Visa and Mastercard are secure payment networks that manage and process payment transactions when using a debit card, credit card or prepaid card.
Visa and Mastercard Differences
If you use a debit card or credit card, you will see the logo for either Visa or Mastercard in the corner of it. Cards are issued by all forms of banks, financial institutions and even high street shops will issue Visa or Mastercard cards.
For you as a consumer, there is no real discernible difference between Visa or Mastercard. Both are simply forms of payments. Their real strength for consumers lies in that they are accepted by the overwhelming majority of merchants in the UK and in over 200 countries around the world. Therefore, the fact that they are made of plastic isn’t the only thing that is flexible about them.
How do I Know if I will get a Visa or Mastercard?
It’s worth remembering that any debit card or credit card is issued by a bank or banking solution like Suits Me, not Visa or Mastercard themselves. Therefore, the type of payment card you receive will depend entirely on which of the two companies (Visa and Mastercard) your bank has a contract with. So, if your bank only issues Visa debit card and credit cards and you want a Mastercard debit card or credit card, you will have to go to another bank.
Are the Charges Different Between Visa and Mastercard?
All fees and charges which you incur from using a Visa or Mastercard whether that's a debit card or a credit card are set by your bank or card issuer. Therefore, whether you will save money by using a Visa over Mastercard, or vice versa is dependant upon the bank. Banks will set the fees, whether it’s for use of your debit card or credit card abroad, foreign exchange or the monthly fee for having the card. You could, therefore, find that charges and fees for one Visa card may vary greatly from those on another one, from another bank.
How do Banks Choose Between Visa and Mastercard?
Where Visa and Mastercard make their money is by charging banks and other financial institutions. They can charge for debit card and credit card transactions, foreign exchange or other forms of use. This is where they can differ from each other.
Visa and Mastercard are two companies competing for the same customers, therefore will offer competitive rates to banks for using them as their card payment provider.
In What other ways can Visa and Mastercard set Themselves Apart?
Both Visa and Mastercard offer rewards schemes. These are usually available on high end cards, such as gold or platinum cards. Normally, these cards are only issued to people with excellent credit scores and a favourable repayment history.
These rewards schemes can offer things like loyalty points which are linked to certain priority access to tickets for concerts or sporting events and money off travel. A handy way of knowing which events you can gain access to is looking at whether they are sponsored by Visa or Mastercard.
How do I Choose Between a Visa Card or a Mastercard?
Most retailers will accept either as payment method, so you will not be stuck if you choose either of them. You may want to look into what each charges for exchange rates, but the difference isn’t something that’s going to be a deal-breaker.
If a generous rewards scheme is important to you, then you should choose the one which offers deals on the things you are interested in.
However, in terms of convenience, there really isn’t much in it and the vast majority of the time, it won’t really matter whether your debit card or credit card is Visa or Mastercard.
Does Suits Me Offer Visa or Mastercard?
All Suits Me current accounts come with a contactless Visa debit card and exclusive access to our cashback rewards programme earning you money straight back into your Suits Me account when you use your card in our cashback partner stores.
Applying for a Suits Me Current Account and Debit Card
Applying for a Suits Me account is quick and easy and done using our online application form. Taking only a few minutes to complete, you will then receive your account details (account number and sort-code) within 15 minutes of submitting your application and completing your ID checks.
Once your Suits Me account is open, you will also gain instant access to your online banking account to be able to start managing your money and will then receive your debit card in the post within 3-5 working days.