Still, there are some differences between Visa and Mastercard that are interesting and helpful to note.
What’s the Difference Between Visa and Mastercard?
Visa and Mastercard are both payment networks, like Discover and American Express. Payment networks don’t create cards directly, but rather they provide a backchannel for your payment to get to the merchant. They provide a baseline amount of benefits, but it’s really the card issuer like the bank or the credit union that designs the important features of the card, including the fees, APRs, and rewards. A credit card’s issuing bank also determines acceptance requirements for its cards, including the credit score you need to apply. The truth is that Visa and Mastercard are very similar to each other. Most merchants in the U.S. accept both. (One notable exception is Costco, which only accepts Visa cards due to a contract with the company.) And while Visa used to have greater acceptance internationally than Mastercard, the two networks are now even in acceptance rates, though you may find it easier to use one or the other in a particular country.
Visa vs. Mastercard Benefits
Within each network, there are some differences in the basic benefits that come with certain types of cards. Visa and Mastercard both have three levels of cards, each with different perks. It’s here that you’ll find the main differences between Visa and Mastercard, but even so, these differences are relatively small.
Visa Card Options
There are the three main types of Visa cards, each with specific features: Whether you’re looking for a secured card, a rewards card, a balance transfer card, or a 0% intro APR card, that’s what’ll make the biggest difference in finding the best card for you.
