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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Bloomberg/Getty Images March 10, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. No doubt you’ve seen the Visa logo on a credit or debit card before—but what exactly is a Visa card, and how does it compare to Mastercard? And does it matter which one you choose when ? In this guide, we’ll take a closer look at Visa, how it compares with Mastercard, and some common credit card terms that are helpful to know if you’re just getting started with credit cards. What is Visa
Put simply, Visa is a payment network. When you buy something with a , Visa processes the payment, instantly communicating with your bank and the merchant so that the merchant gets paid. This happens whenever you swipe your card, regardless of whether you’re shopping in person, or on your laptop, tablet or cellphone. , and are also payment networks, but Visa and Mastercard are undoubtedly the most widely accepted networks. What is the history of Visa
Visa’s operations began in 1958 when Bank of America launched the . It was the first consumer credit card program, and it brought the company great success, allowing it to expand operations internationally in 1974. In 1976, BankAmericard became Visa—a name that sounded the same in all languages. Visa continued to grow as regional businesses around the world merged to form Visa, Inc. in 2007. A year later, it went public in one of the biggest initial public offerings (IPO) in history. Today, Visa operates in more than 200 countries and territories, with the mission “to be the best way to pay and be paid, for everyone, everywhere.” Of course, those who are shopping for a credit card often prefer one that’s widely accepted. The more Visa dominates the global payment network industry, the more it attracts new consumers and merchants. How does a payment network differ from a card issuer
Despite Visa’s popularity, there is often confusion around what a Visa card’s role is when it comes to credit card benefits. American Express and Discover, for example, serve as both the payment network and credit card issuer. However, unlike American Express and Discover, Visa does not issue credit cards; it is solely a payment network. Instead, financial institutions like banks—such as Chase, Capital One and Wells Fargo—issue credit cards, and Visa serves as the communication line that allows payment transactions to be processed. A credit card issuer—not the payment network—administers rewards programs and credit card perks, and determines borrowing terms like interest rates and fees. Visa vs Mastercard
In practice, Mastercard is almost as widely accepted as Visa. But both payment networks offer additional benefits to credit card members just for being a part of their network, and that’s . Generally, Visa’s benefits are more focused on travel and protection, while Mastercard focuses more on discounts and promotions. Visa benefits
Visa offers three main tiers of benefits: . Traditional tier: Includes , emergency card replacement and cash disbursement, an auto rental collision damage waiver and emergency roadside service. Signature tier: Includes all of the Traditional benefits, plus 24-hour travel and emergency assistance. Infinite tier: Includes all of the other tier benefits, as well as travel accident protection, trip cancellation and interruption protection, trip delay reimbursement, lost luggage coverage (up to $3,000 per trip or $2,000 per bag if you live in New York), return protections and purchase protections. Mastercard benefits
Mastercard also offers three main tiers of benefits: . Standard tier: Includes emergency card assistance and replacement, zero fraud liability and identity theft protection. World tier: Includes all of the Standard benefits, plus trip planning, travel upgrades, concierge service and numerous discounts and promotions. Current promotions include three free months of DoorDash DashPass for new members, a free Shoprunner membership, a $5 Lyft credit if you take at least three rides per month and more. World Elite tier: Includes all of the previous benefits, along with exclusive offers and more discounts and promotions. Current promotions are the same as the World promotions, plus access to exclusive PGA Tour experiences and VIP travel experiences (like cooking classes abroad, tours or personal shopping services). Credit card terms to know
If you’re new to the world of Visa, Mastercard and credit card issuers, it’s helpful to know some . Annual fee: Credit card issuers, like banks, may issue a yearly charge to customers for using their credit cards. Payment networks such as Visa and Mastercard do not determine this charge. Annual percentage rate (APR): This is the full cost a lender charges per year for lending funds. Visa does not determine the APR, or interest rates, on a credit card product. If you pay your balance in full and on time, you can avoid paying interest on your purchases. Balance transfer: This involves moving outstanding debt from one account to another. Those with credit card debt commonly use a balance transfer credit card that allows them to pay off debt with 0 percent interest over a select period of time, such as 12 to 21 months. Credit history: Used by a lender to determine whether to approve a credit card application. It shows how the applicant has managed credit in the past, including how much debt they owe, the number of credit lines they have and whether payments were made on time. Credit rating: Usually expressed as a score and represents a person’s ability to repay a financial obligation based on their income and credit history. Three credit reporting agencies—TransUnion, Experian and Equifax—supply credit ratings and credit scores in the U.S. The bottom line
Visa is undoubtedly one of the largest and most recognized payment networks in the world, making it a safe network to go with if worldwide acceptance is important to you. But keep in mind that Visa doesn’t administer rewards programs, dictate interest rates or set credit card fees—a credit card issuer handles that. When choosing a credit card, it’s critical to consider these aspects of what a card issuer offers—and not only widespread card acceptance—so you’re sure to get a card that meets your needs. SHARE: Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles