Mastercard and Visa Credit Cards: Should you Apply for Both?
MasterCard and Visa: they’re both household names in today’s credit card world. In fact, MasterCard and Visa are so common that if you’re shopping for a new card, it may be difficult to choose one over the other. Which one is more widely accepted? Which one has better benefits? Should you apply for both? Here are some points to consider while comparing MasterCard and Visa credit cards.
How MasterCard and Visa Operate
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While you see their name on many cards, MasterCard and Visa do not actually issue credit cards. Rather, they function in a behind-the-scenes way. MasterCard and Visa are payment systems. They create and maintain the computer networks that process their credit card transactions. This is no small task. Literally billions of credit card transactions occur at ATMs and merchants around the world.
Other banks, such as Chase and Bank of America, issue the actual credit cards. These banks work with MasterCard or Visa. They place the brand name on their cards. If you see the Visa name on a credit card, it means that Visa is backing up the card. The same is true for cards with the MasterCard logo on them. This is why you see cards with names such as the Chase Platinum MasterCard. Note that the name of the bank and the payment system are both mentioned. When you make a payment, it goes to the bank that issued the card.
Comparing MasterCard and Visa
As far as worldwide acceptance, MasterCard and Visa are quite comparable. Both of them have an established global presence. Most retailers will take either one without hesitation. In rare occasions, a retailer may only accept one or the other. Even then, you should be able to find another store close by that does take your card.
If you’re searching for a credit card, you are probably comparing interest rates, reward programs, fees, and included benefits. Keep in mind that the issuing banks determine these factors. They are not decided by MasterCard or Visa.
Reasons to Get Both
If you are applying for your first card, remember that MasterCard and Visa are quite similar. You will want to look at the various benefits offered by the banks that issue the cards. If you are planning to keep a balance from month to month, you may want to consider a card with a low interest rate. If you are looking for rewards and are able to pay off the balance in full each month, a card with a good reward program may better fit you.
If you have a Visa and want another credit card, it may be wise to get a MasterCard (and vice versa). The same is true for banks. If you have a card from Chase, try looking into a different card issuer. Having variety will aid you should anything happen to one of the institutions. Also, since the different lenders are in competition, you may receive offers for better credit card deals in the future.
MasterCard and Visa are both solid credit card choices. Having a card from each company will give you more credit options. And having cards from different banks will get you access to the best reward programs, interest rates, and other benefits. Start looking online today. Then pick out the credit cards that work best for you.
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Help answer the question about visa credit card
Can I use Visa debit card for online shopping? What is the difference from Visa credit card?Can I use Visa debit card for online shopping as same as visa credit card??I am experiencing some difficultis on some online shopping site, and I am wondering the problem might from the card.
July 12th, 2009 at 12:25 pm
I don't think they can "convert" a store credit card into one of their Visa Credit Card offers. (2 different accounts).
Be careful with these store cards… they are expensive to maintain.
http://creditcardforum.com/store-issued-cards/728-macy-s-credit-card-warning.html
July 12th, 2009 at 12:38 pm
epassport is one good option, another one is Green Dot Visa which can be picked up at any CVS or Walgreens
July 12th, 2009 at 5:24 pm
You have a given line of credit on your card, generally about $500 to start.
When you make a purchase, you swipe or give your card to a cashier. This initiates an electronic call to the credit company [Visa] who will then approve or decline the transaction based on your available credit. If approved, you will usually be asked to sign a receipt stating that you will pay the transaction. This receipt is counted into the companies daily revenue and then deposited in the bank where it or an electronic copy of it is sent to the credit company [Visa], similar to how you get a check that you write back after it is cashed. This signature is kept on file in case you don't pay, as it is a legally binding contract.
Once Visa has the signature, they send the payment to the company that you made the charge at [the delay of some companies sending the receipt back to Visa is what causes some things to pend for a few days before posting to your account]. You are then billed on your next statement. If you pay the bill by the due date, you will not pay any interest. If you let a charge stay on your bill for over a month, you begin getting finance charges on it until you pay it. This means that you end up paying more for the object then it was originally worth.
If you continuously pay your bill on time, you will recieve raises to your credit line once or twice a year. If you do not pay your bill on time, you will be fined and have interest charges added to your account.
ADDED: I saw your update that said you get $1000 a month, and wanted to let you know that it does not work as a limit per month. $1000 is your limit overall, meaning if you go over 1000, you will not have ANY credit available until you pay your balance down, and you will continue to get Overbalance charges each month until you do so.
July 12th, 2009 at 12:56 pm
Paid off my Sears (junk) card a few months ago. Now $0.00 balance. Still get calls from some junk company called “CardCare”, or something like that. It’s yet another way for Sears to steal. They try & get people to agree to purchase an insurance policy for their Sears card. Please. I told the bandit-lady (from India?) who called me that my card balance is 0, & I had already cut it into 9 pieces, burned it in a fire pit & mailed the black, melted wad of sticky plastic back to Sears attn: CEO.
July 12th, 2009 at 9:16 pm
The three-digit code on the back of the card, which can't be derived from the account number on the front, and isn't stored on the magnetic stripe (it's called a CVV2). It is a security measure to ensure that someone using the card over the internet actually has the card in front of them.
If you are getting an error saying that this security number is invalid, you either haven't entered the CVV2 number correctly or you have a bogus card.
July 13th, 2009 at 9:38 am
Yes you can.
Most Merchants require credit or debit cards to have address verification. Your bank may need to activate your card for internet/phone purchases. You may have tried to order from outside of your home country. Some banks require you to activate the card for international purchases even if ordering on the internet. If you placed a lot of orders you may be over your daily authorization limit. Some merchants charge you an authorization and a purchase which looks like two charges because the merchant does not know how to merge the transaction. The authorization is usually removed in about a week.
To correct some people above
In person US debit card with a Visa or MasterCard symbol can be used two ways at some merchants
Use the Credit button and you usually sign for the purchase.
Use the debit button and you enter your pin at the pos terminal
Online and by phone it can only be used as a Credit Card and you should never give anyone your pin number. All ways come out of your checking account with no delays using a debit card. My experience. You are also protected with debit card purchases. The key is notifying the bank fast.
July 13th, 2009 at 4:02 pm
yes since it will require account number you might want to do this in person at the bank!!!
July 14th, 2009 at 8:50 pm
July 15th, 2009 at 3:22 am
check these links, you might even find a better card but there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers
July 15th, 2009 at 4:11 pm
check out http://www.bankrate.com. You can compare Credit card companies and offers on there. Beware of annual fees, vs reward programs and interest rates.