Mastercard and Visa are two broad payment networks based in the USA. Both facilitate transactions made using debit and credit cards between the banks of the card issuers and the merchants. Visa memberships include base, signature and infinite while Mastercard memberships similarly include base, world and world elite.
Here is everything you need to know about the differences between Visa and Mastercard.
Types of Visa Cards
• Visa Classic Credit Card
It offers 24/7 assistance for any emergency. The card is accepted globally for all kinds of dining, travelling and shopping transactions.
• Visa Gold Credit Card
It provides access to emergency card replacement, a higher credit line and cash disbursal while travelling. The card also gives access to medical, legal, and travel assistance all year round. Besides, you can get special offers on retail, dining and travel purchases across the world.
• Visa Platinum Credit Card
It’s a premium credit card that Visa offers. The cardholder can get multiple rewards and benefits. Offers are available from many leading electronic retail stores, hotels, medical stores, and more. This card is accepted widely by merchants throughout the world.
• Visa Signature Credit Card
It entitles you to various services and benefits from the bank. You can get multiple offers like benefits on shopping, travels and hotel bookings. The card comes with 24/7 concierge services and is accepted worldwide.
• Visa Infinite Credit Card
It’s a globally accepted elite Visa credit card. It provides various offers on travels, hotel bookings, dining and shopping. You can also get constant concierge services for an emergency.
Visa Debit Card
It’s linked to the savings account of your bank. You can use this card to withdraw funds from the account.
A Visa debit card differs from a credit card which is a kind of plastic money and credit from your bank. At the end of each month, you must pay back the borrowed amount with the specific rate of interest charged by the card issuer.
Types of Mastercard Cards
• Standard Mastercard
It provides the best offers on frequent spending on online retail stores, hotels, etc.
• Platinum Mastercard
This card is accepted globally. It lets you avail of offers on the best lifestyle services.
• World Mastercard
It’s also accepted worldwide. It lets you enjoy benefits on attractive services of travels and many other categories.
Visa vs Mastercard
There are no major differences between Visa and Mastercard besides with some of their offers as follows:
• Loss of use coverage on car rental insurance
Better offers in this category are provided by Visa than Mastercard.
• Cost protection service
Mastercard offers better services in this category. Suppose, you buy a product using the card and its price falls within 2 months. Then Mastercard can refund the difference amount to you.
• Return Protection
This offer comes with many signature Visa cards but a few Mastercard cards. With this facility, you can return a purchased product within 90 days from the date you bought it.
Both Visa and Mastercard offer great financial benefits. Instead of comparing them, it’s better to compare the features and benefits of various credit cards. Then choose the card that best suits your needs!