DIFFERENCE BETWEEN MASTER AND VISA CREDIT CARD
Most of us own a credit card, but how many of us think about which credit card we are carrying? You would ask, does it make a difference? Of course, it does. Lets understand the difference ok kind of cards you are using.
Basically, two types of credit cards are used widely all over the world – Visa and Master Card. These are the payment networks that are the gateways through which payment of your credit is done. What happens is this –
When you take a credit card, the credit which you take comes from a bank, credit union or other financial institution, known as an issuer. Each issuer sets the specific terms of the card, such as the interest rate, meaning that you can have two Visas or two MasterCards from two different issuers with significantly different terms. The issuer is also the party that takes the hit if you fail to pay off your card. Visa and Master are these payment networks. These are the ones which keep your data and can be solicited in case you turn out to be defaulter. However, both of them differ in their terms and conditions.
Both Master and Visa keep a tap on your spending and are responsible for your limit mentioned in the credit card. These are the ones who charge a small percentage for their services.
Which kind of payment gateway will be acceptable more depends entirely upon the laws of the country where it is being used. Like in America Mater card in more widely used as compared to India where Visa is much easily accepted.
Compare Credit Cards and choose, take the one whose payment gateway, which is Master or Visa is more acceptable. Ask the person or the bank or the credit card company offering the card, to tell about the details and the wide acceptance of the card.
In India, some of the good credit card companies like Kotak Mahindra offer assistance while selling their credit cards. Call upon their advisor to have better knowledge about credit cards and their acceptance in the Indian Market.
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