A question that has been around for ages, and most of the time it does go unanswered. Let me start off today’ article with a bit of information about Visa and MasterCard; they are the two leading credit card companies in the world. Now there are millions of people using both Visa and MasterCard around the world, so how do we really determine which service is the best?
First we need to remember that, both Visa and MasterCard do not actually issue cards themselves; they simply methods of payment. They rely on banks and financial institutions to issue credit cards that utilise these payment methods.
This means, any interest rate, annual fees, rewards and any other charges are issued by your bank or financial institution; Visa and MasterCard have nothing to do with it.
Visa and MasterCard do however charging the retailer for using their payment method.
It all comes down to which type of payment is most accepted; seeing as pretty much everywhere accepts both types of payment, how would we decide in the end?
I came up with one way to look at which card is better or at least most used; this is through the recent quarterly results for both Visa and MasterCard.
In the first quarterly results, it showed that Visa gained 71% beating all expectations, compared to MasterCard dropping 18%.
This only shows how many people use Visa more than MasterCard, even during the recession.
Now it still would be a personal opinion on which is better, Visa or MasterCard, but chances are, in your lifetime you will own both a Visa and a MasterCard and it will then boil down to what card offers the most.
Personally I am leaning over to MasterCard’ side only because Tim Horton’ does not accept any other kind of credit card payment. I do not walk around with much cash so having a credit card which can be used at Tim Horton’ to me is the best. Well this is only one man’ opinion, what’s yours?