read more]
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