Which credit card is better: Visa or Mastercard?

Which credit card is better: Visa or Mastercard?

At some point, you may have been curious to know which credit card is better: Visa or Mastercard. If this is your case, we invite you to read this article, where we answer that question.

What is a credit card franchise?

The proper answer to this question is understanding what a credit card franchise is. The well-known Visa and Mastercard brands are just that type of franchise.

Financial institutions are the ones that grant credit cards to their customers and are in charge of processing payments. Franchises provide cards with universal acceptance, including international and other added benefits. For example, they make an international network of ATMs and a help center available to cardholders.

Internationally, which credit card is better: Visa or Mastercard?

To answer this question, we use a credit card’s three most important parameters.

• Acceptance: Visa leads the way, with 30 million establishments accepting it worldwide. Mastercard, for its part, is accepted in 20 million of them.
• ATM network: Mastercard owns 1.1 million ATMs worldwide, one million fewer than Visa. Another point in favor of the last one.
• Benefits: There is no significant difference in this parameter since both offer the same benefits. These vary according to the category of the respective card.

In conclusion, internationally, Visa surpasses Mastercard.

Nationally, which credit card is better: Visa or Mastercard?

The answer to this question in Mexico and other Latin American countries is that both are the same, and there is no better one. This is because, in these countries, businesses accept or do not both credit cards equally. And ATM networks are managed by financial institutions and not by franchises. Then, for use in ATMs, the financial institution that grants it is decisive, not the franchise.

Therefore, the answer to which credit card is better for a common citizen: Visa or Mastercard is simple. Both are equally good since they give similar benefits and have the same acceptance.

What is the difference between a Visa card and a MasterCard?

Visa and MasterCard franchise cards are among the most demanded credit cards worldwide. Therefore, when asking the bank for one of these two options, some people often ask themselves the difference between a Visa card and a MasterCard and which would be more convenient. Let’s see it in the next post.

What is the difference between a Visa card and a MasterCard?

Do you have or do you plan to acquire a credit card? If so, Visa or Mastercard? Among them, there are differences that we can use to decide according to our tastes and needs.

 These 2 credit card brands enjoy a large number of users globally (worldwide); Colombia is no exception, and the presence of this pair of companies in the generation of this type of presentation of money reaches close to 70%.

Despite the fact that the Visa and MasterCard franchises are the most recognized and offer the same service as payment processors for debit and credit cards, none of them process material or physical cards, since their function is to offer their services to financial institutions issuing the customer’s credit card.

Both Visa and MasterCard have different benefits and features aimed at increasing the number of consumers and banks that prefer them, so they are similar. But they are different; this is where we will focus.

Next, we will explain these two financial products.

 

Differences between a Visa card and MasterCard

The differences between a Visa card and a Mastercard are based on the benefits offered by each company: interest rates, credit limits, travel insurance, car rental, protection against theft, and security systems, among others.; and the limits covered by each service of each franchise, which, in part, will depend on the bank where the  TDC is requested.

If we briefly review the history of these two global giants, we will see that neither of them was the first to hit the market. In 1946 John Biggins, a Brooklyn banker, launched the first card issued by a bank, although it had several limitations. Later,  in 1958 Visa was born at the hand of Bank of America. Then, in 1966, the Interbank Card Association was created, which would become  Mastercard in 1979.

Since then, Visa and Mastercard have competed for the leadership of the best payment processing network in the world. Although Visa is the oldest, Both companies have had a constant and sustained evolution and marked technological innovation that makes their products the most used by customers around the globe.

Visa Cards: Characteristics 

The characteristics of the visa cards are the following:

• Make partial payments for specific purchases without additional recharges.
• Grant discounts to business partners.
• You have the Online Card for online purchases.
• Sometimes, you can choose the day of the month that you want to pay the fee.
• Available to make cash advances.
• Protected shopping service.
• You can make your payments from the mobile app of the selected bank.
• Visa cards are accepted by 38 million establishments in 200 countries.
• ATM network of 2 million.
• Less competitive exchange rate than Mastercard. 
• It usually has more card options, although this depends on the entity. 

Visa Cards: Benefits

The benefits of visa cards are the following:

• 30% discount on First Tubelet. Which provides us with tickets for events such as classical theater or the football classic.
• Discount household products every Friday at Brissa stores with a 20% discount.
• Direct participation in the contests implemented by the financial institution Banco de Bogotá, Ganas porque Ganas.
• 25% discount at Decameron Hotels on Thursdays.
• 50% discount at Preferred Hotels & Resorts, where you can play golf with that discount, in addition to adding a 10% discount on available room rates.
• Price protection up to 30 days after purchase.
• Security protocol Verified by Visa.

