Difference Between Visa and Mastercard?
 

Although the two cards seem interchangeable from a merchant acceptance perspective, someone once explained to me that there was a difference between the two cards. However, I've forgotten the details (I seem to recall that it had to do something with foreign currency transactions). So, does anyone know what the difference is? thanks

Visa was started as an independent company where-as MC was founded by a bunch of banks to compete with VI...

Visa has its roots in Bank Americard, which was started by B of A in 1958 ...

http://www.usa.visa.com/personal/abo...e_history.html

There's virtually no difference between MC and VISA these days, except for acceptance.

I recall that in the 70's, MC was the acceptance leader. At some point in time, that changed, and I think Visa is now the acceptance leader, but in my experience, it's rare to find a merchant that accepts one and doesn't accept the other, at least in the US, since the credit card clearing companies used by US merchants offer both at the same price.

-David


[This message has been edited by LIH Prem (edited 04-13-2002).]

The only reason why I give Visa an edge is because it is a more recognizable brand and I think MasterCard goes by a different name in some countries.

I've only been denied using my Visa card once -- at the Marriott Kuala Lumpur. I noticed a few other merchants in the area who had signs that said 'no visa cards' also.

Sam's Club accepts only Visa, they do not accept MC.

For US members, I don't believe MC offers car rental insurance in NZ and Australia. VISA does.

Hm, in my experience for US members it varies widely by bank whether or not you get car rental insurance at all, let alone where it covers. It's not like the old days where it was always included. Although I suppose the original statement may be true assuming a given Visa or MC has the insurance.

------------------
--Greg

Actually, it depends on the location. Many Sam's Clubs don't accept either Visa or MasterCard (just Discover).

Which is strange because not a lot of places accept Discover.

It was a coup for Discover, though. Discover drives me nuts. I get a mailing from them every other week, plus plenty of my phone calls that I hang up on are from them. I'm waiting for them to just give up on the application process and send me a card in the mail, since they seem to want me to have it so bad.

Discover is nearly as widespread in the US these days as MC and Visa, though. Outside the US, I'm thinking forget about it. I don't recall seeing too many places to use it.

We need some Flyertalkers as customers at work. We would be happy to put your $10,000 copying bill through on your Amex for Rewards points. ;-)


------------------
--Greg

I'm not sure if Discover is even accepted outside the US at all.

Some random additions to this thread:

- Discover is accepted at all US Sam's Clubs, but you get only 0.25% cashback regardless of your annual spend.

- If you want to use Visa, MC, Discover with full cashback, or even AMEX for Sam's Club purchases: Go to any Wal-Mart; purchase a gift card using your chosen credit card; use the gift card @ Sam's Club.

- In the US, Visa & MC are accepted at the same level except where Visa pays big bucks for exclusive sponsorships, i.e. the olympics. Visa also is the "official card" of some attractions (Broadway, NFL) even though MC is widely accepted. Still in the US, MC is everywhere I want to be.

- Outside the US, Visa & MC are not nearly as ubiqutous. Especially in Europe, there are places where Visa is accepted but not MC.

- Most MC cards have better rental insurance than most Visa cards, but it can vary by issuer.



------------------
On the road, In the air,
I enjoy travel, From here to there.

Awesome tip! Thanks.



------------------
Addicted to airline miles? Check out: Mileage Workshop

I LOVE IT.. I LOVE IT....
What a way to beat them at their own game. Now of course, you may not totally beat them. This assumes you have time to go to Wal-Mart and somewhere in there is the time value of money. Meaning, if you get a $200 chargecard, but do not use it all for a few months....

Amex gives you double points for using it at grocery stores, gas stations, etc, does that include Walmart? And if so, Walmart gift cards?

I have been thinking to use credit cards to buy money orders at Post Offices, but sadly they don't take credit card for money orders. http://www.flyertalk.com/forum/frown.gif Else, that would be the prefect way to earn points.

Another random addition:

Just as Visa once was BankAmericard - if I recall correctly Mastercard started out as Mastercharge. How many of you have been around long enough to remember those?

