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Visa vs Mastercard vs ETC ... ???

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DantGwyrdd
Frequent Contributor

Re: Visa vs Mastercard vs ETC ... ???


@Anonymous wrote:

Visa Signature is the hardest to attain out of all 4 as it is the only one that has a limit requirement. World Mastercard and World Elite seem to be handed out from the get go with many cards (cap1 buypower, citi DC, etc). VS is the only network I dont have, aside from JCB (to my knowledge).


Just to be sure we keep it all straight: Visa Signature is not a network, Visa is still the network/processor, Signature is rather a set of extra benefits compared to the non-signature Visa branded cards (and it's the same with MC vs. WMC vs. WEMC).

Message 11 of 14
Anonymous
Not applicable

Re: Visa vs Mastercard vs ETC ... ???


@DantGwyrdd wrote:

@Anonymous wrote:

Visa Signature is the hardest to attain out of all 4 as it is the only one that has a limit requirement. World Mastercard and World Elite seem to be handed out from the get go with many cards (cap1 buypower, citi DC, etc). VS is the only network I dont have, aside from JCB (to my knowledge).


Just to be sure we keep it all straight: Visa Signature is not a network, Visa is still the network/processor, Signature is rather a set of extra benefits compared to the non-signature Visa branded cards (and it's the same with MC vs. WMC vs. WEMC).


Great catch! 

Message 12 of 14
TheConductor
Established Contributor

Re: Visa vs Mastercard vs ETC ... ???

There are a lot of finer differences, but I think the one that matters most is Acceptance.

 

In other words, where can you actually use your card for spending?

 

Domestically... 

  • Most places you can use a credit card will accept all four major networks (Discover, Visa, MasterCard, American Express).
  • Some places do bind themselves exclusively to a single network for sponsorship reasons (e.g. Visa's sponsorship of the Triple Crown racing series for several years).
  • Others use exclusivity to select for a specific kind of customer (e.g. Neiman Marcus was AmEx-only for many years because the Amex customer was identified in research as wealthier and higher-spending on average).
  • Apart from those rare cases, the most common case of domestic sellers not accepting all 4 networks is establishments that do not accept AmEx due to the higher swipe fees, but do accept the other three. You do also sometimes see MC-and-Visa-only, but those have dwindled in number as Discover has expanded its reach.

Internationally...

  • It's more of a patchwork field, and it pays to research ahead of time which cards are most accepted in the country you are visiting. 
  • In some countries, credit is used rarely and you may have to resort to cash. Some of these can surprise you - for example, Japan was until pretty recently heavily biased toward cash payment, but credit use has since grown rapidly there.
  • Overall, Visa has the largest international purchase volume, which suggests they may have the widest network. Mastercard follows behind, then China-based UnionPay. UnionPay is growing much more aggressively, though, and may soon reach #2 or even #1. American Express trails well behind, and Discover well behind them. However, Discover has made deals for their card to be accepted on the JCB and UnionPay networks, and they own the Diners Club cards & network, which makes it a much more versatile international card than its own network alone would justify. 
  • In general, the rule of thumb is that Visa and MC work well almost everywhere but Asia, while Discover is best for Asia (especially China & Japan). American Express is generally everywhere internationally that they expect their "higher end" customer to be - most 3+ star hotels, airlines, shopping malls, luxury boutiques - but if you're out in the streets acceptance dwindles. But again, local exceptions to the "rules" abound so it pays to research specific destinations in advance.

ATMs (edited to add)

  • Discover, Visa, and MasterCard each have a related ATM network. This enables you to use your credit card to withdraw cash at any ATM on the affiliated network worldwide. For Discover, Pulse is the ATM network. MasterCard = Cirrus, Visa = Plus. You'll often find logos for these on the back of your cards. More than once this has saved me in foreign countries when my debit card was frozen due to an overzealous fraud alert and I needed cash now.
  • Bizarrely, in some rare instances you may get a Visa card that is on the Cirrus cash network, or an MC on Plus. Verify the logos on your card to be sure.
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Message 13 of 14
Anonymous
Not applicable

Re: Visa vs Mastercard vs ETC ... ???

Very interesting post Conductor
Message 14 of 14
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