Because Visa and Mastercard are widely accepted, you should pick the card with the best perks and benefits based on your spending habits. Each card issuer can decide which perks to offer, so read the fine print carefully before signing up.
When selecting a credit card, you can choose between four major payment networks: Visa, Mastercard, American Express, and Discover. If you’ve narrowed your search down to Visa vs. Mastercard, Benzinga has you covered with a clear comparison showing the pros, cons, similarities, and differences. These are the two most widely accepted payment networks, so whichever you choose, you’ll have great ease domestically and internationally. Here’s how they stack up so you can decide what’s best for you.
- Visa vs. Mastercard: An Overview
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Visa vs. Mastercard: An Overview
Neither Visa nor Mastercard directly issues its cards. They work with partners to do so, meaning you might open your credit card through your bank or favorite retailer. Both earn money through data processing fees and service fees. Here’s a deeper look into each card.
Visa
Visa has a 61% market share in the U.S., making it the most popular credit card in the nation. Visa offers three-tier options: Traditional, Signature and Infinite.
Because Visa owns such a large market share, you’ll have no trouble finding an issuer that offers a Visa card. Some popular Visa credit cards include:
- Chase Sapphire Preferred
- Wells Fargo Active Cash Card
- Chase Freedom Unlimited
- U.S. Bank Cash+ Visa Signature Card
- Capital One Venture Rewards Credit Card
Mastercard
Although Mastercard has a smaller market share than Visa at 25.5%, it is still a very popular option and one worth considering. Mastercard offers three tiers: Standard, World and World Elite.
Some popular Mastercard credit cards include:
- Citi Rewards+ Card
- Citi Double Cash Card
- Capital One SavorOne Cash Rewards Credit Card
- Citi Premier Card
- Capital One QuicksilverOne Cash Rewards Credit Card
Visa vs. Mastercard: Key Similarities
As the most widely accepted cards in the world, Visa and Mastercard have many close similarities.
- Acceptance: Visa is accepted in 200 countries and territories around the globe. Mastercard has only a slight edge with 210 countries accepting the card.
- Fraud liability: Visa and Mastercard offer 0 fraud liability as a standard feature for all credit cards.
- Perks and benefits: You’ll find similar perks and benefits from both cards, including travel insurance, roadside assistance, cellphone protection, purchase protection and more.
Visa vs. Mastercard: Key Differences
When selecting between these two cards, you don’t need to be worried about where they are accepted since both have wide acceptance networks. Instead, you’re selecting the card with perks and benefits that better align with your spending and habits.
Both cards offer three tiers, with benefits advancing the higher the tier you select. Comparing the cards is challenging, though, because the individual card issuers can select which benefits to offer.
Ultimately, the largest difference is in the highest tier where Mastercard has a slight edge because of its luxury benefits. But unless you’re a big spender, you likely won’t experience these benefits, which could cancel them out.
Visa vs. Mastercard: Benefits
A large comparison point for Mastercard vs. Visa is the benefits each card offers. Here’s a breakdown based on the card level.
| Mastercard Credit Card | Benefits |
| Standard | ID theft protection, zero liability protection, Mastercard global service |
| World | All benefits from Standard, ShopRunner membership, DoorDash benefits, Lyft credits, Mastercard Golf, Priceless Experiences, complimentary professional travel services, lowest hotel rate guarantee, hotel stay guarantee, luxury hotel and resorts portfolio, Mastercard airport concierge, free nights for car/RV/air |
| World Elite | All benefits from World, World Elite concierge, Fandango credits, cellphone protection, exclusive discounts and promotional offers |
| Visa Credit Card | Benefits |
| Standard | Reporting for lost or stolen cards, ID navigator, emergency card replacement, 0 fraud liability, roadside dispatch, Dovly Uplift |
| Visa Signature | All benefits from Standard, travel and emergency assistance services, Visa Signature rental car privileges, Shipt benefits, Visa Signature Luxury Hotel Collection, lost luggage reimbursement, auto rental collision damage waiver, trip delay reimbursement, trip cancellation and interruption insurance, travel accident insurance, baggage delay reimbursement, hotel theft protection, cellphone protection, purchase security, return protection, extended warranties, Global Entry or TSA PreCheck statement credit, price protection |
| Visa Infinite | All benefits from Visa Signature, Priority Pass Select airport lounge access, emergency medical and dental protection, emergency evacuation and transportation coverage, Visa Infinite rental car privileges, airline incidentals statement credit, additional travel insurance benefits |
Visa vs. Mastercard: Pros and Cons
When comparing Visa and Mastercard, consider each card’s pros and cons.
Visa
Pros
- Widely accepted worldwide
- Offered through many banks
- Secure so you can buy with confidence
- Many additional perks, including travel, insurance and roadside assistance
- 100 million retailers accept the card
- Options for secured or unsecured cards
- Many banks offer Visa cards with solid rewards
Cons
- Visa does not issue its cards
- Each card issuer can select what perks and benefits to offer, making comparisons challenging
Mastercard
Pros
- Widely accepted worldwide with 100 million global retailers
- Luxury benefits for big spenders
- Secure to protect your finances
- Variety of additional perks, ranging from cellphone protection to travel concierge
- Options for secured or unsecured cards
- Available through many banks, each with its own set of perks and rewards
Cons
- Mastercard does not issue its credit cards
- Each card issuer can select what perks and benefits to offer, making comparisons challenging
Selecting Between Visa and Mastercard
The decision point between Visa and Mastercard likely depends on the card issuer you prefer to work with. Perhaps it’s your bank or your favorite retailer that offers increased cashback or in-store perks. You’ll have difficulty deciphering between Visa and Mastercard, especially regarding their benefits.
Frequently Asked Questions
Which is better Visa or Mastercard?
Visa and Mastercard offer outstanding perks and benefits and are widely accepted worldwide. Your choice likely comes down to the card issuer you prefer to work with.
Why is Visa more popular than Mastercard?
Visa has a wider global ATM service, which makes it popular with travelers.
Why are banks switching from Visa to Mastercard?
Visa fees might be the reason some banks have switched to using a Mastercard. However, there is no substantial evidence that more banks now offer Mastercard than Visa.
About Rebekah Brately
Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.