Visa and Mastercard generally have the same worldwide acceptance. They’re both accepted in more than 200 countries and territories worldwide and in 150 or more currencies.
- As stated above, the biggest differences between Visa and Mastercard lie in the banks that issue them.
- When I worked as the office manager for a sea kayaking company, I took a lot of reservations over the phone.
- So if you are comparing Visa and MasterCard to decide which card to go for, it may be a good idea to look at the features of the specific card (not the brand).
- In contrast, many cards offered by Visa and Mastercard only require a “fair” credit rating of 630.
- If you want a store card, you may not have any say in what network you use.
- Where Visa and Mastercard® make their money is by charging banks and other financial institutions.
These payment networks essentially connect cardholders with merchants and banks, allowing for a seamless experience when you use your card at a merchant that accepts it. On the flip side, most cards also come with plenty of different perks and benefits that are unique to the card issuer, in addition to the benefits offered by the credit card network. If you’re curious about the benefits that come with a particular card, you should be sure to read the fine print to determine exactly what perks and add-ons are included.
Choosing The Best Card For You
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Visa (trading symbol V) commands a $497.5 billion market capitalization, while Mastercard (trading symbol MA) follows closely behind at $359.8 billion (market caps as of May 18, 2021). As neither company extends credit or issues cards through a banking division, both have a broad portfolio of co-branded offerings. To learn more about which cards are available, check out this guide on Visa credit cards.
Most retailers will accept either as a payment method, so you will not be stuck if you choose either of them. You may want to look into what each charges for exchange rates, but the difference isn’t something that’s going to be a deal-breaker. Their real strength for consumers lies in that they are accepted by the overwhelming majority of merchants in the UK and in over 200 countries around the world. Therefore, the fact that they are made of plastic isn’t the only thing that is flexible about them.
The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
While we adhere to strict editorial integrity, this post may contain references to products from our partners. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Card issuers can also offer other perks, such as identity theft and fraud protection, car rental insurance, and business purchase discounts.
Is Visa More Widely Accepted Than Mastercard?
In other words, they issue their own cards and also process their own payments. Where Visa and Mastercard® make their money is by charging banks and other financial institutions.
- In spite of this, there are some minor differences in credit card offerings between Visa and Mastercard, which are discussed next.
- Once you’ve narrowed your options down to cards that provide the features you need, you can filter by your preferred card issuer.
- Mastercard was the brainchild of a group of banks that came together to form the Interbank Card Association in 1966.
- Generally speaking, you’ll find more co-branded Visa cards — with airlines and hotels, for example — and more secured Mastercards, for people with limited or poor credit.
- To learn more about which cards are available, check out this guide on Visa credit cards.
- The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
Network processors, and specifically Mastercard and Visa, have the freedom to structure their fees any way that they like. This structuring and reporting is one of the biggest differences between the two largest network processors. Visa and Mastercard do not issue cards directly to the public but rather through partner member financial institutions such as banks and credit unions. The member financial institution then issues cards for individuals and businesses, either directly or in partnership with airline, hotel, or retail brands. The differences between Visa and Mastercard lie in their card benefits.
Visa Eligibility
There’s not a lot of contrast between Visa and Mastercard, so for most people, it may not matter which one you pick. Rather, focus on finding the credit card that will give you the most bang for your buck through its rewards program and benefits. Issuers may also add or subtract benefits from their cards, so check out the webpage or enrollment materials for an individual card you have or are considering, to be sure what perks are provided. The information related to Chase Sapphire Reserve® has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product. The information related to Capital One SavorOne Cash Rewards Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product. The information related to Chase Sapphire Preferred® Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
Here are some of our favorite credit cards that run on the Visa or Mastercard networks. Both offer extensive worldwide acceptance, as well as many of the same perks.