Visa and Mastercard both offer a similar set of fundamental features on entry-level credit cards, therefore there is very little distinction between the two. On its World or World Elite level credit cards, Mastercard does contain stunning extra luxury incentives that can be alluring to heavy consumers.
Adam McCann, Financial Writer
The advantages of using Mastercard include worldwide acceptance and supplemental perks such as discounts on select purchases, travel insurance and special benefits at hotels.
Generally, Mastercard credit cards are more widely accepted internationally, while Visa cards tend to offer more benefits. For more information about how Visa and Mastercard compare, consult the table below. Make sure to also check out our editor's picks for the best Visa and Mastercard credit cards.
There's not much of a difference between each network's exchange rates – the bigger cost will be the international usage fees your specific card carries. But in some currencies, there might be a tiny difference. Visa tends to outperform Mastercard by a small margin in most major currencies.
Benefits of Visa vs Mastercard in Australia
Both are widely accepted; both offer global security to ensure your payment is carried out safely as well as a level of credit card fraud protection should your card ever be stolen or fraudulently used.
They operate on different payment networks
The biggest (and most obvious) difference between Visa and Mastercard is that they operate on totally separate payment networks. While a bank might issue both Visa and Mastercard branded cards, they are processed using different systems.
Using a credit card or charge card in Australia is easy - they are widely accepted throughout the country. Those commonly used include American Express, Diners Club, Visa, MasterCard and Bankcard. Visa and MasterCard are more likely to be accepted by general merchants than American Express or Diners Club.
Which is more secure? Both Visa and Mastercard offer zero fraud liability for all cards, which means that any user who is victim to fraud, theft, or breach of data will not be liable for the lost money. Both networks are generally considered to be secure, but use different methods for securing your data.
Most Widely Accepted in the U.S.: Visa and Mastercard are both accepted at almost 11 million U.S. merchant locations. Least Widely Accepted Internationally: American Express (160+ countries and territories); Discover (200+). Least Widely Accepted in the U.S.: American Express and Discover (10.6 million locations).
There is no major difference between a Visa and a MasterCard; they both have similar functioning and work as an ATM card. However, you must know that neither the Visa credit card nor the American Express credit card provides any credit to the users; they simply support payments.
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.
Mastercard is not accepted at certain stores and merchants that only take cash, such as vendors at a local fair. Mastercard is also not accepted at retail chains that have an exclusive agreement with another card network. For example, Costco accepts Mastercard only for online purchases.
Fortunately, it's both possible and easy to switch credit cards with your bank or credit card issuer. In many cases, you can upgrade or downgrade credit cards online or place a quick call to your issuer.
There aren't many disadvantages to choosing a Mastercard – you may just be limited to certain banks that use Mastercard over other payment processing networks. Mastercard offers a range of benefits for those who use their cards, including: Extended warranties on items purchased with Mastercard. Purchase protection.
Most of what you get with a card comes from the issuer. Visa and Mastercard are both accepted just about everywhere that takes credit cards. With only a handful of exceptions, any place that takes one will take the other.
A key difference between Visa and Mastercard is the global market share. But Reserve Bank of Australia data shows that around 92% of all credit card and charge card transactions in Australia are made with Visa and Mastercard, and make up around 84% of all transactions by value.
You can't use your Mastercard credit card at Costco, because Costco has a contract with Visa. You can, however, use your Mastercard credit card for purchases made at Costco.com and through the Costco app. For their warehouse locations Costco only accepts cards on the Visa network.
When you save your Mastercard online with your favorite merchants, apps, digital wallets and Click to Pay, it will be ready every time you need to make an online purchase. Enroll your Mastercard in Click to Pay for a faster and smarter way to check out online, without ever having to remember a password.
Black credit cards are sought after in the Australian credit card market for their high standard of perks and rewards. While these benefits may also translate to a higher-than-average annual fee or purchase rate, the perks offered are considered worthy of these costs.
The majority of places in Australia will accept Mastercard and Visa card payments, with many also accepting American Express, so you won't need to take a huge amount of cash with you on your travels.
If your debit and credit cards have the Mastercard® logo, they can be used in over 43 million locations worldwide (wherever you see the logo). If they haven't, they're for use in Australia only.
However, the principle remains the same in terms of customer loyalty and business-friendly merchant services. Visa and Mastercard are the most popular cards in the market due to their versatility and flexible banking options. Visa and Mastercard have been around for a long time.
MasterCard is the brand name of MasterCard Worldwide, an international membership organization that is jointly owned by nearly 25,000 banks and other financial institutions. MasterCard itself does not issue credit to cardholders; the member banks issue cards under their own names.