Should you get Visa or MasterCard? Is one of them better than the other? Will one of them help your credit rating more than the other? Many people ask themselves these types of questions when they think about getting their first credit card or additional ones. The fact is, few differences exist between the two credit card brands today, but you can benefit by having a better understanding of the two companies and using their competition to your advantage.
Just Who Are Visa and MasterCard
First, you should know that neither Visa nor MasterCard actually issue credit cards themselves. Neither company deals with consumers or merchants directly. Instead, they create and run the worldwide computer networks that process the billions of transactions that occur each day from people who use their credit cards at millions of merchants and ATMs. Both companies make their money from financial institutions to whom they license the ability to market the MasterCard or Visa system to consumers and merchants.
MasterCard and Visa have been fierce competitors for years, each vying to be faster and more global than the other, just like Hertz and Avis, and McDonalds and Burger King. Each time one brand creates a new twist on their credit cards, the other soon follows to match it. Both companies now offer nearly identical benefits, such as travel insurance, car rental insurance, product warranty extensions, and so on.
Furthermore, both cards are accepted worldwide by nearly the same number of merchants. MasterCard says its cards can be used at more than 23 million locations around the globe, including 1 million ATMs and other locations where cash can be obtained. Visa says its cards are accepted at more than twenty million locations in more than 150 countries.
In general, most merchants throughout the world accept both cards, or if a merchant takes only one of the brands, another merchant down the block takes the other. The point is, your chances of being locked out of eating or buying a gift or getting a hotel room because you have only one brand of credit card are usually minimal -- other than at a few noted events where one card or the other may have negotiated to be the sole credit card to be accepted. But such instances are far and few between.
Which Card is Right for You?
Given the above, is one card better or more right for you? The best answer depends on whether it’s your first, second, or additional card, as follows:
If You’re Applying for Your FIRST Credit Card
In this situation, you can make a choice based simply on selecting which issuing bank you prefer to work with, or which promotional offer you like the most, without regard to the brand on the card. Perhaps you like Chase or Citibank or HSBC, or perhaps you like the 0% APR with no-annual-fee offer you found online. It's six of one, a half-dozen of the other.
If You’re Applying for Your SECOND Card
In this situation, it is strategically smart to select the opposite brand card from your first card AND to choose a different issuing bank. The rationale for this is that when you have two different cards, you will find that the two banks will compete for your business (assuming you maintain good credit). You will get offers for 0% balance transfers, higher credit limits, and other perks as the two banks vie for your increased use of their card. And just in case you find a merchant who only takes one brand of card, you can now be assured of having all your bases covered.
If You’re Applying for ADDITIONAL Credit Cards
Many people apply for more than two credit cards because something specific motivates them to get a third or a fourth card. You may want a separate card to use for your business charges, or to compliment your airline frequent flyer program. In these cases, your selection is largely predetermined by whichever card has attracted your attention to fulfill your specific needs. You might even shop around among issuing banks to be sure you find the best offer, no matter which credit card brand stands behind it.
In short, choosing between Visa and MasterCard is no longer a frustrating question for anyone applying for a first credit card. You can’t go wrong with either brand. And if you already have a first credit card, it can be a very smart move to apply to get a second card from the other brand. If you treat your credit well, you’ll soon be having two (or more) banks begging for your business -- and that's a good thing!
