Which is the best Credit Card for you? Visa or Mastercard?

credit-cards_69.jpgThe two leading credit card companies in the world today are the competitors Visa and MasterCard. They both operate along very similar lines. While Visa can claim to have almost a billion cards issued, MasterCard has over twenty five thousand banks issuing its cards and it is difficult to find any difference in the number of locations worldwide that accept the cards, which is now estimated at over twenty million.

In fact, as far as most consumers are concerned, there is no real difference between the two. They are both very widely accepted in over one hundred and fifty countries and it is very rare to find a location that will accept one but not the other.

However, neither Visa nor MasterCard actually issue any credit cards themselves. They are both simply methods of payment. They rely on banks in various countries to issue credit cards that utilise these payment methods. Therefore, the interest rates, rewards, annual fees, and all other charges are issued by your bank and when you pay your bill you are paying it to the bank or institution that issued your card and not Visa or MasterCard.

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How Visa and MasterCard make their money is by charging the retailer for using their payment method. So the truth of the matter is that a Visa issued by say the Bank of New York will have very little to do with a Visa issued by other banks and may in fact by more similar to the Bank of New York’s MasterCard.

What this means for the vast majority of customers is that you do not have to overly concern yourself with whether a credit card is MasterCard or Visa. You would be better off concentrating on the interest and other charges on the card, the balance transfer possibilities or their reward scheme. You are very unlikely to ever be effected by the fact that it is one and not the other.

If you prefer, if you are going to have two credit cards, you may decide that you want one of them to be Visa and the other MasterCard, this means that if something drastic were to happen to one company, or if you were in the unlikely position of finding a location that accepts one but not the other, then you would have the option of paying with either.

At the end of the day however, much more depends on the bank that gave you the card, than on the type of card it is.

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16 Responses

  1. bob says:

    vow that made excellent reading, keep it up.

  2. bob says:

    wow that was excellent reading keep it up.

  3. Zakman says:

    Great post Robin.

    Thanks for removing the mystery out of ‘Visa or MasterCard.’

    I’ve had both Visa and MasterCard at different times and in different countries, but though I could not put my finger which was ‘better’, I always thought Visa was the ‘real’ thing. Now I see they were actually the same… (well, both of them wanted me to pay the bills!)

    I’d say there’s a general idea that Visa is ‘better’, but I think it’s just the media that’s causing it. For some reason, I see more ads/commercials/sponsorships from Visa than MasterCard.

  4. Robin Bal says:

    Hey Bob,

    My brothers name is Bob too. Thanks for your visit and comment mate. Glad y0ou liked the post.

    Take care and cheers

  5. Shane says:

    Visa loves me because I use my card a lot. My bank on the other hand, probably doesn’t like me too much, because I never pay any interest.

  6. Robin Bal says:

    Thanks Bobby,

    Hope all is well with you.

    Take care and cheers

  7. Robin Bal says:

    Hi Zakman,

    I used to think ‘visa’ was the real thing too and you are right I see more visa advertisements too. No more a mystery mate 😉 .

    Take care and cheers.

  8. Robin Bal says:

    Hi Shane,

    There was a time when the Banks loved me more than Visa, but no more, I don’t pay interest anymore.

    Take care and cheers

  9. Great post!

    I hate Discover and American Express. Even with Visa and MasterCard, it makes difference between the issuers. I just heard the new yesterday on TV. Chase constantly change their interest rate and billing schedule. So when you are one day late, your late fee go sky high. The interested rate can come from 2.92% to 29.9%.

    That is crazy. So use your credit card wisely. Always check your statement due day for each statement. They will change that without notice.

    Also avoid Capital One, the credit company frequently request your credit report, which will lower you credit every time your credit is check. So you cannot get small load because your credit is low. So you have to stick with Capital One. That sucks.

  10. sorry about my typos.

    I mean to say Capital One will check your credit. It will damage your credit. So you won’t get a good loan. So you have to borrow money from Capital One … It’s a recycling curse.

  11. Robin Bal says:

    Hey Terence,

    Thanks for the comment mate and you made some important points. Credit cards are fine just as long as you can use them sensibly. I don’t even want to remember the amounts of interest I have paid years ago. They don’t like me anymore because I always pay the entire amount every month before the due date 😉

    Take care and cheers.

  12. Helen Woods says:

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  14. africa says:

    I definitely have the exact same opinion with you concerning this situation. Good post. Already bookmarked for future purposes.

  15. Sulejow says:

    magnificent points altogether, you simply gained a brand new reader. What could you recommend about your post that you made some days in the past? Any positive?

  16. toko jaket kulit says:

    this article very much information for all people. I am enjoy to read this article..thanks

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