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Under the new additional factor authentication rules, a bank is required to send a notification to the customer at least 24 hours before the. ICICI Bank: The facility of 'Tap to Pay' through iMobile Pay is now available on Visa cards and it will soon be activated on Mastercard. Wellness Plus Credit Card. YES BANK WELLNESS CREDIT CARD. Welcome to YES BANK's Wellness Credit Card Program powered by Aditya Birla Wellness Pvt Ltd. We.

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Visa vs Mastercard: What's the Difference?

When it comes to signing up for a credit card, one of the choices you may have to make is whether to go with one of the two biggest names in credit card payment networks – Mastercard or Visa. But is there any difference between the two? And what should you be looking for if choosing between them? We take a look.

Credit cards are an everyday feature of finance. To service this huge market, there are hundreds of different types of credit card packages available through financial institutions, each with their own unique set of benefits and costs.

However, most credit cards look the same – a rectangular piece of plastic with numbers on it. And more often than not, these cards would be stamped with the brand logo of either Visa or Mastercard.

What’s the difference – what do Visa and Mastercard do?

These two companies appear on the lion’s share of credit cards in Australia – about 83% of all payments made in June 2019 were for cards stamped with one of their logos, according to Statista.com. However, these companies have only a small amount of influence over the actual credit card products and benefits that a user may end up signing up for. This is because:

  • They are just digital payment platforms – they only provide the system that allows a payment transaction to take place, rather than distributing cards themselves.
  • They do not issue credit cards, and so do not determine, for example, how much interest you could be charged on outstanding balances, nor what types of points you will earn if your card is attached to a rewards program. The issuing banks decide these things.
  • Credit cards from both platforms are accepted just about equally almost anywhere in the world.

There are some minor differences between the two payment platforms, however.

These include:

  • Some banks and outlets have “exclusive” arrangements with one payment platform over the other. For example, in 2015 National Australia Bank signed a 10-year agreement with Visa which means until 2025, the bank’s customers will only be offered Visa credit cards.
  • “Benefit” programs – perks built into the cards by Visa or Mastercard before the issuing bank applies its conditions – differ slightly. See below section “What are premium credit cards” for more information. Mastercard has a “Standard Mastercard” offering, along with higher levels of benefits – Platinum, World and World Elite – while Visa also has a standard offering, with extra benefits available with the Gold, Platinum, Signature and Infinite packages. However, banks may change these conditions and/or offer their own benefit programs, so it could be a good idea to check out the benefit package conditions on each individual credit card a bank is offering before making a decision.

As far as most consumers are concerned, there is no real difference between Mastercard and Visa. The two are both widely accepted in over 200 countries, and it is very rare to find a location that will accept one but not the other. However, neither Visa nor Mastercard actually issue any credit cards themselves, so the main differences between credit cards are created by the banks that issue them. Read about the different types of cards available, below.

→ Explore: Latest Credit Card Bonus Offers & Deals

 

Compare Credit Cards

Visa or Mastercard: If they are much the same, how do you choose the right credit card?

The Australian credit card market is a somewhat complex one, with hundreds of different types of packages on offer from financial institutions, each with its own set of benefits and conditions. When it comes to choosing the right credit card for your needs, you could start by assessing:

  • What you will use it for: Is it for a one-off purchase? Or will you be buying items regularly on it? Different cards suit different uses (as discussed in more detail, below).
  • Your capacity to repay any debt that accumulates: Paying for items in “credit” on the card actually means you are borrowing money from a financial institution – going into debt. The bank will attach a set of conditions when it comes to repaying that debt, such as charging interest and expecting payments to be made by a specific deadline if you want to avoid additional costs. Interest rates on credit cards are typically much higher than for other types of debt products, such as personal loans or home loans. It could be worth comparing other types of borrowing against the long-term costs of having a credit card.
  • If you would use the credit card’s extra benefits: Take a look at the card package’s rewards programs and any other benefits it may offer, such as insurance for items purchased.
  • What credit cards, packages and deals your bank of choice is offering and how those packages compare to the rest of the market.

