Should I opt for a visa card or a master card? Which one is better? You might be confused on whether to choose a visa card or a mastercard. Here is the thing, according to statics visa claims to have issued approximately 2.4 billion tickets in over 200 cards across the globe. On the other hand, mastercard claims to have processed over 18 billion payments
Visa and masters cards are great competitors. Both are used widely. They are the most accepted credit cards internationally. They have made life more straightforward when it comes to payment processes. Several people worldwide enjoy the convenience brought about by these two cards.
What is a visa card?
A visa card is a type of card that utilizes the visa network and branded by Visa Inc. They partner with financial institutions to provide financial services, and it’s available to both individuals and business customers. You can see more if you are interested in reflex MasterCard.
What is a mastercard?
A MasterCard is an electronic payment that is used worldwide. It utilizes the MasterCard network and used by financial institutions to provide credit cards.
You don’t deal directly with visa card or mastercard, but with the bank which you are operating from. They come hand in hand when you use your credit, debit or prepaid card. Their major function includes:
- Providing services to your card issuer, that is your bank
- Accepting, and declining transactions depending on your account balance.
- Confirming payments during purchases
Which criteria should you use to choose?
You have your preferences. Are you looking for a card for borrowing, spending or building an up cash back? Or is it terms of the balance transfer or its 0% purchases offer.
You need to be specific in what you want.
Visa card and mastercard share lots of similarities as opposed to their differences. Rarely can you find where one of these cards is accepted?
It’s not surprising to find a person who has both cards on their wallets.
The similarities between visa card and mastercard
● They are both used internationally
They are reliable and convenient. You can easily pay a boll anywhere in the world. Whether you are in Asia or America, you will still use a Visa and a MasterCard. So, have no worries about whichever place you are.
● Rely on financial institutions
These cards are not independent they depend on banks to function since they only control the operations.
Other similarities include; they both make money by charging the retailer
They issue rental car insurance, in case of damages or an accident. Moreover, both offer purchase protection and price protection. Finally, master cards and visa cards have extended warranties and return protection.
Differences between visa card and MasterCard
Both come with levels or rather packages.
Visa has basic, signature and infinite. Depending on the package you choose you can get benefits such as travel accident insurance, travel assistance card replacement and extended warranties.
MasterCard offer packages such as basic, world and world elite. Here, the advantages include discounts, vacation guides, packages trip, more extended price protection among other benefits.
They also differ on how they charge on issues like foreign currency conversion fees.
Both the visa and MasterCard work similar to each other. Most differences occur in the places they are accepted, schemes and also security offered. It depends on the bank that gave you the card, rather than the type of card.
Choose what works for you.