MasterCard VS Visa: Which Credit Card is the Best for You?
Credit card MasterCard and Visa credit cards must be already familiar among credit card holders. Each credit card usually has the logo in its bottom part. Visa and MasterCard are actually providers that allow banks to issue credit cards that can be applied to merchants with the logo of Visa or MasterCard. Both these providers seem very similar. Both of them provide the same convenience and facilities, in which you can use the credit card in many places at any time and anywhere.
When you apply for a credit card, some banks would ask you whether you want a business credit card MasterCard or Visa credit card. In order to determine the best credit card for your needs, you should know the differences between these 2 similar credit cards. So, keep reading to know which credit card is the best for you.
The first obvious difference is the parent company of the credit card providers. Visa is the product of Visa International Service Association or VISA Inc that is located in Foster City, California. Visa has been established since 1955. While MasterCard is the product of MasterCard Worldwide that has been established since 1966. This corporation is located in Purchase, New York. Both MasterCard and Visa become the largest credit card providers in the world.
Popularity and Scope
A secured credit card MasterCard and Visa credit cards are valid in merchants that cooperate with their providers. For example, an electronic store cooperates with Visa. Then, you can only use a Visa credit card to make a purchase in the store. Generally, Visa credit cards are more popular in Asian countries. While MasterCard credit cards are more popular in American and European countries.
The two providers have their own ways when it comes to protecting their customers. When you are making online transactions, the security of your credit card is at risk. Therefore, Visa offers security in the form of entering a static PIN or OTP or One Time Password into the Verified by Visa Window. This way, your credit card will be more protected. One Time Password will be sent to the phone number you have registered when you are about to make a transaction.
Unlike Visa, MasterCard provides protection for their customers in the form of Secure Code. Secure Code is an additional PIN code that customers must insert when they make online transactions. And you are the one who makes the security code on credit card MasterCard online.
When you are making a transaction with your credit card, there is an additional fee charged by Visa or MasterCard. The additional fee or transaction fee from Visa and MasterCard is different. For example, if you are using your Visa credit card to make a transaction overseas, the transaction fee you have to pay is 1% of your total transaction. While the transaction fee of MasterCard ranges from 0.2% to 1%, depending on the merchant where you make a transaction with your credit card MasterCard.
Types of Visa and MasterCard Credit Cards
Both Visa and MasterCard credit cards are available in different types. And each type definitely offers different benefits. Below are some types of MasterCard and Visa credit cards.
- Visa Signature
Visa signature is a very exclusive credit card from Visa. Not all people can have this credit card. The holders of Visa Signature are mostly well-known professionals and businessmen. In order to have this exclusive credit card, the feasibility of the assets you own will be assessed, such as your deposit, investment, checking account, saving account, and anything related to your wealth. The benefit of having a Visa Signature is that you will have a large limit.
The limit ranges from US$6,900 to limitless. Moreover, the given facilities are varied, such as travel assists, special travels, airport lounges, golf club memberships, and many more.
- Visa Infinite
Similar to Visa Signature, not all people can hold Visa Infinite credit cards. The holders are limited to those who have more than US$100,000 in the form of cash. Moreover, the holders are specifically for premium customers, which are those who have accounts, deposits, or investments from the bank that issued the credit card. The limit of Visa Infinite credit cards starts from US$3,400 to limitless. The more wealth you have, the bigger the limit of your credit card.
The facilities that you can enjoy when you have this credit card are travel assists, travel insurances, and special priority passes. The holders of Visa Infinite credit cards usually can have direct access to rent a private jet.
- Visa Gold
Visa Gold has a high credit limit of up to US$6,900. However, not all banks apply this limit. You need to know that each bank that issues the credit card has their own policies. Visa Gold credit cards are quite exclusive, though they are not as exclusive as the two previous options. There are quite many features and facilities that Visa Gold holders can enjoy. For instance, discounts and special offers in merchants that cooperate with the bank and provider.
- Visa Platinum
Visa Platinum credit cards require holders to have income above US$1,700 per month. The limit of this credit card reaches US$5,100. With this benefit, many businessmen use this credit card to grow their businesses.
- Visa Classic
Visa Classic is a credit card from Visa with the lowest limit, both for shopping and features. The maximum transaction that holders can make with this credit card is only US$345.
- World Elite MasterCard
This is the most exclusive credit card from MasterCard. By having this credit card, you will be able to enjoy many conveniences in many aspects. For example, reservations at star hotels, luxury restaurants, airports, and many more. World Elite MasterCard is very suitable for you who travel a lot. This credit card is also equipped with an Identity Theft Resolution Service feature. This feature protects your identity. When someone tries to steal your identity, you will get a notification from this feature.
- World MasterCard
World MasterCard is equivalent to Visa Infinite. The minimum use is US$5,188 a year. If you transact below this amount, you will be charged an annual or monthly fee, depending on a large number of credit card issuing banks. In order to have this credit card, you must meet the same standards as Visa Infinite credit cards. Traveling with this card will be very convenient since it is popular in a lot of different countries in the world.
You can also enjoy convenience when it comes to making hotel or airport reservations. Similar to World Elite MasterCard, World MasterCard is also equipped with the Identity Theft Resolution Service that will protect your identity.
- MasterCard Gold
The limit of this credit card reaches US$6,900. However, the monthly fee is also expensive. There is a minimum income that you must fulfill if you want to apply for this credit card.
- MasterCard Platinum
MasterCard Platinum offers more features compared to the previous option. For example, discounts and points that you can exchange for grand prizes or other special offers. The limit of this credit card is US$5,188. But you can adjust the limit according to your needs.
- MasterCard Classic
MasterCard Classic has the lowest credit limit, which is only US$345. If you want to apply for this credit card MasterCard, you need to earn US$3,400 per year.
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