There are two leading credit card companies in the world today, there are the competitors Visa and MasterCard.
Both the cards operate similar way. While Visa claims to have more than 2.4 billion cards issued, across the world in more than 200 countries, MasterCard doesn’t provide a direct comparison rather it says it processes 18 billion payments per year. It is very complicated to find any difference in the numbers by these statements. We know that these cards are accepted worldwide which estimates to thirty million.
So what are the difference between Visa and MasterCard?
So far according to the consumers are concerned, there are no differences between Visa and MasterCard. Both cards are widely accepted in over two hundred countries and it is very rare to find a place that will accept one but not the other.
However, neither the both cards issue any credit cards by themselves; Both Visa and MasterCard are simply methods of payments. They rely on different banks in various countries to issue credit card that utilizes these payment methods.
Thus, the interest rates, rewards and annual fees and all other charges are issued by the bank and when you pay your bill you are paying it to the bank or institution that issued your card not Visa or MasterCard.
The differences in high-end rewards programs
There is a chance of winning high-end rewards offered by Visa and MasterCard. The battle ground for winning wallet-share seems to be in high-end rewards offered for platinum cards in particular. Therefore offers the card holder all sorts of concierge and assistant services plus exclusive offers to major concerts, sports, tournaments etc. these platinum rewards are mostly designed to tempt banks and financial institutions into promoting one another, In simple terms Visa or MasterCard to their customers.
How Visa and MasterCard differ as travel credit cards?
Both Visa and MasterCard has significant global presence, and both can use as travel credit cards. But in terms of currency conversion, Visa outperformed MasterCard because of its superior exchange rates.
Other than conversion rates the travel rewards varies as well…
Both Visa and MasterCard offer the consumers different level of rewards benefits:
- Discounted travel itinerary
- Discounts and deals on dining, entertainment and sporting events.
- Emergency travel assistance
- Emergency card replacement
- Concierge services by Visa or dedicated personal travel advisor by MasterCard
- Fraud liability protection
MasterCard’s World levels offer some additional rewards such as added perks at certain hotels, such as room upgrades, complimentary breakfast, or late checkout.
So the final question, which one you should choose?
Back to answer of why we are here – which provider is best MasterCard or Visa? For the vast majority of consumers, they are not concerned with whether their credit card is MasterCard or Visa.
As a customer you would be better off concentrating on the interest rate of other cares on the card, the balance transfer possibilities or their reward scheme. But it’s funny but it is quite usual to some consumers to have two credit cards in their wallets one a Visa and the other one is the MasterCard. Maybe the thinking behind this is to make payment in a location that accepts one but not the other. Also some customers like to take advantage of the exclusive offers provided by the both card types.
At the end of the day, the much more you depend on a certain bank that bank will give you the card. You can always use a Canstar’s credit card selector to compare more than 150 credit cards wit expert ratings to help you choose a credit card based on the interest rates, card features, reward programs and value.
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