It’s also a good idea to research the different types of cards that are available, and what features they offer.

What types of Mastercard and Visa credit cards are available from lenders?

While there are a huge range of cards available carrying the Visa or Mastercard logo, most of them can be classified as falling into one of these broad consumer categories, which Canstar compares either on its website and/or in its Star Ratings and Award research:

  • Premium – for consumers wanting a card that offers more benefits and frills than a more basic credit card would, such as access to a concierge service or complimentary travel insurance
  • Rewards – for those who want to earn a return on their everyday spending, in the form of cash-back, gift cards or lifestyle rewards, for example
  • Frequent flyer – for those who want to be able to redeem card points for flights
  • Low rate – for those who want a low rate and flexible repayment conditions
  • Low fee – for those after a low ongoing fee and potential access to some premium features
  • Balance transfer – for those who want to transfer an outstanding balance from one card to another.

Here is a brief explanation of what each of these card types are, and a selection of some of the credit cards available on Canstar’s database, to give you an idea what’s on offer from various financial institutions.

What are premium credit cards?

Ever wondered what a “Platinum” or “Signature” credit card is? These labels and other names – like “silver”, “gold” or “black” – tend to indicate that the card is part of a package put together by the bank (sometimes in conjunction with Visa or Mastercard) offering more perks than a standard credit card. These types of cards are typically known as “premium” cards.

While premium cards offer more benefits than a standard card, they also typically cost the user more in the form of higher fees and/or higher interest rates charged on outstanding balances. In many cases, these cards are only available to higher-income, higher-spending customers, too.

The extra perks could include things such as travel insurance for when you go overseas (travel restrictions permitting), inconvenience cover if your domestic flight is cancelled or a concierge service that can perform tasks such as booking tickets and making reservations.

→ Compare: Premium Credit Cards on Canstar’s database

What are rewards credit cards?

These types of credit cards have a rewards program attached, designed to give the user bonuses, either instantly or accumulatively, each time they use their card.  These bonuses could include the ability to earn “points” which can be used instead of cash to pay for flights or goods and services, while some allow the points to be converted to cash which is then taken off the balance that remains owing on the card. However, most rewards cards have annual fees, spending limits and other restrictions or conditions which can make them more costly to use than other types of cards.

Rewards Credit Cards

Visa Rewards Credit Cards

The table below displays some of our referral partners’ rewards credit cards using the Visa network for Australians spending around $3,000/month and redeeming points for cash/vouchers. The results shown are sorted by Star Rating (highest to lowest) then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

Mastercard Rewards Credit Cards

The table below displays some of our referral partners’ rewards credit cards using the Mastercard network for Australians spending around $3,000/month and redeeming points for cash/vouchers. The results shown are sorted by Star Rating (highest to lowest) then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

What are frequent flyer credit cards?

These types of cards are attached to a specific rewards program – an airline’s frequent flyer program that earns the user points to spend on flights and sometimes other goods and services, too, depending on the scheme. Australian programs include the Qantas Frequent Flyer and Virgin Velocity schemes.

Please note: Providers may have altered their frequent flyer programs in the wake of the COVID-19 pandemic, due to travel restrictions, economic conditions and other factors. It could be a wise idea to check with the credit card provider and the frequent flyer program operators, as well as to read their terms and conditions.

What are low rate credit cards?

Low rate credit cards typically come with lower purchase rates than other types of cards. That means if you do not pay off the entire balance when the credit card payment is due, the interest charged on your outstanding balance could be lower than what it would be on other, higher-rate credit cards. However, low rate credit cards are generally ‘no frills’ and tend to not include the rewards programs, perks and bonuses that premium or rewards cards may offer. It could also be possible that card fees could be higher than some other types of cards (such as “low fee” cards).

