topic Mastercard and Visa classifications in Credit Cards

Mastercard and Visa classifications

McNugget — Wed, 13 Mar 2019 01:31:35 GMT

I just learned that 1) there are weird classifications of credit cards (world, world elite, signature, etc.), and 2) I hold some of these cards.

How do you use the benefits that come with that? What are the benefits?

I was all excited to see that my BoA Cash Rewards is world Mastercard, my CSP is a signature, and then saw my Citi DC and Cap1 SavorOne are world elite. I feel lame for not even knowing what to do or even how to access these benefits. How do places even know that I have access to the benefits?

Re: Mastercard and Visa classifications

K-in-Boston — Wed, 13 Mar 2019 01:39:59 GMT

https://www.mastercard.us/en-us/consumers/find-card-products/credit-cards/world.html

https://www.mastercard.us/en-us/consumers/find-card-products/credit-cards/world-elite.html

https://usa.visa.com/pay-with-visa/cards/visa-credit-cards/visa-signature-credit-cards.html

https://usa.visa.com/pay-with-visa/cards/visa-credit-cards/visa-infinite-credit-cards.html

Eligibility is determined by your card number.

Re: Mastercard and Visa classifications

kdm31091 — Wed, 13 Mar 2019 01:40:05 GMT

@McNugget wrote:
I just learned that 1) there are weird classifications of credit cards (world, world elite, signature, etc.), and 2) I hold some of these cards.

How do you use the benefits that come with that? What are the benefits?

I was all excited to see that my BoA Cash Rewards is world Mastercard, my CSP is a signature, and then saw my Citi DC and Cap1 SavorOne are world elite. I feel lame for not even knowing what to do or even how to access these benefits. How do places even know that I have access to the benefits?

In general they aren't going to be benefits for a specific store, so the store/place doesn't have to know that you used a World Mastercard, Visa Signature, etc. The benefits are things most people rarely even use, if ever. It does vary somewhat by issuer, but in general they are very niche use perks. Certainly nothing (IMO) to get too excited over, basically just a cosmetic thing at this point.

Re: Mastercard and Visa classifications

Shooting-For-800 — Wed, 13 Mar 2019 13:38:39 GMT

There are some good benefits out there but each card is different.

You gotta do your own research.

Travel benefits - lost luggage, accident insurance etc.

Retail benefits - price protection, extended warranties etc.

Check each card and compare. It might matter on some trips or large purchases.

Re: Mastercard and Visa classifications

staticvoidmain — Wed, 13 Mar 2019 15:53:54 GMT

@kdm31091 wrote:
...basically just a cosmetic thing at this point.

That is the most important benefit.

Re: Mastercard and Visa classifications

Anonymous — Wed, 13 Mar 2019 16:20:30 GMT

kdm31091, Totally agree. When I found out there were differences I went through my CC. For a moment I thought I was really special with my high end CC features. I remember being in an airport that had the private "prime" CC waiting area. It was not close to where my flight was loading. Never used the feature. Dropped the card.

Re: Mastercard and Visa classifications

McNugget — Wed, 13 Mar 2019 16:25:12 GMT

@Anonymous wrote:
kdm31091, Totally agree. When I found out there were differences I went through my CC. For a moment I thought I was really special with my high end CC features. I remember being in an airport that had the private "prime" CC waiting area. It was not close to where my flight was loading. Never used the feature. Dropped the card.

Yeah, my excitement has been very shortlived. It seems like a hassle after reading about it.

Re: Mastercard and Visa classifications

Anonymous — Wed, 13 Mar 2019 18:06:49 GMT

@Anonymous wrote:
kdm31091, Totally agree. When I found out there were differences I went through my CC. For a moment I thought I was really special with my high end CC features. I remember being in an airport that had the private "prime" CC waiting area. It was not close to where my flight was loading. Never used the feature. Dropped the card.

Right, what people need to remember is that Visa Sig, WE, WEMC are REALLY REALLY common and issuers have incentives to give them out over lower swipe-fee cards. Even when there was an enforced $5K min CL, that's not a huge barrier outside of a rebuilding forum.

So given that "lots" of people have them, that puts a limit on just how wonderful the exclusive benefits can be to the average holder.

Re: Mastercard and Visa classifications

JaseT — Wed, 13 Mar 2019 18:21:13 GMT

@K-in-Boston wrote:
https://www.mastercard.us/en-us/consumers/find-card-products/credit-cards/world.html

https://www.mastercard.us/en-us/consumers/find-card-products/credit-cards/world-elite.html

https://usa.visa.com/pay-with-visa/cards/visa-credit-cards/visa-signature-credit-cards.html

https://usa.visa.com/pay-with-visa/cards/visa-credit-cards/visa-infinite-credit-cards.html

Eligibility is determined by your card number.

Can you go into more detail about how this works? CapOne changed my QS from a MC to a WMC when I requested it, but then they say that my Savor isn't eligible right now for that same change. Is it up to the lender or MC/VISA?

Re: Mastercard and Visa classifications

zerofire — Wed, 13 Mar 2019 22:41:17 GMT

Basicly Mastercard and Visa are just the network that your card runs on. They are like the ACH for checks. Those companies make the names of the tiers and check that the issuer is not abusing customers by removing too many perks. Mastercard even goes ahead and supervises standardised perks for all members.

The issuer such as Citi and Capitol One will build the card and attach the perks to it. They will also select which network the card will run on and the tier. Generally the issuer will want a higher tier since they know most people will not use the perks but it still makes the card cooler to have. Would you really have liked your cards as much if they were not Infinite, Signature, World, or World Elite?

Re: Mastercard and Visa classifications

Anonymous — Wed, 13 Mar 2019 23:08:42 GMT

@zerofire wrote:
Basicly Mastercard and Visa are just the network that your card runs on. They are like the ACH for checks. Those companies make the names of the tiers and check that the issuer is not abusing customers by removing too many perks. Mastercard even goes ahead and supervises standardised perks for all members.

The issuer such as Citi and Capitol One will build the card and attach the perks to it. They will also select which network the card will run on and the tier.Generally the issuer will want a higher tier since they know most people will not use the perks but it still makes the card cooler to have. Would you really have liked your cards as much if they were not Infinite, Signature, World, or World Elite?

I don't think that's the reason at all! By making higher tier, the issuer gets more in swipe fees (and, as you say, with people not necessarily using the perks, thats all increased profit). Outside this type of forum, I suspect most people don't know about tiers and have no idea what tiers their cards (or perhaps just "card") is.

And for me, the answer to the last is "yes". Some of my most valuable cards have been low tier.

Re: Mastercard and Visa classifications

wasCB14 — Wed, 13 Mar 2019 23:45:26 GMT

My Sallie Mae was a Platinum MC. I don't need an extended warranty on a gallon of milk or a tank of gas.

My Freedom is still Platinum Visa. The rewards are the same.

If protections really matter for a purchase, I go with Schwab Platinum, Costco, or CSR for great issuer-provided benefits.