I've tried that too. I wish they did accept crecit cards for money orders, that would be amazing to run up miles. You could purchase a few $700 money orders and pay that small fee, and make those money orders payable to you, deposit in your acct and pay off AMEX. And earn the miles for the charge(s).I wish!!!!

I wasn't around those days, but my mother has her original MasterCharge card and even a Visa with the old logo.

This may not apply across the board but for Visa and MC cards issued by one large company, there was a difference, a big one, on rental car insurance.

One of the cards did not provide automatic collision damage waiver if the underlying rental was free (eg. with a certificate). However, the other card provided primary coverage on overseas rentals, meaning you did not have to file a claim with your insurance company and risk a rate increase.

I'd suggest FTalk readers check these matters out and choose carefully.

Are you aware of the ability to buy US Savings Bonds with a credit card? There are many threads on this - it is a great way to get miles for nothing, and help the country at the same time.

In my view, MC and Visa have about the same acceptance rate, and this is probably because the fee to the merchant is the same or nearly the same. Discover and Amex likely charge the merchant more, and therefore are less widely accepted.

My Sam's accepts MC and Discover, but not Visa or Amex. Go figure.

Also, regarding rental cars, these days it generally depends on the level of your card, not on the bank. For example, whether its a gold card, etc. Of course the programs differ from Visa to MC to Amex, and even within a program from issuing banks--for example, Citibank Visa to Bank One Visa. In my experience, its rare for a gold or above card to not include rental car coverage, and it is rare for a card below gold to include this benefit.

[This message has been edited by LemonThrower (edited 05-16-2002).]

I was at the Tokyo Hilton and needed a cash advance on my credit card. They said they could do it only with a Visa Gold card.

In Brazil and other countries outside the US, VISA and MasterCard are entirely separate. Often a merchant will accept one, but not the other, and this is even more common with banks and ATM’s. In Brazil Diners Club and MasterCard are identical in terms of acceptance at both merchants and banks; VISA and American Express often, but not always, are interchangeable.

I remember when it was possible to get AMEX travelers checks on VISA & MC. They were regarded as purchases and there was no limit. It was discontinued due to abuse of FF miles.

[This message has been edited by flowerchild (edited 08-14-2002).]

In Japan, many ATMs with Visa logos on them won't accept Visa cards. The rules that work everywhere else in the world simply don't apply to Japan. (Personally, I believe the Visa bureaucracy should deny all Japanese banks the right to use their logo at all until they can provide the services which its use is supposed to indicate.)

Do the ATMs still close at 7pm (or other time too early) in Japan? That was the thing I couldn't deal with when I was there several years ago. Even the ATMs that could take a standard Plus or Cirrus banking card were few and far between. Later I ended up getting a cash advance on credit card at a bank because it was easier, despite the evil extra charges for that. The ATM thing I just couldn't grasp, especially with the ATM locators wrongly saying that they were available 24 hours. Then again, in most parts of Japan there's not a big safety issue in carrying around lots of cash.

In Japan, Citibank ATM's always work. The others do sometimes, but not always.

Here's a kicker.

Neiman Marcus (Northeast-US) only takes
Diners, American Express, JCB, and Carte Blanche. Good thing I got Amex, last time I was there.


I also know that some chi-chi shops in London don't take Visa or MC. Too common for commnon folk.

Chi-chi? Try good ol' Marks & Spencer. I found this out after selecting US$300 of suits. They didn't even take Amex. Luckily I was able to get 200 UK Pounds out of the ATM down the street...

Northeast-US? Nice try at trying to steal yet another Southern institution, but Neiman Marcus is headquartered in Dallas.

Calm down there silverpie...I think he was saying in the NE Region of the US Neiman's doesn't take vs/mc (dunno if it's true or not though cause here in the midwest they do)

NeimanMarcus.com takes Visa/MC/AmEx/Diners/Discover and their own NeimanMarcus card.

see: http://www.neimanmarcus.com/store/se....jhtml#nmccuse

Neiman Marcus in Galleria Houston does not accept Visa/MC, I was just there. My only other experience was at King of Prussia and they did not accept Visa/MC