Low Rate Credit Cards

Visa Low Rate Credit Cards

The table below displays some of our referral partners’ low rate credit cards using the Visa network for Australians spending around $2,000/month. The results shown are sorted by Star Rating (highest to lowest), then lowest purchase rate, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

Mastercard Low Rate Credit Cards

The table below displays some of our referral partners’ low rate credit cards using the Mastercard network for Australians spending around $2,000/month. The results shown are sorted by Star Rating (highest to lowest), then lowest purchase rate, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

→ More to know more? What are the pros and cons of a low-rate credit card? 

What are low fee credit cards?

Typically, credit cards have ongoing annual fees, which the bank charges to cover the cost of providing the card and any associated benefits, such as rewards programs. Low fee credit cards typically have lower ongoing fees than other types of cards, but there is often a trade-off that occurs for that to happen. Some card packages may have low fees but offer few extra benefits, while others may have some benefits but charge higher interest rates on overdue balances to pay for them.

Low Fee Credit Cards

Visa Low Fee Credit Cards

The table below displays some of our referral partners’ low fee credit cards using the Visa network for Australians spending around $2,000/month. The results shown are sorted by Star Rating (highest to lowest), then lowest annual fee, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

Mastercard Low Fee Credit Cards

The table below displays some of our referral partners’ low fee credit cards using the Mastercard network for Australians spending around $2,000/month. The results shown are sorted by Star Rating (highest to lowest), then lowest annual fee, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.

What is a balance transfer card?

Some credit cards allow users to add debt from another credit card or cards. Typically, a “balance transfer” card has a lower interest rate than the original card – as low as 0% in some cases – which could potentially help the user to pay off the debt more quickly, or cut down on monthly repayments. However, there are some potential catches to this type of transaction:

  • There could be an up-front fee to transfer debt from another card.
  • The lower interest rate could be a “promotional rate”, which expires after a certain time and then reverts to a higher interest rate.
  • There could be ongoing higher fees associated with these cards than other types of credit cards.

Compare Balance Transfer Cards

 

Additional reporting: TJ Ryan, William Jolly, James Hurwood, Ellie McLachlan.
Cover image source: AliaksaB/Shutterstock.com


