If you’re trying to decide between Visa and Mastercard, don’t worry too much. Both payment networks offer similar benefits, and in reality, it’s the issuer (i.e., the bank or credit union) that sets the card’s terms, features, and perks.
What are the differences between Visa and Mastercard?
Visa and Mastercard are payment networks, just like Discover and American Express. Payment networks do not issue cards directly; they provide a backend channel for your payment to reach the merchant.
Each offers a basic set of benefits, but it’s the issuer that designs the important features of the card, including fees, annual percentage rates, and rewards. The issuer bank for a credit card also determines the acceptance requirements for its cards, including the credit score needed to apply.
The truth is that Visa and Mastercard are very similar to each other. Most merchants in the United States accept both cards. (A notable exception is Costco, which only accepts Visa cards due to a contract with the company). While Visa previously enjoyed greater acceptance internationally than Mastercard, the two networks now have similar acceptance rates, although you may find it easier to use one in a specific country.
Benefits of Visa vs. Mastercard
There are some differences in the basic benefits that come with some types of cards within Visa and Mastercard. Visa and Mastercard have three tiers of cards, each with different perks. Here, you’ll find the main differences between Visa and Mastercard, but even in this case, these differences are relatively small.
Issuers may also add or remove features from their cards, so check the webpage or enrollment materials for the specific card you have or are considering to ensure the benefits offered.
Visa Card Options
There are three main types of Visa cards, each with specific features:
- Standard Visa
- Visa Signature
- Visa Infinite
Mastercard Card Options
There are also differences in the benefits offered by three types of Mastercard:
- Standard Mastercard
- World Mastercard
- World Elite Mastercard
Choosing the Best Card for You
Unless you have a strong preference for the benefits of one card over the other, it’s best to focus more on the terms and rewards the issuer offers. Here, cards differ significantly. Whether you’re looking for a secured card, a rewards card, a balance transfer card, or a card with a promotional interest rate of 0%, this is what will make the biggest difference in finding the best card for you.
Frequently Asked Questions
Where is Mastercard accepted compared to Visa?
Mastercard is accepted at over 70 million merchant locations in more than 210 countries. Visa is also accepted at over 70 million merchant locations in over 200 countries.
Which is accepted more widely – Visa or Mastercard?
Mastercard is accepted in slightly more countries worldwide than Visa.
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Sources:
Visa. “Visa Credit Card Benefits.”
Mastercard. “World Mastercard.”
Visa. “Visa Fact Sheet.”
Mastercard. “About Mastercard.”
Source: https://www.thebalancemoney.com/visa-vs-mastercard-which-is-best-for-you-5207564
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