It is really hard to distinguish between Visa and MasterCard since they are, to people, just logos that work almost the same way. It does not matter much which one you choose since they both provide the same kind of services. If you have been wondering what the difference is between the two, then let’s dive in to more about these two enigmatic payment services that have dominated the entire world.
Before we start to know what the difference is, we should make very clear what Visa and MasterCard are, what are they used for, what is their purpose and which one you should choose over the other.
Both the payment services offer same benefits and if you choose one over the other it wouldn’t make much of a difference. Just to be clear, Visa and MasterCard do not issue credit cards, extend credit or set rates and fees for customers. Rather, Visa and MasterCard help transfer money all around the world through their network.
They are financial institutions and using their product they provide debit, credit, and prepaid and cash withdrawal programs to the consumers. According to Nilson Report, Visa has processed more than hundred billion transactions in 2014 only and the volume that was transferred was US$6.8 trillion.
The credit card features that you consumers get are issued the issuer of the credit card company – bank. there are certain perks which are unique from one and the other but in this blog, we will go over the ones which are most remarkable.
What services do consumers get from Visa and MasterCard?
These two giant financial institutions offer different kinds of benefits on different occasions that banks and other issuers can choose to offer their customers.
- Unique offers: Both the payment companies Visa and MasterCard use different programs that provide exclusive entertainment, travel, dining, and other shopping offers to the customers. However, other credit cards might offer a different range of services with higher discounts such as a holiday on a cruise.
- Premium cards: Both the companies provide different class of card options that ranges to different products. The customers can get concierge services, customer assistance anywhere on earth, complimentary insurance, and exclusive privileges on a certain stores, hotels, and restaurants.
- Worldwide security services: If you have lost your card or if it has been stolen you can call them from anywhere anytime and their hotline services. These help lines are available 24/7.
- Online shopping protection: Both the companies offer their customers many programs which add on different layers of security while you make online transactions. Your payments are verified by Visa and MasterCard Secure Code which providers might offer you on while you use your credit card. You will be given a password when you register for these services.
- Discount programs: if you are a recipient of a business credit card you can save money on various purchases. Visa Savings Edge program features up to 15% of discounts to only a few merchants.
So there are the points that you need to know about Visa and MasterCard. The difference between them is just the different networks and platforms but the work they do is almost same.