Visa vs. Mastercard: What’s the Difference? | Fi Money (2024)

Visa and Mastercard are two of the biggest names with the most recall regarding credit cards. And the chances are that you may need clarification while making the decision between the two. However, there are several similarities as well as differences between the two.

This blog will cover the features and benefits and show tabular differences between Visa and Mastercard.

Visa vs. Mastercard: Features & Benefits

Visa and Mastercard both offer a similar set of fundamental features on entry-level credit cards. Therefore, there is minimal distinction between the two. On its World or World Elite level credit cards, Mastercard does contain stunning extra luxury incentives that can be alluring to heavy consumers.

Visa vs. Mastercard: Comparing Emergency Services Offered

Visa vs. Mastercard: Comparing Travel Benefits

Visa vs. Mastercard: Comparing Insurance & Purchase Protection Offered

List of Mastercard Benefits

On the Mastercard network, credit cards are divided into three levels, each of which includes all the advantages and privileges of the tier below it. These are, in descending order of exclusivity:

• Standard (offers little that is particularly notable)
• World
• World Elite

The following are the common benefits:

1. Insurance and purchase protection

• ID Theft Protection notifies you and helps you resolve fraudulent activity.
• Up to $1,000 per year in mobile device protection.
• 24/7 multilingual emergency assistance with Global Emergency Services.

2. Concierge services

• World Elite Mastercards offer concierge services such as restaurant and event bookings, ticket arrangements, and assistance with purchasing hard-to-find items, similar to The Platinum Card® of American Express.
• No annual cost of $695.
• Mastercard Airport Concierge and Golf Concierge services still available to World Mastercard cardholders without access to World Elite Concierge services.

3. Luxury resorts, hotels and events

• Free breakfast daily
• $100 amenity credits
• Additional bonuses may vary by property
• Exclusive access to PGA Tour golf trips and other events like film festivals and private chef cooking sessions

List of Visa Benefits

Visa generally offers more benefits than Mastercard. Visa has a three-tier system, from basic Visa Traditional to Visa Infinite and Signature. Visa Traditional has a few advantages over ordinary Mastercard. Visa Infinite and Signature offer the most advantages, including:

1. Insurance and purchase protection

Even at the basic level, Visa offers insurance and protection options. Visa Infinite and Signature cards also include:

• Lost luggage compensation
• Trip cancellation, interruption, and delay compensation
• Added warranty coverage
• Zero liability protection

2. Luxury Hotel Collection

Visa Signature cardholders can receive exclusive guest status at over 900 partner hotels worldwide through the Visa Signature Luxury Hotel Collection program. The program offers seven premium features, including automatic room upgrades (when available), free Wi-Fi (when available), complimentary breakfast for two, a $25 USD food or beverage credit, VIP status, and late checkout (when possible).

3. Travel benefits

Visa Infinite and Signature cardholders enjoy travel perks such as rental car privileges, Priority Pass lounge access, Global Entry statement credits, and exclusive Visa Signature discounts.

4. Emergency services

Visa provides essential emergency services, including roadside dispatch, stolen or lost card reporting, immediate replacement, and emergency cash disbursem*nt.

Knowing the difference between Visa and Mastercard can help you choose which is best.

Get the Fi-Federal Debit Card today!

The Fi-Federal co-branded debit card offers you several features, including zero Forex charges on select plans, the ability to make contactless payments using the 'Tap and Pay' feature, and transaction limits that you can set from the app. In addition, the card provides you with a range of offers from top brands in food, shopping, travel, and entertainment. You can also easily freeze or unfreeze your card from the app, making it a convenient option for those who may have trouble sticking to a budget.

Frequently Asked Questions

1. Why is everyone switching from Mastercard to Visa?

Although Mastercard and Visa cards are accepted almost everywhere in the globe, Visa cards have a few more advantages. Even with a Visa card at the most basic level, you can access advantages like stolen or lost card reporting, urgent card replacement, emergency cash disbursem*nt, roadside dispatch, and zero liability.

2. What are the 4 types of credit cards?

The different types of credit cards include standard credit cards, rewards credit cards, secured credit cards and charge cards.

3. Which is more safe - Visa or Mastercard?

Both Visa and Mastercard are known for their security. They both have zero fraud liability across all cards, which means any cardholder who falls victim to fraud or theft will not be held liable for money lost.

4. Is Mastercard better than Visa India?

Both Mastercard and Visa work well in India. However, Mastercard does offer high-end luxury rewards on their World or World Elite level cards, which can be incentivising to some customers.