Thanks for visiting Canstar, Australia’s biggest financial comparison site*

Источник: https://www.canstar.com.au

HSBC Visa Platinum Credit Card

New to Bank Credit Card Application- communication Terms and conditions  

  1. This Offer ('Offer') is brought to you by The Hongkong and Shanghai Banking Corporation Limited, India ('Bank') and is made available on the website amazon.in or mobile site or mobile application thereof (collectively, 'Amazon.in') by Amazon Pay (India) Private Limited ('Amazon') and any participation is voluntary.
  2. Offer Terms and Conditions ('Offer Terms') are in addition to the amazon.in 'Conditions of Use & Sale' and 'Privacy Notice' to which you agree to, by using amazon.in and Terms and Conditions of HSBC Credit Cards. In the event of any conflict between the Conditions of Use & Sale and these Offer Terms, these Offer Terms will prevail, only for the purposes of this Offer.
  3. This Amazon e-Gift voucher offer is provided by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC) to Resident Indian customers (hereinafter referred to as "credit card applicant") who have participated in the offer. Each qualifying credit card applicant who has completed Video KYC is entitled to an Amazon e-Gift voucher of INR250 (Offer).
  4. The offer is valid for successful completion of Video KYC after completing online credit card application by self during the period 15th February 2021 to 31st December 2021 (Offer Period).
  5. This is a limited period Offer and HSBC in its sole discretion reserves the right to alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this Offer by another Offer, whether similar to this Offer or not, or to withdraw it altogether at any point in time by providing appropriate intimation to the Cardholder.
  6. The Amazon e-Gift voucher (WinPin code) will be sent to your email ID provided in the online credit card application, within 45 days of end of the offer i.e. 14th February 2022.
  7. All decisions with respect to the Offer shall be at the sole discretion of HSBC and the same shall be final, binding and non-contestable. Other than the specific entitlements available to the Cardholders under this Offer, any other claims with regard to this Offer against HSBC are waived.
  8. Credit card applicants are not bound in any way to participate in this Offer. Any participation is voluntary and the Offer is being made purely on a best effort basis.
  9. Nothing herein amounts to a commitment by the Bank or Amazon to conduct further, similar or other Offers.
  10. Issuance of the credit card is at the sole discretion of the Bank and is subject to the Bank's internal approval norms.
  11. By participating in this Offer, every credit card applicant expressly agrees that Bank and Amazon will not be liable or responsible for any loss or damage whatsoever that a Cardholder may suffer , directly or indirectly, in connection with the Offer including but not limited to that associated with his/her use or delivery or misuse of the Product(s). The existence of any dispute shall not, by itself, constitute any claim against HSBC.
  12. The Bank does not make any warranties or representations as to the quality, merchantability, suitability or availability of the product and services offered under these Offers. Any dispute regarding these must be addressed in writing, by the Cardholder, directly to Amazon.
  13. Prior to using the Amazon website and/or the mobile app, the Cardholder should refer, read, understand, accept and agree to the user agreement and Terms and Conditions of the said website and the mobile app, and proceed only if the Cardholder agrees to abide by the same. The Cardholder will be required to give personal information and other details online. The Cardholder should read and understand the privacy policy of the website and the mobile site, prior to providing any such information. Any disclosure of information made by the Cardholder towards availing of or fulfilment of the Offer is at the sole discretion of the Cardholder and the Bank shall not be responsible for the same. Amazon may use the personal information shared by the Cardholder for any other purpose (like marketing, etc.) and the Bank will not be held liable for such usage of personal information by Amazon Products offered under this Offer are subject to availability with Amazon and HSBC will not be liable for non-availability of any of the products.
  14. The Offer is subject to force majeure events.
  15. These Offer Terms are governed by the laws of India and the courts at Mumbai will have exclusive jurisdiction over any matters/disputes arising out of or in relation to these Offer Terms.
  16. Any person availing this Offer will be deemed to have accepted these Offer Terms.

Voucher Terms and Conditions:

  1. The E-Gift Voucher is valid for a period of 6 months from the date of issuance.
  2. E-Gift Voucher cannot be reloaded, resold, transferred for value or redeemed for cash.
  3. E-Gift Voucher cannot be used to purchase other gift card.
  4. E-Gift Voucher cannot be used on any of the partner sites including Junglee.com.
  5. E-Gift Voucher cannot be used to purchase any other type of digital content such as apps.
  6. E-Gift Voucher cannot be transferred from one account to another once the claim code has been added.
  7. Amazon may change (add to, delete, or amend) these terms from time to time. Unless stated otherwise, the changes will apply to any new Amazon E-Gift Voucher that are for personal, non-commercial use and enjoyment only. The same may be shared with family and friends, but may not be advertised, sold or used as promotional items by the purchaser or anyone else without Amazon's prior written consent.
  8. Amazon E-Gift Voucher cannot be replaced, refunded or revalued. It cannot be exchanged for points or cash and cannot be re-validated.
  9. HSBC does not make any warranties or representations as to the quality, merchantability, suitability or availability of the products or services offered under this Offer. Any dispute regarding delivery, service, suitability, merchantability, availability or quality of the products/services availed under this Offer must be addressed in writing, by the customer directly to amazon.in.
  10. Tax liability, if any, will be borne by the Cardholder.
  11. By using the E-Gift Voucher, the Cardholders shall be deemed to have accepted all the aforementioned Terms and Conditions in totality.
Источник: https://www.hsbc.co.in/credit-cards/products/visa-platinum/

rewards for paying credit card bills.

join 7.5M+ members who win rewards and cashbacks everyday

Download CRED

feel special more often.

exclusive rewards for paying your bills

every time you pay your credit card bills on CRED, you receive CRED coins. you can use these to win exclusive rewards or get special access to curated products and experiences. on CRED, good begets good.