Visa Credit Cards Are Number One
Credit cards offer a high level of security and flexibility to customers, and this is why so many people use their credit cards for day to day purchases as well as for special purchases. Visa credit cards are the number one credit card used by people around the world, since Visa credit cards offer exceptional convenience and reliability. MasterCard and Visa are the names of the global companies who manage credit cards. But, they are payment systems rather than actual credit cards, so they rely on providers to issue credit cards using their system. MasterCard and Visa credit cards are both internationally recognized, but one might be a better choice than the other depending on the country you wish to use it in. Although credit cards only used to be available from a small number of banks, nowadays you can get credit cards just about anywhere. There are literally thousands of companies and financial institutions supplying credit cards, so make sure you shop around to find a deal that suits your needs. The Visa payment system is owned by 21,000 financial institutions and there are numerous Visa credit cards out there, issued by those same financial institutions. The Visa credit card company offers an online survey that helps prospective cardholders to choose the right card for them. Since visa offers a variety of cards, it is likely you will be able to find the right card for your needs. Visa credit cards are available online making it easier for families and individuals to apply, since the applications are online, and are signed electronically. Platinum Visa credit cards are the most prestigious Visa cards to apply for, and they usually take a stable financial background to get one. Visa offers card members lots of extras; therefore Visa cardholders enjoy numerous benefits and security features. For instance, Visa platinum credit cards and low interest credit cards offer a great way to reward yourself with travel rewards or cash back. You will want to read each credit card application detail to see if the Visa card provider offers a rewards point system or else a cash back system. Depending on the visa credit cards and specific offers, your credit card may earn you rewards towards free travel in the future. Visa credit cards have gained worldwide acceptance and are therefore great for travel. Rewards Visa card providers may offer a 2% or more cash rewards program on any purchases made on your card with a cash reward limit up to $500 each year the card is used. Also, Visa card holders can obtain a cash advance from over 1 million ATM’s displaying the Visa symbol from all member banks around the world and at more than 387,000 Visa member offices. Hassle-free banking can be accomplished at any ATM within the Visa network and for maximum convenience, Visa business check cards are welcome everywhere Visa credit cards are accepted. You can also use your Visa card online to take advantage of great discounts available to both business and personal account holders. In addition to these excellent discounts, Visa runs a number of promotions and contests throughout the year, offering customers cash and prizes. Visa's security program has partnered up with a consumer hotline that provides help with identity theft if you ever need it. Plus, Visa gives cardholders multiple layers of protection from fraud and watches your account for spending that's outside of your usual purchasing pattern in order to catch fraud as soon as it happens and now it's even safer to shop online when you register your card with Verified by Visa. Verified by Visa protects your existing Visa card with a personal password, giving you reassurance that only you can use your Visa card online. The features, benefits and rewards of Visa cards are numerous and varied. In a short article of this size they are too numerous to mention. The best thing to do if you are in the market for a credit card is to go to a reputable credit card website and compare the many offers set forth by Visa. If you really want a credit card, you are sure to find a Visa card to your liking.
Choice Privileges Visa Platinum Card
For business owners and family members alike, a credit card offer that includes a way to earn points toward travel is a great deal. A travel reward credit card is one that gives you the ability to earn credit with various aspects of the travel experience simply by using you card when you make your every day purchases. The Bank of America credit card that offers this service with the most flexibility is the Choice Privileges Visa Platinum Card.
Credit card features:
Of the many attractive features offered on the standard Bank of America credit card, the twenty four hour customer service and online banking capability are the most used. You can contact a Bank of America specialist from anywhere in the world at any time of day or night. So when you are using your travel reward credit card on your vacation or business trip and have a question or concern, simply dial the toll free number provided with your information packet upon sign up.
In addition, you have the ability to do all your credit card account activities online. The Bank of America website, http://www.bankofamerica.com, offers enough resources for you to complete payments, check payment and spending history, and check your current interest rate all on the Internet. You can also apply for a new card, transfer balances from other existing cards, and check out the latest credit card offer from a leading lender, Bank of America.
With a platinum Bank of America credit card, you also get the advantages of no annual fee when you are a card member. In addition, the Choice Privileges Visa Platinum card offers you a lower annual percentage rate (apr) for the first six months of your new card membership.
Choice Privileges:
The travel reward credit card is special due to the card holder’s ability to earn rewards that they can use toward their next trip. With the Choice Privileges Visa Platinum card, you can earn points with each dollar you spend that are then translated into a number of travel perks.
You can use your points toward free night stays at a hotel of your choice. Bank of America partners with hotels to offer you over four thousand locations worldwide to choose from. What other credit card offer can give you that? You can also redeem your points for discounts on entertainment and merchandise at specific travel destinations and theme parks.
If you fly when you travel, the Choice Privileges card can help you earn free airline tickets. When you accumulate enough points, you can redeem them for air travel on many major airlines. You can also use your points at a restaurant or retail store in your selected destination. Think of the money you could save with a Bank of America credit card.
One of the best features of the Choice Privileges Visa Platinum credit card is not what it can bring you in terms of rewards, but what it allows you to give others. Bank of America allows you to use your points toward a cash donation to the Armed Forces Relief Fund, a worthwhile cause and a great way to use your extra money.
Credit card features:
Of the many attractive features offered on the standard Bank of America credit card, the twenty four hour customer service and online banking capability are the most used. You can contact a Bank of America specialist from anywhere in the world at any time of day or night. So when you are using your travel reward credit card on your vacation or business trip and have a question or concern, simply dial the toll free number provided with your information packet upon sign up.
In addition, you have the ability to do all your credit card account activities online. The Bank of America website, http://www.bankofamerica.com, offers enough resources for you to complete payments, check payment and spending history, and check your current interest rate all on the Internet. You can also apply for a new card, transfer balances from other existing cards, and check out the latest credit card offer from a leading lender, Bank of America.
