Does choosing a credit card turn out to be a challenge? Which one would suit the most? Feeling of confusion is inevitable?
Keep calm! Take into account some further information to help make an imperative choice.
First thing to bear in mind is that all cards vary according to the networks, by which they are issued. Payment systems can be both, national and international. The selection of international networks, among which the most popular are Visa, MasterCard, American Express and Discover, will be an optimal approach for businesses.
No wonder, the first thought is to make decision between Visa and MasterCard. In this case, get ready for a hard choice, as these payment networks are developing almost head-to-head.
Briefly about Visa and MasterCard networks
Visa and MasterCard companies are the largest world-wide card processors. They provide certain technology, required for card payments processing.
Visa network is ubiquitous and its cards are freely accepted for payment in approximately 200 countries. The corporation has developed a range of payment cards in order to satisfy clients with different needs and lifestyle. They enable people to make purchases in real shops as well as in virtual ones, to travel around the world and to pay numerous services. Visa cards differ in their status value: Platinum, Electron, Classic, Gold, etc.
MasterCard payment system follows rather close to Visa. MasterCard cards are proliferated in 210 countries. The company issues credit cards as well as debit ones, which enable obtaining additional bonuses, services and discounts. MasterCard has its range of cards as well: Cirrus/Maestro, World, Platinum, Gold, Standard and others.
Both corporations are widespread and there is no problem to use services of any in different parts of the world. By such indicators as market share, point-of-sales terminals quantity, number of employees and transactions per year Visa is leading.
What are the utilization differences?
Nevertheless, the choice still remains to be hard, as companies propose almost similar benefits. Rental car insurance, anti-fraud security, safe payment process are among numerous perks. At this point, it’s worth taking into account, that each network provides its own card features, which encompass fees, interest rates, special offers, reward systems and so on.
Visa’s clients can enjoy such bonuses as purchase guarantee extension, unauthorized shopping hedging, relief assistance or card replacement. Moreover, Visa ensures its’ consumers in 24/7 support and access to online source of fresh discount offers, news about traveling, the last sports and entertaining events.
In its turn, MasterCard proposes very similar possibilities, but there is one distinguishing peculiarity, that entails price protection. It means, that if the cost of bought product is marked down, MasterCard will cover the difference in client’s favor.
In spite of everything, the problem hasn’t been solved yet..
Still, what is the main aspect to pay attention to?
It’s a common belief that Visa tends to be American payment system, whereas MasterCard is European one. However, it’s well-known, that both networks are international.
The far more important issue is currency conversion possibilities. For Visa payment system the core currency is supposed to be the American dollar. It means, that conversion processes will be made through the dollar. For MasterCard network conversion procedure is possible concerning dollar and Euro as well.
Case depends on the contract between payment system and issuing bank. That’s why, by comparing these two networks, it’s important to go rather from issuer’s perks, among which the following can be highlighted: purchase protection, low conversion rates, cash-back rewards, integration bonuses, different travel freebies.
In addition, it is vital to find out the conversion currency, while opening the bank account. Thus, if business is connected mostly with Europe, Cuba or Africa, it will be better to choose MasterCard solution. On the other hand, by cooperating with USA, Australia, Canada or Thailand the decision should be made in Visa’s favor.
However, the final recommendations can’t be formulated for sure, as all depends on individual circumstances. So, basing on personal preferences, cardholders should examine carefully all features of both networks, focusing on interest rate, annual fee, cash back conditions, rewards proceeds and various currency availability.