VISA CREDIT CARDS VS MASTERCARD – DOES IT MAKE A DIFFERENCE?

by ANISHA

If you’ve ever turned on a television or opened a magazine, you’ve probably seen advertisements for MasterCard (Priceless) and Visa (Life Takes Visa). But what do these companies actually do and what’s the difference, anyway?

MasterCard and Visa don’t issue credit cards

First, it’s important to understand that MasterCard and Visa do not issue credit cards.  Instead, they make money by processing transactions between your point of purchase and your bank. They have nothing to do with your rewards programs, interest rates, late feesor customer service issues. Simply put, they are payment networks that connect merchant payment terminals with your bank’s credit card department. Because millions of merchants accept huge amounts of credit card purchases every day, banks prefer to use one of these third party networks to process credit transactions.

So should I get a Visa or MasterCard? And does it matter?

Though networks have nothing to do with fees or rewards, they arrange most non-reward “perks.” Your bank (Chase, Bank of America, etc.) is in charge of things like cash back programs and airline miles. But the networks (Visa, MasterCard, Discover, etc.) add perks like fraud protection, car rental insurance, travel insurance, purchase protection and more. When choosing a network, you need to determine which offers the most generous and relevant perks. Visa and MasterCard are pretty similar, but Visa is just a little better. Its advantage is twofold. First, Visa has better “Loss of Use” coverage on car rental insurance. Second, MasterCard offers “Return Protection” on very few cards, whereas Visa Signature offers the service broadly. With exclusivity arrangements falling by the wayside, you are now more likely to be given a choice between networks when approved for a credit card. If your choice is between Visa and MasterCard (and it often will be), we recommend Visa, especially if the card falls under the Visa Signature category.

Visa highlights:

Visa Signature cards offer some pretty awesome perks on top of your bank's rewards program. Take the Capital One Venture card for example. Deemed Money magazine's "Best Rewards Card if you aim to rack up airline miles," it has an impressive flat 2% rewards rate on all purchases. You receive a10,000-mile signing bonus, you never have to worry about blackout dates, and there are no limits or expiration dates on miles. The Venture's Visa Signature status piles on even more benefits. You are granted 24-hour complementary concierge service, lost luggage reimbursement, purchase security, travel and emergency assistance services, roadside dispatch and more.

Another Visa favorite is the Chase Freedom. Though not actually a Visa Signature, it’s much more accessible than the Capital One Venture: it has no annual fee, but has a really great signup bonus of $200 cash back (2x the Venture) and gives a whopping 5% back on categories that change every three months. These can include gas, groceries, hotels and dining out. Plus, you earn 1% back on everything else and get access to the Chase Ultimate Rewards Mall, which earns significant bonuses on online shopping at stores ranging from Express to Ralph Lauren to Starbucks.com.

MasterCard highlights:

The Citi Simplicityis pretty much the best low APR/balance transfer offer out there: 18 months interest-free, with a low 3% balance transfer fee. It also has no annual fee, but what sets it apart is that it has neither a late fee nor a penalty APR, so you won’t see your interest rate jacked up to 30% if you miss a payment. It’s ideal for anyone who needs to make a big purchase and pay it off over time, or for anyone who’s already got some credit card debt.

Other Networks

Of course, Visa and MasterCard aren’t the only networks out there. Discover and American Express are the main competitors. Generally, Discover offers the worst perks (no purchase/return protection, no loss of use coverage on rental cars, and no concierge services). American Express has the best perks but is not, unfortunately, as widely offered or accepted as Visa or MasterCard. American Express has better insurance coverage on both return and purchase protection and offers the same protection on all cards—not just premium offerings. For a good American Express rewards credit card, check out the Starwood American Express. It offers big earnings on hotel stays and some great signing bonuses. But if you’re like most people, you’ll stick with the big guys—Visa and MasterCard—simply because they are so universally accepted.

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Are Visa Credit Cards Better Than Master Cards?

The point itself is not that important - are VISA cards better than MASTER credit cards for both of them are just payment gateways. That means when you pay through a VISA card, it is VISA which is paying money on your behalf and when you pay through MASTER card, it is MASTER which is paying on your behalf. And when you repay the credit amount to the bank on the end of each month, the repaid amount goes back to the subsequent debt payer.

