Visa Said to Win Best Buy Processing Deal, Replaces MasterCard
Best Buy is changing its credit card processing arrangement to Visa, instead of MasterCard, set to take effect in 2015, according to sources in a Bloomberg report.
Retail giant Best Buy (BBY) is changing its credit card processing arrangement to Visa (V), instead of MasterCard (MA), according to sources in a Bloomberg report, set to take effect in 2015. The company had a rewards-card partnership with MasterCard, dating back to 2006. Best Buy is the largest consumer electronics retailer in the world, with 1,055 store locations in the United States. Shares of Best Buy are up almost one percent on Wednesday, trading at $34.66, but remain down 13.2% since the start of the year. Visa shares are rallying today, up 2.3% to $248.57 per share and are up 11.7% year-to-date. Finally, MasterCard's stock is also up 2.4% at $86.02 and is up almost 3% year-to-date. TheStreet's Scott Gamm reports from New York.
