When applying for a new card at the bank, you will probably be asked to choose a payment system. And this question baffles many townsfolk, do not everyone know how Visa differs from Mastercard? Let's try to figure out what is what and which system is worth choosing.
general information
In today's world, both payment systems are successfully distributed around the world. MasterCard is a European payment system, while Visa is American. If someone tells you that the main difference between a Visa card and a Mastercard is reliability, do not believe it. Both systems work without major failures, all operations are performed at the same speed throughout the world. But keep in mind that not all cards issued by Russian banks work outside of our country. Checking this is very simple, look at your plastic rectangle. If the inscriptions on it are embossed, your card will work abroad, but the symbols or indentations marked with paint indicate the possibility of using the payment instrument exclusively in the Russian Federation. This is not always bad, if you rarely travel and most often use a card in Russia, one of the lower types that works only at home is suitable. A tangible plus is the cheap service.
What is the difference between a Visa and a Mastercard when making payments abroad?
It’s more convenient to travel to European countries with a Mastercard. When withdrawing cash or paying for services, monetary units will automatically be converted into euros at the exchange rate of your bank and
payment system with a minimum commission. Imagine that you and Mastercard decided to visit the United States. American dollars are widely used, and our account is in rubles. Since the payment system is European, the units will first be converted into euros and only after that into dollars. The operation will not take much time, but imagine the size of the commission. For a Visa, the situation looks similar, it is more profitable to pay with cards of this system in the USA than in Europe. What is the difference between a Visa and a Mastercard in addition to this? When converting OIF, Visa withdraws a commission, only 1.5%, but Mastercard does not have such a commission at all.
Other card differences and special privileges
You will notice the difference between Visa and Mastercard in non-cash payment by the simplest cards. For example, Visa Electron does not require entering a secret code to write off insignificant amounts from the account, while all Mastercard cards carry out an operation only after entering a PIN code. Plus or minus is up to you to decide, but remember that a secret password is the protection of your financial resources. On the other hand, if you suddenly forget the pin code, you will have to change the card. For cardholders of the highest category, the Visa offers special features, such as free medical or legal assistance. Mastercard cannot boast of such services. But keep in mind that not all banks offer these privileges in Russia; the cost of servicing the card itself is quite high.
Now that you know how a Visa differs from a MasterCard, choose according to your needs and taste. And remember that if you choose a medium or lower type card for use in our country, you most likely will not notice the difference between the two payment systems.