Explore rewards

rewards from brands you love.

we take your money matters seriously.

so that you don’t have to.

never miss a due date with reminders to help you pay your bills on time, instant settlements mean you never wait for your payments to go through and statement analysis lets you know where your money goes, always.

Experience the upgrade

we’ve got your back.

gain complete control over your credit card with CRED Protect. receive category-based analysis of your spends, detect hidden charges, and track your credit limit in real-time.

begin your winning streak.

use your CRED coins to participate in games and raffles to win the most exclusive rewards and cashbacks on CRED. good luck.

for your eclectic taste.

get access to the CRED Store, a member-exclusive selection of products and experiences at special prices that complement your taste. this is the good life they speak of.

more cash in your pockets.

switch to CRED RentPay and start paying rent with your credit card. this way you get up to 45 days of credit free period, more reward points and a happy landlord.

we’ve got your back.

gain complete control over your credit card with CRED Protect. receive category-based analysis of your spends, detect hidden charges, and track your credit limit in real-time.

begin your winning streak.

use your CRED coins to participate in games and raffles to win the most exclusive rewards and cashbacks on CRED. good luck.

for your eclectic taste.

get access to the CRED Store, a member-exclusive selection of products and experiences at special prices that complement your taste. this is the good life they speak of.

more cash in your pockets.

switch to CRED RentPay and start paying rent with your credit card. this way you get up to 45 days of credit free period, more reward points and a happy landlord.

security first. and second.

what’s yours remains only yours.

CRED ensures that all your personal data and transactions are encrypted, and secured so what’s yours remains only yours. there’s no room for mistakes because we didn’t leave any.

Become a member

the story of CRED begins with trust.

trust as a virtue has consistently played an essential role in every great human achievement. and consistently, its importance has been overlooked. not just by individuals, but by entire societies. we felt it was time someone gave it the spotlight it deserves. especially for the ones who live by this virtue: the trustworthy.

so we thought of creating a system that rewards its members for doing good and being trustworthy. this way, trust as a virtue becomes something to aspire to, just the way it should be. then we went one step ahead: we built it. we know we are on the right track because here you are.

if you make it to CRED, congratulations and welcome. we have a lot of things planned for you.

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about CRED

CRED is a members only credit card bill payment platform that rewards its members for clearing their credit card bills on time. CRED members get access to exclusive rewards and experiences from premier brands upon clearing their credit card bills on CRED.

how does CRED reward their users?

CRED partners with the best premier and luxury brands to bring you an unmatched experience at the end of every credit card bill payment cycle.

how to earn rewards on CRED?

members can earn rewards in two different ways. CRED coins & gems.

CRED Coin Rewards:

- when you pay your credit card bill on CRED, for every rupee cleared on your bill you earn a CRED coin.

- you can then use earned CRED coins to claim exclusive rewards from different brands.

CRED Gem Rewards:

- for every person that you refer to CRED who makes a bill payment, you earn 10 gems.

what do you get as a CRED Member?

as a CRED member, you instantly make your credit card payment experience hassle-free by unlocking several perks only available to CRED members.

- seamless bill payment experience through modes like upi, net banking and debit cards

- timely credit card bill payment reminders

- automate your credit card bill payments

- expose hidden charges on your credit card with cred protect

- get real-time alerts on duplicate transactions on your credit card

- manage multiple credit cards on a single portal

- keep a realtime check on your credit score

how does one become a member of CRED?

you can apply to be a member by signing up on CRED with your name and valid mobile number(issued within India). CRED is India’s most trustworthy and creditworthy community. This means we are selective about the members we take. For membership an Experian credit score of 750 or above is mandatory.

how to know your credit score?

upon becoming a member, you can check and refresh your credit score with a single click. CRED then proceeds to acquire your updated credit score through a CIBIL score soft inquiry. on CRED, you can access your credit score data anytime without any extra charges. as a member, this helps you keep regular checks on your credit score and re-evaluate your spending patterns to maintain a healthy credit status.

banks supported on CRED

CRED supports credit card bill payment for American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, AXIS, RBL, PNB, and other top Indian banks. We support VISA, MasterCard, American Express & RuPay cards.


