Visa Vs MasterCard: Is There A Difference?
Over 883 million people use Visa cards around the world. A slightly smaller number, about 721 million, use Mastercard.
Does that make Visa the better option?
When you’re comparing Visa vs. Mastercard, there are a number of things you’ll want to consider. Keep reading below to learn which credit card is the best choice for you.
Which Card Is More Widely Accepted?
Both Visa and Mastercard are widely accepted around the globe. It a retailer takes the card, there’s a good chance they accept both Visa and Mastercard.
So which is more widely accepted?
It’s difficult to say. Only in rare circumstances will a retailer accept one and refuse the other.
The best example of this is Costco.
Due to a special deal, Costco made with Visa card networks and bank issuer, it only accepts Visa cards. If being able to shop at Costco is a must for you, a Visa card may be a better choice.
But outside of a few retailers, a majority of places accept both Visa and Mastercard equally.
Types of Visa Cards
There are three different types of Visa cards, and each one comes with different benefits. Here’s a closer look at each tier.
This is the standard Visa card. It provides users with extended purchase warranties, collision damage coverage, emergency assistance, unauthorized purchase coverage, and urgent card replacement.
The Visa Signature cards cover all the benefits of the Visa Basic cards. On top of that, they also give you access to discounts for entertainment events-such as dining, sports, and travel-through an online portal.
You can also receive concierge services that are available at any time of the day or night.
The Visa Infinite cards stack on another layer of superpremium benefits. These benefits are meant to attract individuals who have a high-net-worth.
Types of MasterCards
Like Visa, Mastercard also has three levels of benefits. These benefits are also similar to what Visa offers.
Here’s a closer look.
The standard Mastercard provides very similar benefits to basic Visa cards. This includes fraud liability protection, auto rental collision coverage, card replacement, extended warranties, and emergency travel assistance.
But Mastercard provides an additional benefit Visa doesn’t have.
This benefit is called price protection. If you buy something with your Mastercard and the price of that item then drops within 60 days, your card will cover the difference for you.
With a World Mastercard, you get the same benefits as a basic card and additional bonuses. These include longer price protection, personal travel advisor, and additional amenities at some hotels.
As well as offering the same benefits you get with lower card levels, a World Elite Mastercard also offers discounts at some rental car agencies, access to the World Elite Cruise, and lower airfare prices.
Which Card Has More Benefits?
As you can see, the Visa and Mastercard benefits are pretty close. That’s why you have to consider both the credit card issuers and the credit card networks when picking your card.
What’s the difference?
Let us explain.
Credit Card Networks
Card networks are what process your transactions. They connect your card with retailers and with banks so you can use your card anywhere. The Visa and Mastercard benefits we’ve already talked about come from these card networks.
Credit Card Issuers
A card issuer is the company that gives you your card. This includes places like Citi or Chase. Your issuer will set your credit limit and interest rates and take your monthly payments.
Why Is This Important?
Card issuers often offer additional awards for credit cards, including Visa and Mastercard. When it comes to choosing the best credit card company stock, your search should start with the issuers.
This is where you’ll be able to find the most value. Issuers provide bonuses like reward earnings and cash back. Since Visa and Mastercard are so similar, you should compare different issuers to find the best benefits.
Visa vs. Mastercard: Which Is the Better Choice?
When it comes to Visa vs. Mastercard, there isn’t a clear “better choice.” It all depends on what type of benefits you want and what works better for you.
Make sure you spend some time comparing card issuers as part of your decision-making process. Doing so will ensure you get the best benefits for your card.
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