Whether VISA is good or MASTER depends entirely upon the country where the card is being used. In a country like India, VISA is more acclaimed than the MASTER card which means it is more widely accepted than a MASTER Card. So, when Indian Credit card companies launch a credit card, they prefer to launch a VISA card for Indian Markets.

However, when it comes to Global markets, credit card companies offer MASTER cards as a better option than VISA, especially when traveling to European countries. The reason is the same as above - MASTER credit cards are more accepted in European Countries than other countries.

Major VISA credit cards in India include those offered by Credit Card majors like HDFC bank, Citibank, Standard Chartered, Bank Of Baroda, Bank of India, State Bank of India, Indian Bank.... And so on.

Be it a Master card or a Visa Card - both of them offer the same facilities like balance transfer, lower interest rates, loan on credit statement, life insurance, dismounts, waivers, special privileges in restaurants, hotels and bars and so on. The whole sole point is that - whenever you take a credit card, take the one which is widely accepted in your own country and if you are taking it for an overseas trip, then take the one which is widely accepted there to avoid any kind of hassle.

So, whenever you take a credit card, be concerned about the acceptability of the card rather than the payment gateway.

For more information on credit cards, kotak credit cards, business credit card, platinum credit cards and signature credit cards visit at kotakcards.com.

Article Source: http://EzineArticles.com/?expert=Heena_Vasvan

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Visa Vs MasterCard - Which is the Best?

The 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.

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 Scotland will have very little to do with a Visa issued by other banks and may in fact by more similar to the Bank of Scotland'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.

Joe Kenny writes for http://www.CreditCardsWeb.co.uk, offering the latest information on credit cards, visit them today to compare credit cards and find yourself a great deal

By Joseph Kenny

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The Big Three - Visa Vs MasterCard Vs American American Express

How many times have you looked at a magazine or commercial offering you a Visa, MasterCard, or American Express (AMEX) credit card? At that time, did you stop to think about which one was the best choice? If so, here are some things to remember when deciding on a Visa, MasterCard, or American Express charge card.

1. What Visa, MasterCard, and American Express All Have in Common

All three major credit card companies offer unique credit cards. Some of their cards offer rewards or special discounts on purchases. Also, some of them will let you customize your charge card's appearance.

Depending on how much your credit limit is with the companies, you can use them for cash advances. You can also transfer the balance of one card to another with these companies when trying to save money and quickly pay off a balance. However, you may be charged a balance transfer fee.

2. Where Visa and MasterCard are Better Than American Express

Visa and MasterCard are more widely accepted than American Express. With them being widely accepted, they are more widely offered. Though there are banks that offer American Express cards, more banks will give you a Visa or MasterCard charge card.

3. Where American Express is Better

Though American Express credit cards (in comparison to Visa and MasterCard) seek to attract middle class citizens, they offer more business oriented benefits. AMEX, in most cases, does not have a bank as its middle man. As American Express can issue its cards directly to customers, the company can more easily address its customers' questions and problems. This lack of needing a bank's aid also enables AMEX to directly communicate its offers and service updates to its users.

AMEX is a better card for businesses as it offer great reward perks for business traveling purchases. The company has its own customer service line available 24 hours for scheduling trips. The company also offers double reward points for setting up your trip through its website as a member of the company's reward program.

4. Visa Vs MasterCard

Though Visa and MasterCard share a similar setup as payment systems, they offer different cards with special perks. Therefore, as a customer you must decide which card is best for you according to the various card(s) your bank offers.

A really cool card that can be available to you as Visa credit card is the Capital One Venture card. With the Capital One Venture card, you are rewarded two percent back for your purchases and will not receive a fee for foreign transactions.

A great card available to you through MasterCard is the Citi Simplicity Card. This card is great, if not the best, for making purchases and transfers with its 18 month zero percent interest rate.

5. Which One is Best For You

When deciding which of the three cards described is best for you, think about why you would like the card. Are you trying to build credit and simply want a credit card? Are you trying to consolidate some debt? Do you travel a lot? Or, is there a store or gas station you visit frequently? Whatever your reason may be, evaluate your reason when deciding which card will benefit or reward your lifestyle or purchasing habits.

By Ryan D Neely

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