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Источник: https://cred.club/

Your auto-debit from debit/credit card may fail from next month if not approved

Do you use your debit/credit card or mobile wallet for recurring auto-debit payments? If yes, then you should know that from October 1 onwards, as mandated by the Reserve Bank of India (RBI), banks and other financial institutions will have to ask customers to provide additional factor authentication if the auto-debit mandate for the payment is above Rs 5,000.

Deadline for these banking, investment, tax tasks is September 30; check them off your personal finance calendar

These deadlines were not originally planned for September, much like everything else, covid-19 is to be blamed. Or in this case, thanked. Watch to find out about three money tasks you must complete by the end of this month. Missing some of these can be a cause of trouble for you. Information as on Sep 25, 2021.


With effect from October 1, 2021, under the new additional factor authentication rules, a bank is required to send a notification to the customer at least 24 hours before the auto-debit payment is to be deducted and allow the debit only after the customer has confirmed it. The pre-transaction notification will be sent via SMS, email etc. The notification will inform the cardholder about the name of the merchant, transaction amount, date/time of debit, reference number of transaction/ e-mandate, reason for debit, i.e., e-mandate registered by the cardholder. The cardholder shall have the facility to opt-out of that particular transaction or e-mandate.

You should ensure that your correct mobile number is linked with your debit/credit cards so that you can receive a notification for approval.

Banks have been sending SMSs and/or emails to its customers. As per an SMS sent by HDFC Bank: Attention! From 1st Oct '21, as per RBI guidelines on e-Mandate on cards, we will decline Non Compliant recurring txn at Merchant Web/App on your HDFC Bank Credit/Debit Card. Alternate Solution - Retry regular payment on Merchant Web/App authenticated via OTP or Pay via AutoPay in BillPay on our NetBanking for your Electricity /Water/Gas/ Landline/Postpaid mobile/Broadband/Insurance billers.

However, note that there will be no impact of the new rule on your mutual fund SIPs, insurance premiums and other recurring payments if the standing instruction for auto-debit is directly from your bank account.

What kind of payments will it impact?
This new rule will impact users who have given auto-debit mandates for recurring payments from their debit/credit cards and/or mobile wallets for payments such as subscription to OTT platforms such as Netflix, Amazon Prime, music apps like Spotify, Apple Music, payment of mobile bills, insurance premium, utility bills etc.

Do keep in mind that additional factor authentication will be required for recurring transactions and not for 'once-only' payments. The standing instructionsmust be for payment from your debit/credit card. For instance, up till now Netflix asks you to provide your debit/credit card details against which subscription fee is debited on the 8th of every month.

As mentioned above, the additional factor authentication does not apply for auto-debit transactions below Rs 5,000. Any recurring payment exceeding Rs 5,000 will require approval from the customer before it is charged to his/her debit card/wallet and debited from the bank account/wallet.

Extended deadline for banks
The additional factor authentication for the above-mentioned payments was supposed to come into effect from April 1, 2021. However, since many big banks such as HDFC Bank, ICICI Bank, State Bank of India (SBI) had not complied with the norm, the RBI extended the date by six months. Thus, new rule will now come into effect from October 1, 2021.

The Central Bank in its circular dated March 31, 2021, said that any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action.

( Originally published on Sep 22, 2021 )

In Video: Deadline for these banking, investment, tax tasks is September 30; check them off your personal finance calendar

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All you need to know about ITR filing for FY 2020-21.)

