Visa and Mastercard are two of the largest credit card networks, powering over 85% of credit card transactions nationwide. Chances are, you already carry one in your wallet. But what sets them apart? While Visa and Mastercard have many similarities, a few key differences might influence which one you choose.
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What are Visa and Mastercard?
Visa and Mastercard are two of the four largest credit card networks globally, with the other two being American Express and Discover. Credit card networks make everything behind the scenes of a credit card payment possible by processing transactions between merchants and card issuers, such as banks and credit unions.
While Visa and Mastercard don't issue credit cards, they provide the infrastructure that makes credit card payments seamless. Things like your card's credit limit, interest rates, annual fees and rewards programs are determined by your issuer, not Visa or Mastercard.
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Visa vs. Mastercard benefits
While most credit card benefits come from the issuing bank, Visa and Mastercard also provide benefits tied to their respective networks. Many benefits are provided at the card issuer's discretion, so even if your card is in a specific Visa or Mastercard tier, you might not have the same benefits as other cards at the same level.
Here are a few examples of Visa benefits and Mastercard benefits:
Visa benefits
- Access to roadside dispatch: A 24/7 pay-per-use roadside assistance service that can arrange towing, locksmiths or jumpstarts for you.
- Travel and emergency assistance services: Can help with emergencies while traveling, including medical referrals, prescription replacements and translation services.
- Return protection: Visa will reimburse you for eligible items worth up to $300 if a merchant refuses to accept a return.
Mastercard benefits
- Mastercard ID theft protection: This service can help monitor the internet for leaked personal info, alert you of suspicious activity and help you track your Equifax credit score.
- Mastercard travel & lifestyle services: Enjoy luxury hotel perks, flight and car rental discounts and airport concierge services.
- World Elite Concierge: A 24/7 concierge service that can help with tasks like restaurant reservations, event tickets and locating lost luggage.
How are Visa and Mastercard similar?
As the two largest credit card networks, Visa and Mastercard share many key features, making them nearly interchangeable for most consumers:
- Global acceptance: Visa cards are accepted in over 200 countries, while Mastercards are accepted in over 210 countries. You'll rarely encounter a merchant that takes one card but not the other.
- Zero liability protection: All Visa and Mastercards protect you from unauthorized charges, ensuring you're not held responsible for unauthorized charges.
- No direct issuance: Neither Visa nor Mastercard issues credit cards directly. Instead, they work with financial institutions to offer cards on their networks.
- Varying card tiers: Both networks offer several card tiers with varying benefits to suit different needs.
How are Visa and Mastercard different?
The differences between Visa and Mastercard credit cards are relatively minor. Overall, Visa cards generally offer slightly stronger travel-related benefits and protections, while Mastercards may unlock access to more discounts and exclusive experiences.
Visa has three primary card tiers:
- Visa Traditional: Includes basic benefits like roadside assistance, emergency cash disbursement and emergency card replacement.
- Visa Signature: Expands access to a wider range of benefits and protections, including extended warranty protection, trip delay protection and Global Entry statement credits.
- Visa Infinite: Offers the highest levels of protection and premium perks like airport lounge access and airline incidentals statement credit.
Mastercard credit cards also come in three tiers:
- Standard Mastercard: Access to limited benefits like zero fraud liability and ID theft protection.
- World Mastercard: Adds cell phone protection and special discounts with partner brands like Booking.com, ResortPass and Lyft.
- World Elite Mastercard: Features premium benefits like access to the World Elite concierge and a higher level of cell phone protection.
Ultimately, the biggest differences depend more on the issuing bank than the network. The card issuers determine factors like your interest rate and credit limit and which credit card network benefits they will support.
Should I get a Visa or a Mastercard?
The differences between Visa and Mastercard are pretty slim. Instead of focusing on the network, pay attention to the issuing bank, the card's perks and how they align with your spending habits. Here are some standout options from both networks:
Visa Cards
When it comes to options for Visa cards, the Chase Freedom Unlimited® stands out for offering generous rewards rates on common everyday spending categories and no annual fee (see rates and fees).
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
The Wells Fargo Active Cash® Card is another Visa card worth considering if you don't want to deal with tracking bonus categories and prefer earning a flat reward rate across purchases. Best suited for credit scores of 670 or higher, the card also offers a valuable welcome bonus and introductory APR offer.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
- High, unlimited flat-rate return on purchases
- Intro APR on purchases and qualifying balance transfers
- Lower introductory balance transfer fee
- Up to $600 of cell phone protection against damage or theft (subject to a $25 deductible)
- Charges a 3% foreign transaction fee
- Balance transfer fee increases to 5% of each transfer (minimum $5) after 120 days
- Limited redemption options unless you pair it with a Wells Fargo card that allows point transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.49%, 24.49%, or 28.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
3%
Mastercards
On the Mastercard side, the Citi Double Cash® Card is a great cash-back card earning an unlimited 2% on all purchases (1% back when you buy and 1% back when you pay). The card also has a $0 annual fee, which can help keep additional costs down.
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
Consider the Capital One Platinum Credit Card if you're building or rebuilding your credit. While the card doesn't offer any rewards program, it has no annual or foreign transaction fees, and, after just six months, Capital One will review your account will automatically be reviewed for a higher credit line or an upgrade to a rewards card.
The Capital One Platinum Secured Credit Card can help you build, or rebuild, your credit because you can be approved with no credit or bad credit.
- No annual fee
- Low minimum refundable security deposit starting at $49 to get a $200 initial credit line
- No foreign transaction fees
- No rewards on purchases
- No welcome offer
- High APR
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get at least a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
- Top rated mobile app
Balance transfer fee
- $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
FAQs
Is it better to pay with Visa or Mastercard?
Since both cards are widely accepted, whether it's better to pay with a Visa or Mastercard depends on your specific card's features and the type of purchase you are making.
What are the four major credit card networks?
The four major credit card networks are Visa, Mastercard, American Express and Discover.
Why doesn't Costco accept Mastercard?
Costco and Visa entered an exclusive partnership in 2016, so only Visa cards are accepted at U.S. Costco warehouse locations.
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