Suits Me® Simplified: Banking 101

What is the difference between Visa and Mastercard®?

Visa and Mastercard are secure payment networks that manage and process payment transactions when using a debit card, credit card or prepaid card. For example, a Suits Me card is a contactless Mastercard®…

Visa Mastercard both in one picture explaining what is the difference between visa and mastercard

Visa and Mastercard are secure payment networks that manage and process payment transactions when using a debit card, credit card or prepaid card. For example, a Suits Me card is a contactless Mastercard® debit 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. All forms of banks, financial institutions, and even high street shops 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.

Visa and Mastercard® are secure payment networks that manage and process payment transactions when using a debit card, credit card or prepaid card. 

How Do I Know if I Will Get a Visa or Mastercard®?

Remember that banks or banking solutions like Suits Me issue any debit card or credit card, 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®?

Your bank or card issuer sets all fees and charges incurred from using a Visa or Mastercard®, whether it’s a debit card or a credit card. 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. Banks typically issue these cards only to individuals with excellent credit scores and a favorable 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®?

Since most retailers accept either as a payment method, choosing either of them won’t leave you stuck. 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 matters to you, then you should choose the one that offers deals on the things that interest you.

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 accounts come with a contactless Mastercard® debit card and exclusive access to our cashback rewards programme earning you money back into your Suits Me account when you use your card in our cashback partner stores.

Applying for a Suits Me 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 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 account to be able to start managing your money and will then receive your debit card in the post within 3-5 working days.

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A free contactless Mastercard® debit card and access to an online account and mobile app.