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Источник: https://m.economictimes.com/wealth/save/your-auto-debit-from-debit/credit-card-may-fail-from-next-month-if-not-approved/articleshow/86417445.cms

VISA vs MasterCard Credit Cards: Which Are Better?

If you are looking for a new credit card for your wallet, you probably have wondered at least once if VISA or MasterCard would be better for you. Does one come with a better set of benefits and privileges than the other? To help you answer this question, we did a deep-dive analysis on the two payment giants to see how they compare.

What Are VISA and Mastercard?

Most electronic payments are carried out by four companies: VISA, Mastercard, American Express and Discover. But neither VISA nor Mastercard are actually issuing debit or credit cards. Instead, their cards are issued through a co-branded relationship with commercial banks and financial institutions.

Both VISA and Mastercard:

  • Are the two largest payment processing networks
  • Make sure money exchange is carried out correctly and safely
  • Do not issue cards directly to consumers, only to partner banks
  • Do not set card's terms and conditions such as fees and rewards
  • Both can offer additional perks such as identity theft, fraud protection, car rental insurance and more
  • Both compete for co-branded relationships with banks

Comparison of Benefits: VISA vs MasterCard

There is actually very little difference between VISA and MasterCard's entry-level credit cards, as they both provide a similar set of basic features. However, there are meaningful differences between VISA and MasterCard’s special offers on their loyalty programs. These programs come with some luxury benefits that are meant to reward big spenders.

We’ve summarized the most important benefits of each card network in the table below. Then, we also discuss pros and cons of each issuer in the section below, where we do a deep-dive into their features.

CategoryVISAMasterCard
Protection offered
Benefits offered
Acceptance by countries
Acceptance by merchants

VISA Card Benefits

VISA credit cards come in three tiers: standard (which includes classic, gold and platinum), Signature and Infinite. The standard tier comes with a set of basic features like security, concierge and ATM access. All three cards offer similar protection such as zero liability policy, roadside dispatch and auto rental collision damage waiver. The higher tiers offer an even wider variety of travel-related protections.

The key difference between the cards becomes more apparent when it comes to their benefits and perks. While the Visa Traditional credit card does not offer any benefits, VISA Signature and Infinite cards provide lost luggage and trip delay reimbursements, airport lounge access, purchase security and many more benefits.

The offers and perks offered by the three cards mainly vary by the amount of car rental and hotel discounts offered and the number of companies you can choose from. The benefits and perks offered by the VISA Infinite card exceed the highest level usually offered, as it provides VIP services and perks in addition to the usual discounts on travel and rentals.

VISA Infinite cards are clearly designed for high spenders who both care about and can afford luxuries.You can read more about Signature and Infinite on VISA’s website.

VISA Card Offers and Perks

  • Car rental discounts
  • Bus tour discounts
  • Cruise discounts
  • Helicopter and seaplane tour discounts
  • Hotel and resort discounts
Visa Card TierProtectionBenefits
Standard
  • Zero Liability Policy
  • Roadside Dispatch
  • Auto Rental Collision Damage Waiver
Check the issuing bank's terms
Signature
  • Travel and Emergency Assistance Services
  • Extended Warranty Protection
  • Lost luggage/trip delay reimbursement
  • Travel accident Insurance
  • Global entry statement credit
  • Rebates for airline incidental fees
  • Airport lounge access
  • Hotel theft protection
  • Emergency medical/dental expense reimbursement
  • Purchase security
  • Price/return protection
Infinite
  • Auto rental collision damage waiver
  • VISA Infinite car rental privileges
  • VIP Lounge access
  • VISA Infinite Gold Troon Rewards
  • VISA Luxury Hotel Hotel Collection VIP status benefits
  • 24/7 VISA Infinite Concierge

MasterCard Benefits

MasterCard also offers 3 tiers: Standard, World and World Elite. MasterCard's standard tier is similar to VISA's with basic features like security, concierge and ATM access. However, MasterCard definitely offers better VIP perks for its upper tiers than VISA's premium options.

