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What is the difference between MasterCard and Visa?

Samantha Barber

in Student Loans

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Jessie Thompson on September 3, 2019

Difference between Visa and MasterCard 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 places around the world that accept the cards, which is estimated at more than twenty million dollars. In fact, as far as most consumers are concerned, there is no real difference between the two. They are both widely accepted in over one hundred and fifty countries and it is very rare to find a place that will accept one but not the other. However, neither Visa nor MasterCard actually issue 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 the bank and when you pay your bill you are paying at the bank or the 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, in fact, more similar to that of the Bank of Scotland MasterCard. What this means for the vast majority of customers is that you don't have to worry too much with the fact that a credit card MasterCard or Visa. You would be better to concentrate on the interests and other charges on the card, the balance transfer possibilities or their reward scheme. It is very unlikely that you will 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 happens to a company, or if you were in the unlikely position of finding a location that accepts one but not the other, then you 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, in the card type that is. More information: these are two different companies. Apart from that, they are essentially equivalent, charging interest on card balances, and trying to get you to use their card in place of the other. It's something like the difference between Coca cola and Pepsi.

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