Mastercard and Visa classifications

[McNugget]

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?

[K-in-Boston]

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.

[kdm31091]

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@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?

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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.

[Shooting-For-800]

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.

[staticvoidmain]

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@kdm31091 wrote:

...basically just a cosmetic thing at this point.

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That is the most important benefit.

[Anonymous]

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.

[McNugget]

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@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.

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

[Anonymous]

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@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.

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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.

[JaseT]

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@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.

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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?

[zerofire]

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?