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Swedbank is phasing out Visa credit card as competition leads it to better deal elsewhere.

Sunday, 20 January 2013
This is how competition works - where there is a plain field to play on, better deals are done especially when there is shopping around. Swedish bank, Swedbank did just that with the two credit card giants Visa and Master card and will be shifting to Master card from Visa after because it has secured a better deal from Master card.

In 2012 Swedbank decided to gradually remove Visa cards from its customers and replacing them with MasterCard. The decision is made on a commercial basis and the cards will be replaced, as they are renewed.
"We will phase out the majority of Visa cards and replace tem with MasterCard as that suits us better. MasterCard provides us with excellent support, while also giving us a good support in the development of our products, including mobile payment services," Erik Cyrus, Swedbank Card Manager told Swedish business daily, Dagens Industri.

Those who still want to continue with the Visa card can do it, according to Swedbank.
The other major Swedish banks offer customers both MasterCard and Visa cards.
By Scancomark.com Team

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