Anyone who has ever held a payment card in their hands probably knows Visa and Mastercard. These companies dominate the world of payment cards, providing customers with payment options and various great deals/offers. But what exactly is the difference between the cards of the two companies?
Both Visa and Mastercard are US-based companies in the 1960s and 1970s. Today they each have their own giant global payments network, which includes ATMs and POS terminals.
Basically, both of these companies are dedicated to ensuring that the cards that carry their logo work without delay around the world. The payment network of each company has about 30 million merchants, so nowadays it is extremely rare for stores to not accept any of these cards.
Visa strives to provide its partners and stakeholders with the most complete understanding of the work of Visa.
The company is pleased to provide you with access to the latest versions of the Visa Core Rules and Visa Product and Service Guidelines, which govern how our financial institution clients participate in Visa.
To protect cardholders and merchants and to maintain the integrity of the Visa system, it has omitted confidential and competitive information, as well as some details from the regulations related to network security.
They are not the only ones of their kind – there are also companies such as American Express, Discovery, etc., but their networks are much smaller than those of Visa and Mastercard.
More similarities than differences
Keep in mind that Visa and Mastercard do not issue their own cards themselves. Banks do it. As a result, banks can choose which companies to partner with, as well as negotiate different terms and benefits programs.
The cards of both companies are suitable for payments and cash withdrawals from an ATM, but may differ, for example, in the payment for using the card or the amount of interest if you use a credit card.
Also, what will be the annual cost of using the card, interest on the loan and additional benefits provided by the card – for example, discounts on purchases or other banking services, the ability to create your own card design, etc. – depends on the institution that issued the Visa or Mastercard. , that is, from the bank. That is why a Mastercard in one bank may differ from a Mastercard issued by another bank.
Bonuses offered
Companies compete with each other, so each offers its own bonuses, which the user can receive in addition to the privileges offered by the bank. These bonuses work globally within a specific company’s network.
For example, some banks offer its customers various Mastercard credit cards, which provide different benefits. The Mastercard World Elite offer includes travel insurance, overseas personal assistant services and priority airport security.
Using the Active Kit, the clients can use both payment and credit Mastercard for one monthly fee. The package also includes an unlimited number of transfers for which no commission is charged.