MasterCard and Visa Credit Cards: Should you Apply for Both?

MasterCard and Visa Credit Cards: Should you Apply for Both?
MasterCard and Visa: they're both household names in
today's credit card world. In fact, MasterCard and Visa are
so common that if you're shopping for a new card, it may be
difficult to choose one over the other. Which one is more
widely accepted? Which one has better benefits? Should you
apply for both? Here are some points to consider while
comparing MasterCard and Visa credit cards.

How MasterCard and Visa Operate

While you see their name on many cards, MasterCard and Visa
do not actually issue credit cards. Rather, they function
in a behind-the-scenes way. MasterCard and Visa are payment
systems. They create and maintain the computer networks
that process their credit card transactions. This is no
small task. Literally billions of credit card transactions
occur at ATMs and merchants around the world.

Other banks, such as Chase and Bank of America, issue the
actual credit cards. These banks work with MasterCard or
Visa. They place the brand name on their cards. If you see
the Visa name on a credit card, it means that Visa is
backing up the card. The same is true for cards with the
MasterCard logo on them. This is why you see cards with
names such as the Chase Platinum MasterCard. Note that the
name of the bank and the payment system are both mentioned.
When you make a payment, it goes to the bank that issued
the card.

Comparing MasterCard and Visa

As far as worldwide acceptance, MasterCard and Visa are
quite comparable. Both of them have an established global
presence. Most retailers will take either one without
hesitation. In rare occasions, a retailer may only accept
one or the other. Even then, you should be able to find
another store close by that does take your card.

If you're searching for a credit card, you are probably
comparing interest rates, reward programs, fees, and
included benefits. Keep in mind that the issuing banks
determine these factors. They are not decided by MasterCard
or Visa.

Reasons to Get Both

If you are applying for your first card, remember that
MasterCard and Visa are quite similar. You will want to
look at the various benefits offered by the banks that
issue the cards. If you are planning to keep a balance from
month to month, you may want to consider a card with a low
interest rate. If you are looking for rewards and are able
to pay off the balance in full each month, a card with a
good reward program may better fit you.

If you have a Visa and want another credit card, it may be
wise to get a MasterCard (and vice versa). The same is true
for banks. If you have a card from Chase, try looking into
a different card issuer. Having variety will aid you should
anything happen to one of the institutions. Also, since the
different lenders are in competition, you may receive
offers for better credit card deals in the future.

MasterCard and Visa are both solid credit card choices.
Having a card from each company will give you more credit
options. And having cards from different banks will get you
access to the best reward programs, interest rates, and
other benefits. Start looking online today. Then pick out
the credit cards that work best for you.

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To View Visa Card Offers click the following link:
http://www.credit-card-surplus.com/visa-credit-card-applicat
ions.php . For MasterCard Offers click
http://www.credit-card-surplus.com/mastercard-applications.p
hp . Ed Vegliante runs http://www.credit-card-surplus.com
, a directory helping consumers to compare and apply for
credit cards.