Some light has been shed, by the Daily Telegraph, on why credit card firm Visa might have been so keen to become the official card for the Olympics, courtesy of the London Organising Committee of the Olympic Games, LOCOG.
Fans purchasing tickets have been ordering far more than they can afford, on the basis that they will only get a small fraction of them, and that they will be able to sell their unwanted tickets on the LOCOG resale website. What however has only just sunk in with those using their Visa credit card is that if they are unable to pay for all the tickets in full in June when the Visa bill is due they will have to pay Visa rates of interest until the resale website is up and running, which LOCOG say will not be until sometime next year. Continue reading