With a platinum Bank of America credit card, you also get the advantages of no annual fee when you are a card member. In addition, the Choice Privileges Visa Platinum card offers you a lower annual percentage rate (apr) for the first six months of your new card membership.
Choice Privileges:
The travel reward credit card is special due to the card holder’s ability to earn rewards that they can use toward their next trip. With the Choice Privileges Visa Platinum card, you can earn points with each dollar you spend that are then translated into a number of travel perks.
You can use your points toward free night stays at a hotel of your choice. Bank of America partners with hotels to offer you over four thousand locations worldwide to choose from. What other credit card offer can give you that? You can also redeem your points for discounts on entertainment and merchandise at specific travel destinations and theme parks.
If you fly when you travel, the Choice Privileges card can help you earn free airline tickets. When you accumulate enough points, you can redeem them for air travel on many major airlines. You can also use your points at a restaurant or retail store in your selected destination. Think of the money you could save with a Bank of America credit card.
One of the best features of the Choice Privileges Visa Platinum credit card is not what it can bring you in terms of rewards, but what it allows you to give others. Bank of America allows you to use your points toward a cash donation to the Armed Forces Relief Fund, a worthwhile cause and a great way to use your extra money.
Before Applying For A Visa Credit Card Consider The Following...
Applying for a visa credit card means you should consider more things than just receiving a credit card. This is because there are many types of cards that have different incentives, bonuses, fees, and the like associated with them. So, you need to consider whether you need a visa credit card for your business, gas, frequent flyer miles, cash back, or your children. Whatever the reason you need a visa credit card, there is a card that will meet your needs and provide you with the credit you need. If you know what you want and need in a visa credit card before you begin applying, then you can simply apply for the cards that meet your needs.
There are some other things you will also need to keep in mind when applying for a visa credit card that include introductory APR, period of the intro APR, regular APR, balance transfers, annual fees, and the credit required for that particular card.
For instance, many credit card companies will promote their credit card with a low introductory APR. This means that the interest on the credit card is considerably lower, or free, for an introductory period of time and then it will change to the regular APR.
If you are considering applying for a card with a low introductory APR then make sure you know how long the introductory period lasts. This is very important and will affect the interest fees applied to your balance, so it is worth finding out before you get the card.
Also, if the introductory period APR is 3% and the regular APR is 20% then you probably want to simply skip this visa credit card or only use it during the introductory period. Make sure you evaluate the regular APR of the visa credit card while you are evaluating the introductory APR and the period of time it exists because these all go hand in hand.
Whether or not the visa credit card accepts balance transfers is also a question you will want to ask. If the card does accept balance transfers and has a low APR you can transfer your balances from other visa credit cards that have high APRs and save yourself money on interest rates.
You should also read the fine print regarding the visa credit card as well, especially the information regarding fees such as annul and over limit fees. You do not want a visa credit card with an annual fee because there are so many cards that do not charge these fees. Also, make sure you are aware of the fees associated with over limit and late payments so you know.
And finally, make sure you know the type of credit required for the cards you are applying for. If the cards require good to excellent credit and you have fair credit, then you will not be approved. This is because your credit score is used to determine whether or not you receive a credit card, and if you do not have the minimum score you will not receive it.
There are some other things you will also need to keep in mind when applying for a visa credit card that include introductory APR, period of the intro APR, regular APR, balance transfers, annual fees, and the credit required for that particular card.
For instance, many credit card companies will promote their credit card with a low introductory APR. This means that the interest on the credit card is considerably lower, or free, for an introductory period of time and then it will change to the regular APR.
If you are considering applying for a card with a low introductory APR then make sure you know how long the introductory period lasts. This is very important and will affect the interest fees applied to your balance, so it is worth finding out before you get the card.
Also, if the introductory period APR is 3% and the regular APR is 20% then you probably want to simply skip this visa credit card or only use it during the introductory period. Make sure you evaluate the regular APR of the visa credit card while you are evaluating the introductory APR and the period of time it exists because these all go hand in hand.
Whether or not the visa credit card accepts balance transfers is also a question you will want to ask. If the card does accept balance transfers and has a low APR you can transfer your balances from other visa credit cards that have high APRs and save yourself money on interest rates.
You should also read the fine print regarding the visa credit card as well, especially the information regarding fees such as annul and over limit fees. You do not want a visa credit card with an annual fee because there are so many cards that do not charge these fees. Also, make sure you are aware of the fees associated with over limit and late payments so you know.
And finally, make sure you know the type of credit required for the cards you are applying for. If the cards require good to excellent credit and you have fair credit, then you will not be approved. This is because your credit score is used to determine whether or not you receive a credit card, and if you do not have the minimum score you will not receive it.
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