28 best small business ideas to start in 2023

MasterCard Cards: Features

The characteristics of Mastercard cards are the following:

• You have access to daily purchases in online stores.
• Accounts with price protection 60 days after the purchase of the product.
• It has an extended warranty service.
• When you lose your TDC, you can request its emergency replacement.
• Master Travel and Auto Insurance, where you have the best advice for your trips, entertainment, making reservations, etc.
• 32 million establishments around the world accept Mastercard cards.
• ATM network of 1 million.
• It is accepted in 210 countries in more than 32 million establishments. 
• Mastercard cards tend to have better exchange rates when paying in foreign currency.

 

Mastercard cards: Benefits

The benefits of Mastercard cards are the following:

• 31% discount in restaurants in Bogotá, Medellín, Cali, and Cartagena, reserving at atrapalo dot com.
• Gift of the second ticket in a 2D format to purchase a ticket at Cinemark movie theaters.
• 25% discount paying at Arturo Calle stores.
• 0% interest for purchases over COP 500,000 in Tigo stores.
• 0% interest on purchases over COP 500,000, deferred from 2 to 24 months in Samsung stores.
• Lost or stolen card replacement service.
• Price protection up to 60 days after purchase.
• Mastercard SecureCode security protocol. 

Choose Visa or MasterCard?

Choosing between a Visa or MasterCard card is up to the consumer after evaluating the benefits offered by each one. However, at the time of granting it and to whom it is granted, it will be left to the judgment and decision of the issuing bank itself, as well as to establish the services that said user can acquire with each specific card, which each franchise will offer on the credit card.

The benefits of  Visa and MasterCard will also depend on the bank that grants the product, as well as the type of card that is delivered to the client, whether it is  Classic,  Premium,  Platinum,  Gold, Signature, or Black, since each of them has specific benefits that differ from each other, which can be enjoyed when they are acquired.

Which is better, Visa or MasterCard?

Each franchise has its advantages, depending on what type of VISA or MasterCard card they choose among the different modalities. VISA, for example, is more widely accepted in businesses in fewer countries, while MasterCard is accepted in fewer businesses but in more countries. 

The best thing will be when deciding to compare the main aspects of the card, such as which one offers the lowest interest rate, commissions, and low annuities. The benefits and discounts will depend on which bank they choose since many aspects of the same card vary.

In short, the differences between a Visa card and a MasterCard will depend on the benefits it offers, the limits of each of them, and the global reach of each franchise; It will depend on your needs as a customer to help you choose and enjoy the best service added to the experience in your purchases and trips.

What does it mean if your credit card is Visa or MasterCard?

You know these two brands are related to your credit or debit card, but you don’t know what they have to do with your bank. Here we explain what it means that your card is Visa or Mastercard.

In fact, these two major companies do not consider themselves financial or banks, but payment technology companies around the world.

What are Visa and Mastercard, and how do they work?

Visa and Mastercard are global technology networks that ensure you can use your credit or debit card in other countries. These companies do NOT issue the plastics directly, but rather through the banks of each country; They are the ones who are in charge of establishing the terms and conditions of the contracts with the clients… you know the interest rates, commissions, and even prizes each bank offers you to contact the card with them.

Visa (Visa International Service Association) and Mastercard make money by charging merchants a fee for accepting their cards as payment.

How does it benefit me if my credit or debit card is Visa or Mastercard?

As we already mentioned, the fact that Visa or Mastercard operates your plastic guarantees that you can use it to pay in businesses in more than 200 countries and access all national and foreign ATMs.

Regardless of the bank that issued your credit or debit card, the global network to which it belongs offers you benefits such as:

• Accident insurance when you travel.
• Medical and legal assistance in emergencies outside the country.
• Protection of your purchases when using the card.
• Extended warranty and card protection.
• Emergency replacement of your card abroad.
• Baggage loss or theft insurance.
• Car rental insurance.
• Special promotions and exclusive events.
• Concierge service is a personal assistant that will help you make reservations of all kinds and guide you during your trips to make the experience more pleasant.

Which is better for me: Visa or MasterCard?

Depends. To find out which payment operator is best for you, you must review the promotions offered by each one and detect what your needs are.

Instead, focus on comparing the card’s best features, such as lower interest rates, low fees, and cheap annuities, not so much on the global network brand to which it belongs, because you can consider that as an additional benefit.

Fashion Packaging for Shoes in 2023

How to choose a gaming PC to enjoy at another level

Best Macbook Air 11 – Quality-Price 2023

Which Mac to Buy :guide to Choosing the Apple Computer

Which credit card is better: Visa or Mastercard?