If you’re looking for a credit card that offers security and is widely accepted in countries worldwide, a Mastercard credit card might be the right choice for you. Mastercard is a reputable credit card network that can broaden your purchasing power and allow you to make transactions wherever you are. Many different banks, credit unions, and even retailers offer Mastercard cards, and you can quickly and safely apply for your card online. Before you do, however, it’s good to stay informed and learn as much as possible about Mastercard. So, let’s look at Mastercard offers and see their benefits and advantages.
Mastercard in Numbers
Over 15 million Mastercard transactions occur daily in over 180 currencies. Unlike Visa cards, which are accepted in around 170 countries, Mastercard is accepted in 210 countries worldwide and counting.
Two hundred thirty-five million Mastercard credit cards are in circulation in the US alone, and over 668 million are used in other countries worldwide. Mastercard® is a network that enjoys the trust of millions of people, and you wouldn’t be wrong to join them.
Almost every merchant or store that accepts Visa will also accept Mastercard credit cards. You can use these cards while traveling abroad or shopping online, and various issuers who offer Mastercard offer many benefits and rewards to cardholders.
Is Mastercard a Card Issuer or a Card Network?
There is a big difference between card issuers and card networks, as these two organizations perform very different tasks. A card issuer is typically a bank or credit union in charge of distributing credit cards to clients. If you need a new card, you will go to a card issuer to get one. That bank or credit union will be responsible for the customer support aspect of credit cards; it will set the terms and conditions of using a card and decide whether an application will be accepted or denied. The issuer also sets the fees and rates, controls the credit card benefits and rewards, and sets the credit card limit.
On the other hand, a credit card network is a credit card payment processor. It controls which stores and merchants can accept a card within the network and handles the transaction between the buyer and the merchant. Credit card networks are not responsible for lending money, setting the terms and conditions of credit cards, nor anything of the sort. Mastercard is, therefore, a credit card network. If you want to apply for a Mastercard, you must send your credit card application to an issuer that offers such a card.
What are Mastercard Service Levels?
As with Visa credit cards, Mastercard cards can come in one of 3 versions with different service levels, each with some advantages. You can get one of the following Mastercards:
- Standard
- World
- World Elite
If you’re unsure which type of credit card you have, you can check by looking at your card. If you have a World or World Elite, this will be written next to the card logo. If all you see is a Mastercard logo and nothing else, you probably have the Standard. You can always check with your issuer to make sure.
What are Benefits and Rewards?
As mentioned, the three different types of cards come with some unique benefits. Whether the credit card you get has these benefits depends mainly on your issuer, as issuers can decide whether they want to offer these features. Most issuers will deliver the benefits directly from Mastercard or similar benefits instead or on top of those.
Standard Mastercard
- Zero fraud liability
- Mastercard global services
- ID theft protection
World Mastercard
- All of the Standard Mastercard benefits
- Cellphone insurance
- Concierge services
- Travel services
- Discounts and memberships
World Elite Mastercard
- All of the World Mastercard benefits
- Higher claim limit on cellphone insurance
- Fandango membership
- Lyft membership
- Boxed membership
You can learn more about Mastercard benefits online and through your credit card issuer. Note that your issuer can exclude some benefits or add others.
Mastercard vs Visa Credit Cards
Mastercard and Visa are the most popular cards you will encounter almost everywhere. All of the other card networks are falling far behind, regardless of the unique advantages or benefits that they may have to offer. Choosing an MC credit card or a Visa card will increase your purchasing power since both cards are available in many countries. Most of the differences between these two card networks come from the card issuer. Your benefits, rewards, rates, fees, and application status depend on the issuer, not the network.
Visa and MC only differ in a few circumstances:
- Mastercard typically has better currency conversion rates.
- Most MCs have return protection for your purchases, while Visa only offers this with their Visa Signature cards.
- Standard Mastercards offer price protection, while only some Visa cards have this.
- Visa doesn’t have a limit on the loss-of-use coverage with its Auto rental collision damage waiver, while Mastercard typically has a limit to $500.
The Final Word
As you can see, the differences are few and insignificant to the average cardholder. Ultimately, choosing between a Mastercard and a Visa credit card comes down to your lifestyle and preferences.