Difference Between Master And Visa Credit Card
Most of us own a credit card, but how many of us think about which credit card we are carrying? You would ask, does it make a difference? Of course, it does. Lets understand the difference ok kind of cards you are using.
Basically, two types of credit cards are used widely all over the world – Visa and Master Card. These are the payment networks that are the gateways through which payment of your credit is done. What happens is this –
When you take a credit card, the credit which you take comes from a bank, credit union or other financial institution, known as an issuer. Each issuer sets the specific terms of the card, such as the interest rate, meaning that you can have two Visas or two MasterCards from two different issuers with significantly different terms. The issuer is also the party that takes the hit if you fail to pay off your card. Visa and Master are these payment networks. These are the ones which keep your data and can be solicited in case you turn out to be defaulter. However, both of them differ in their terms and conditions.
Both Master and Visa Credit Card keep a tap on your spending and are responsible for your limit mentioned in the credit card. These are the ones who charge a small percentage for their services.
Which kind of payment gateway will be acceptable more depends entirely upon the laws of the country where it is being used. Like in America Mater card in more widely used as compared to India where Visa is much easily accepted.
Compare Credit Cards and choose, take the one whose payment gateway, which is Master or Visa is more acceptable. Ask the person or the bank or the credit card company offering the card, to tell about the details and the wide acceptance of the card.
In India, some of the good credit card companies like Kotak Mahindra offer assistance while selling their credit cards. Call upon their advisor to have better knowledge about credit cards and their acceptance in the Indian Market.
Watch the video related to visa credit card
This is an unofficial transcript of a special report by KTVU News. First aired on July 5, 2009 at 5:44 PM. Gasia Mikaelian: Have you ever had a merchant add a surcharge to your bill because you used a credit card or tell you that you had to make a minimum purchase to use your card? As KTVU’s consumer editor, Tom Vacar, reports, both practices violate their credit card agreements and can be reported to the credit card company. Tom Vacar: At this Oakland (Tijuana Mexican Seafood Restaurant …
Help answer the question about visa credit card
Can a Visa Credit card reverse charges ?Can a Visa Credit card (BMW Visa) reverse charges? I purchased a TV online and received defective, the online store refuses to provide me with a refund and will let me exchange it only if I pay for it again and once I return the defective TV they will send me a replacement (I would pay for shipping on both) but I don't trust them anymore and want a refund, can a credit card company have those charges reversed?
February 19th, 2009 at 11:58 am
My understanding:
Visa, best for overseas travelling
MasterCard, best in Malaysia
This is what i've found…
~Accepted by merchants at over eight million locations in over 64 countries, VISA is reportedly the most widely accepted card in the world.
the main differences are as follows: VISA is the most widely accepted form of payment, with Mastercard quickly closing the gap. American Express and Discover are still not as widely accepted by many merchants. many American Express cards require you to pay your balance in full each month. however, when it comes to disputing a charge, you will almost always have better luck with AMEX than you ever would with VISA/Mastercard. Visa and Mastercard have 16 digit account numbers.
When it comes to VISA vs Mastercard, one of the only differences you need to be concerned about are how they handle disputes and between the two, Mastercard is much stricter. Visa will look at reasonableness in making its decision, Mastercard not so much.
::Off course lah Visa sayang..tapi i ni semekin…berani swipe mastercard je.hehe…
February 19th, 2009 at 1:04 pm
The major difference, apart from the interest rates, is acceptance of card.
Many stores nowadays pretty much accept all of the above if not more.
The other difference I can think of is the "branding" of the card itself; does it give you rebates for certain purchases, Air Miles, etc…
Your best bet is to take applications from each, take a look at what they offer versus your needs & chose the one that best answers your needs.
One last thing, annual fees — some don't charge any while others, all depending on services they offer, can charge quite a hefty annual fee!!
February 19th, 2009 at 12:51 pm
Lolita!!
February 19th, 2009 at 9:59 pm
An ATM card can only be used in ATM and requires a PIN. Money is taken from your bank account.
A Debit card is a check card. You can use it at most places that accept credit cards. Money is taken from your bank account.
Visa and MasterCard are brands of major credit cards. They are available thru various banks with a wide range of terms. Other brands of major credit cards are Discover Card and American Expres.
Credit cards are lines of credit. You make purchases against that line of credit. You get a monthly statement and make payments. You pay interest on the unpaid balance.
February 20th, 2009 at 2:52 pm
the name that is on the card — both are accepted at any place the other one is!!!
February 20th, 2009 at 3:08 pm
The difference is invisible to us as the cardholder except most companies accept Visa especially internationally. The biggest difference is on the mercant side. Companies and stores pay mastercard and visa a percentage of any sale to these card companies and certain ones offer better benefits to the merchants. This is why you have a "minimum purchase requirement" in some places because it will cost the store owner more to pay visa than for you to buy that product.
February 20th, 2009 at 11:49 pm
not exactly, these are the cards I know of:
visa, mastercard, discover, american express
out of these, AMEX is the most difficult to be approved for I believe. AMEX > Discover > Mastercard > Visa
you will also notice that Visa more common and then Mastercards next. fewer places accept AMEX.
to answer your question, it is either a creditcard, debitcard, or gift card.
creditcards are due monthly and are charged APR interest. you pay these using your checking account. you have a creditline and you can do cash advances, which is like an ATM withdrawal with APR and transaction fees.
debitcards are debited immediately from your account the moment you swip it. think of it as a "check" card. simply put, it's like writing a check to someone and they cashed it without the waiting for it to clear. these are usually issued by a bank where you have a checking account. the debit takes the money out of the checking account.
giftcards charge no interest and is just an amount that you can use. not tied to a bank or anything.
February 21st, 2009 at 12:06 am
Practically not much. Very rarely will you find a business that takes one but not the other.
February 21st, 2009 at 4:03 am
They're different companies with differrent terms and ways of running things. If you're looking for a CC, pay attention to the terms and the VERY FINE print.
February 21st, 2009 at 1:12 pm
There is no effective difference, as far as much of the civilized world goes. Visa and MasterCard are very widely accepted by businesses, and both brands of cards are usually available from any bank that offers a credit card program, though it may brand its check cards as one or the other.