As the world continues to recover from the economic crises that occurred in the previous years, financial management is one of the best options in surviving. While others make use of debit cards to make purchases and avail services, there are more consumers who prefer to use credit cards because of the credit limit provided. It can be a challenge to maintain your finances and stay debt-free, especially if you have more than one credit card.
For those who do not have one, a credit card is a piece of plastic card that contains information about the owner and the credit account that is established with a bank or other institutions that provide credit services. For those who do not prefer to carry cash, or do not have large amounts of cash with them at all times, a credit card can be used as a transaction medium. When buying with cash, you are using your own personal money. With the use of a credit card for purchasing, you are using the money of the bank that provided you with the credit card.
For each credit card, there is a credit limit which allows you to spend a certain amount, and cannot be exceeded. Using a credit card can be done with single or multiple transactions provided the credit limit is not exceeded. As the owner of the credit card, you agree to pay the amount you have borrowed from the bank within the specified period. Otherwise, you will not be able to use your credit card until all dues have been paid. If you are planning to get a credit card from your trusted bank, the top two choices would be Mastercard and Visa.
There are many reasons why you should pick one over the other, and this article will briefly discuss the features of both brands.
These two companies are among the top two credit card issuers that have been competitors for many years. Visa is a popular company that has issued almost one billion credit cards to consumers from all over the world. Mastercard also has a large target audience, with over one hundred twenty five thousand banks that issue the company’s credit cards. There are millions of establishments worldwide that accept both Visa and Mastercard payments. It is quite challenging to choose which one is the best for your credit card, but you can probably narrow it down to criteria that concern your location, your salary rate, and your monthly expenses as well. The only difference between Mastercard and Visa are their names. Both companies provide similar services and are widely accepted in more than one hundred fifty countries around the world.
It is also very rare that an establishment will accept payments from only one out of the two credit card companies. The marketing strategies of these two companies are almost identical when it comes to expanding their networks. Mastercard uses Cirrus, Maestro, and PayPass while Visa uses VisaNet, Plus, Interlink, and PayWave. Both companies are also providing innovative services through text messaging updates for transactions, and the use of RFID chips in the cards. The choice is up to you, but if you want to be secure with your credit card, it is also wise that you get one credit card from each company.