Is there a difference between VISA and MasterCard?

Back

2016-06-05 00:00:00:


These cards are the most common international payment systems around the world. You can use them to pay in any country. If you go abroad on vacation or on a business trip, then you can receive funds on these cards, make payments using them, and also withdraw cash from ATMs.

For example, there are such banks (UniCredit Bank) that can block the card when withdrawing cash or making a payment, if the user does not inform them in advance which country he is leaving. Also, a banking institution can set a certain limit on the use of funds when performing transactions with cards. Experts say the difference between VISA and MasterCard is the same as, for example, between Coca-Cola and Pepsi. It is recommended to take both abroad, if, of course, they are. These cards can replace cash.    

Initially, it may seem that there is not much difference between them, or it is minimal. But in reality this is not at all the case. For example, in many retail chains you can only pay with VISA , since they do not accept MasterCard. According to experts, there is little difference between the two systems. The products are almost the same. So which card to give preference to - VISA and MasterCard?  

Difference between VISA and MasterCard  

Despite the similarity in functionality, there is a significant difference between these popular cards:

  1. The former has a wide network of ATMs for cash withdrawals in many countries.
  2. With a VISA card, the bank can withdraw a certain amount for conversion, since it takes place in several stages, while it is not charged with a MasterCard.
  3. Different codes for online shopping. For example, for VISA it is CVV2, and for MasterCard it is CVC2.

Both cards have no limits for withdrawing funds from ATMs of other banking institutions.

Today, on the official service of VISA, it became known that many countries (for example, New Zealand, Great Britain, etc.) have introduced a system by which payments by cards of this company are made with the introduction of a PIN code, and a new type of plastic is being introduced, which contains built-in microchip. Therefore, many stores may not accept magnetic stripe cards at all. In this case, it is recommended to contact the point manager and explain the situation, insisting that plastic with a magnetic tape should be accepted, since it was not officially canceled.

Regardless of whether there will be a card with or without a stripe, you still need to remember its PIN code when traveling abroad. Since the ATM may simply not return the card if the code is entered incorrectly several times in a row. If this does happen, it is recommended to contact the support service. They will facilitate the return of the card after the client presents his ID. It is also recommended to write down or remember the support phone number and the plastic code, so that they are always at hand when traveling. This will be required to block the card if it is lost or stolen.

The difference between VISA and MasterCard is not significant. If settlements are made in card currency without conversion, then there is an opportunity to reduce your commission costs. As mentioned above, this is possible with a VISA card. For example, holders of VISA cards issued by Sberbank will pay about 1.5 percent of the conversion amount for conversion. Also, when withdrawing funds from an ATM in local currency, the user will pay about 6% of the amount. When paying for goods in a store with a card with rubles, the conversion into dollars will take place first, and only then into the local currency.   

If you make purchases using the Internet, then there is not much difference which card to use (VISA and MasterCard). But experts recommend using a separate card to pay for services or goods on the Internet. You need to replenish it only before making a payment.  

But there is a difference between VISA and MasterCard of the premium segment. The first payment system has more advantages, regardless of which bank issued the card. For example, VISA GOLD gives its owner the following benefits:    

  1. Medical support by phone, support when traveling abroad, as well as when searching for the nearest medical facility.
  2. Personal secretary - in those cases when you need to book a ticket for any type of transport, a table in a restaurant, as well as when providing information about the location of a particular gaming establishment.
  3. Quick help in case of loss of the card.

With Visa Platinum, you can protect your purchases. It provides for a refund if the product was damaged or lost after purchase. It also provides for an extension of the warranty for paid purchases. The Visa Infinite card can provide not only all the services listed above, but also additionally insures family members, provides shopping advice, organizes transfers, assistance with a delivery service, and more. For owners of MasterCard, only quick help is available in case of loss of cards, as well as a loyal client program. 

The difference between VISA and MasterCard is also in what currency the payment system will use as the main one. Everything will depend on the currency in which the account will be replenished most often. This currency should be chosen as the main one. If it is not possible to buy currency at a preferential rate, then it is profitable to use VISA and MasterCard ruble cards , which make it possible to perform conversion operations at the most favorable rate.       

Usually, both systems have loyalty programs. These can be discounts for partners or on ticket purchases, hotel reservations, legal advice or medical insurance. Today, there is intense competition between the two systems for the right to be a leader. Therefore, each of them offers its customers more bonuses and discounts in order to lure them over to their side and force them to use their cards in this way.

Before purchasing this or that card, you need to insure yourself by asking the bank itself what benefits and privileges the client will receive when entering the system. If you plan to travel abroad, you always need to reinsure yourself by taking both cards. This is the difference between VISA and MasterCard.