Visa and Mastercard are two of the most popular card networks in the world. In the U.S. alone, they make up over 80% of credit cards in circulation. Given that they also offer very similar capabilities, some people joke that the only difference between them is the logo. However, this isn’t quite true, particularly when it comes to their features.

Trying to decide whether you should get a Visa or a Mastercard? Read on to learn more about their similarities, differences, and the role of both networks in the industry!

Similarities Between Visa and Mastercard

The biggest thing these networks have in common is that they offer a zero-liability policy for fraud protection. This means that they take responsibility for keeping transactions secure. If a fraudster tries to steal your card information and use it to make a purchase, you won’t be the one paying for it. Of course, this is only true if you report the fraud promptly.

Both networks are widely accepted throughout the world. It’s hard to find a store that doesn’t accept a Visa or Mastercard payment. With other big card networks, there’s always a chance you’ll run into a retailer that doesn’t support them.

Visa and Mastercard also offer a wide range of built-in perks. This goes beyond the benefits, features, and interest rates set by your card issuer. Both networks offer different card tiers with escalating benefits (Mastercard has four tiers, whereas Visa has three).

Differences Between Visa and Mastercard

Although they offer similar card tier structures, Visa has a slight advantage over Mastercard when it comes to the benefits. In particular, Visa offers more benefits for its lower-level cards than Mastercard, which saves its best perks for the premium cards. That said, the standard features, such as warranty and price protection, are fairly comparable.

The companies also go about their payment processing fees differently. Visa charges its fees to the card issuer on a per-transaction basis, whereas Mastercard charges issuers a fee to use the Mastercard network. Both institutions charge an annual fee to cardholders.

Visa vs. Mastercard: Which Is Better?

When choosing between getting a Visa or Mastercard, the key factors you should be looking at include the fees, rewards, perks, and interest rates. However, these factors don’t really have much to do with credit card companies. Instead, they’re dependent on issuing banks. To find the right card for you, shop between different financial institutions for the best terms.

Regardless of whether you pick a Visa or Mastercard, you’ll need to meet your financial institution’s requirements for issuing cards. This may include completing employment and credit score checks, as well as any other approval conditions set by the bank.

The Right Payment Partner

While Visa and Mastercard share many similarities, choosing the right payment partner goes beyond the logo on the card. At MONA Payment Solutions, we help businesses make sense of the nuances in credit card processing, ensuring you’re not only set up to accept payments seamlessly but also positioned to reduce costs and improve efficiency. Reach out to our team to learn how we can tailor a solution that fits your business needs.