For instance, MasterCard World and World Elite's perks provide SPG Gold access, which includes more and higher-quality hotels than VISA's Hilton program.MasterCard World and World Elite also give you a wallet protection benefit of up to $100 if you ever lose your wallet and online purchase insurance of up to $200 if your online purchase gets lost or damaged. Not only that, MasterCard World Elite also comes with free lounge access at over 600 airports around the world, as well as discounts on luxurious services like private jets.

Part of the benefits offered by Mastercard is a concept called Priceless Cities. It is a program for Mastercard cardholders which provides access to incredible experiences in cities around the world. Categories include travel, culinary, arts and culture, sports, shopping and entertainment. Tickets can be purchased online and offer either discounted pricing or unique access for Mastercard customers.

MasterCard Priceless Cities Categories

  • Travel
  • Culinary
  • Arts & Culture
  • Sports
  • Shopping
  • Entertainment
MasterCard Card TierProtectionBenefits
Standard
  • Zero liability protection
  • Price protection
  • Extended warranty on purchases
  • Mastercard Global Service
  • Identity theft protection
Priceless experiences (access to entertainment, culinary, sports and travel experiences)
World
  • Complimentary professional travel services
  • Hotel stay guarantee
  • Lowest hotel rate guarantee
  • Priceless Golf experiences
  • Mastercard luxury hotel and resorts portfolio
  • Car, air, cruise and vacation packages
  • Mastercard airport concierge
World EliteCell phone protection
  • Car sharing app credit
  • Movie ticket credit
  • World Elite concierge

Conclusion: Should You Get a VISA or a Mastercard?

For most people, it doesn’t really matter whether they get a VISA or a MasterCard. Both are equally secure and offer similar benefits. While VISA has a slightly higher market share and greater amount of transactions worldwide, both VISA and MasterCard are equally well-accepted by merchants.

Although MasterCard's upper tiers provide a better set of benefits, there are a lot more perks offered by the issuing banks themselves. You really need to consider each card individually before applying. For example, banks often provide benefits like annual fee waivers, cashback promotions and sign up bonuses, cash rebate, air miles and even travel insurance.

At the end of the day, any real choice between the two networks should always come down to how the actual terms, benefits and fees of a card fit with your budget. You can read our guide on the best credit cards in Singapore to find the perfect fit for you.

VISAMasterCard
Worldwide Purchase Transactions 2019 ( Billions)185.5108.4
Global Transaction Volume 2019$8.8 trillion$6.5 trillion
Global Acceptance46 Million Merchants33 Million Merchants
Total Revenue 2019$23 billion$16.9 billion

FAQs

VISA and Mastercard are the two largest global payments technology companies in the world. Both companies make the majority of their revenue from service and data processing fees. They each partner with banks to issue credit cards that work within their respective networks.

They don't issue cards directly to the public. Instead, they partner with financial institutions such as banks and issue cards via these banks to the public.

There aren't major differences between the two companies. VISA is slightly larger and has a higher transaction volume and a slightly higher level of global acceptance. However, MasterCard is accepted in more countries than VISA is. At the end of the day, the main differences between a VISA card and Mastercard will depend on the issuing bank which is the one deciding on the benefits, protection and rates offered.

The answer here ultimately boils down to your spending habits and activities. In addition, the benefits and perks offered by VISA and MasterCard do not necessarily guarantee that each VISA credit card issued by any bank will have the same benefits. Those benefits are mainly determined by the issuing bank, although VISA and MasterCard can take part in drafting the terms.

Actually, it's both. VISA cards can be broken down into three categories: debit cards, credit cards, prepaid and gift cards.

Learn More About How to Find the Best Credit Card for You

Zoryana
Zoryana Melesh

Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.

Источник: https://www.valuechampion.sg/visa-vs-mastercard-credit-cards
Visa USA". Archived from the original on 26 August 2013. Retrieved 28 August 2013.
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