Visa and MasterCard are the two main credit card providers in the world. Many people who are interested in signing up for a credit card often ask whether it is better for them to choose a Visa or MasterCard. Actually, there aren’t many differences in between the two payment networks. Rather, you should pay more attention to the bank or credit card company that issues the credit cards.
There are two types of Visa card including basic Visa card and Visa Signature card. The basic Visa card offers benefits such as car rental insurance, extended warranties, card replacement, travel assistance and protection against unauthorized charges. Visa Signature includes all the benefits that the basic Visa card offers as well as some additional benefits such as 24/7 concierge and online portal for discounts on various categories.
MasterCard offers an additional level of protection compared to Visa card. The 3 levels of protections that MasterCard offers include basic Mastercard, Mastercard World and Mastercard World Elite. The basic MasterCard offers all the benefits that the basic Visa card offers. One service that it offers which the basic Visa card doesn’t offer is that it can refund you back the difference if you can find a similar item on sale for a lower price at another shop within 60 days. Even though price protection is not a feature that Visa card offers, some issuers of Visa card do offer the benefit to the customers.
MasterCard World offers cardholders access to a dedicated personal travel adviser just like the concierge service. If you have a MasterCard World credit card, your purchases are protected with a longer price protection of up to 120 days. Besides, you also get complimentary free gifts such as free breakfast, late checkout, upgrades to better room for free at selected hotels, lower car rental price, cheaper airfare and cheaper cruise trips.
For most people, the minor differences between Visa and Mastercard do not matter. You would be better off spending your time in comparing the perks offered by various credit card issuer including cash back, signup bonus, and miles. Applying for a credit card with good perks allow you to get the most value for every dollar that you spend.
You should also check out the credit card fees such as interest charges, annual, APR penalty and late fee that the card charges when performing comparison. Your credit score will play an important role in determining whether you qualify for the credit card. Credit card with good perks and rewards program are reserved for those who have good/excellent credit scores. If you don’t have a decent credit score now, you can first apply for a bad credit card to build up your credit score.
Learn more about personal loans, credit cards and consumer finance offers at FlossCU.com