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Whats difference between a 'visa' and a 'mastercard'?
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skiddy2k
Posts: 1,627 Forumite
in Credit cards
iv always been a little bit confused with the differences between a visa card and a mastercard.
apart from, 'visa is easier to pronounce than 'mastercard, which isnt really a valid reason (haha!!), whats the differences?
whats better to have when were talking about a credit card?
would appreciate the feedback!
Thanks, in advance!
apart from, 'visa is easier to pronounce than 'mastercard, which isnt really a valid reason (haha!!), whats the differences?
whats better to have when were talking about a credit card?
would appreciate the feedback!
Thanks, in advance!
0
Comments
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Basically, they are just two different companies. Most places take both. AFAIK, there aren't any real differences.
(Except when trying to buy World Cup tickets for next year - they only take Mastercard because they are one of the WC sponsors.
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Yup, it's pretty much like the difference between Persil and Ariel or something... different brand name, does more or less the same thing.
In the UK the Visa and Mastercard networks are integrated so everywhere that takes one should take the other. Abroad it may be different but they're both accepted pretty widely.student100 hasn't been a student since 2007...0 -
Basically, the networks are owned by Visa and Mastercard and the banks are next in line in the distribution chain, the banks own the risks associated with credit, etc from the retail customer. Whether the cards are issued by banks in a particular country depends on which networks have an agreement with the banks in that area, and who receives preferential treatment from these banks. On the other hand, acceptance of a card depends on how widespread the corresponding network is, and how easy/cheap it is for a retail outlet to get the infrastructure in place to begin accepting cards from either provider.
I think they can afford to subsidise each other generally, and share their networks, as they more or less enjoy a duopoly in the market, the only other significant player being Amex. The entry barriers into the business are huge, and I guess that is the reason nobody else's ever ventured into it.It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0 -
As above - seperate companies
As is American express a seperate company, though its card are no way near as accepted by vendors in the UK as say VISA or Mastercard are.0 -
mark_jones13 wrote:American Express is actually accepted by 95% of stores that you's want to use a credit card or charge card at..
You will find many small stores won't accept Amex, mainly because of the the high rates they charge merchants. Also there are some bigger stores that don't accept Amex either.
Have a look here http://forums.moneysavingexpert.com/showthread.html?t=469"An eye for an eye leaves the whole world blind" - Mahatma Gandhi0
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