(1) Appearance:

VISA credit card

Logo: with the word "VISA" and the card number starting with the word "4".

Master Credit Card

Logo: There are red and yellow double globes on the card, with the word "mastercard" attached, and the card number starts with the word "5".

(2) Scope of use:

VISA card: It is relatively popular in North America, Australia, and the Asia-Pacific region. So far, VISA cards can basically be used abroad. In China, VISA is more widely used than MasterCard, but the difference is not significant.

MasterCard: It is relatively popular in Europe and North America. Today, MasterCard can basically be used abroad.

(3) Clearing method:

Use VISA, MasterCard international clearing system: foreign currency transaction (USD), converted into US dollars, plus 1-2% currency conversion fee, returned to the country Purchase foreign exchange and repay later.

When swiping a card at the channel of the Organization for International Settlements, VISA and MasterCard need to first convert the local currency into US dollars and then use RMB to purchase foreign exchange for repayment (i.e. local currency---USD--RMB, If it is the US dollar area, it is US dollars--RMB). For example, if you hold a VISA card in your hand, then swipe the card on the VISA card swiping machine. The dual-currency card will be debited in US dollars or euros (according to the settings of the card-issuing bank, most of them are RMB + US dollar dual-currency cards at present). For example, swipe If it is US$500, it will be recorded as US$500.

(4) Currency conversion fee:

If in a non-US dollar area, the consumption currency is non-US dollar (such as euro, Japanese yen, Australian dollar, Hong Kong dollar, etc.), swipe visa, MasterCard and American Express will charge a 1%-2% currency conversion fee. In addition, Visa, MasterCard, and American Express will charge separate card processing fees for overseas purchases. UnionPay only performs one exchange rate conversion and does not incur card swiping fees. Multi-currency cards waive this fee within the applicable currency range. Generally speaking, it is more cost-effective to use UnionPay cards or local currency cards in non-US dollar areas. It saves handling fees and reduces the conversion process.

In the U.S. dollar area, you do not need to go through any currency conversion when using Visa or MasterCard. There are no handling fees and currency conversion fees. Therefore, under normal circumstances, it is more cost-effective to use visa cards in the U.S. dollar area. .

(5) Handling fee:

VISA, MasterCard: 2-3% handling fee for each transaction

(6) Fees for reporting loss and card replacement:< /p>

VISA: If you lose your VISA card abroad, a replacement fee of US$175 is required. In China, depending on the bank, the card tiers and types are different, and the card replacement fees are also different. Some cards are even free of loss reporting fees and card replacement fees.

Mastercard: If you lose your Mastercard abroad, the replacement fee is US$148. In China, depending on the bank, the card tiers and types are different, and the card replacement fees are also different. Some cards are even free of loss reporting fees and card replacement fees.

Extended information:

VISA (Visa), Mastercard (MasterCard), and China UnionPay (UnionPay) have built an alliance for card consumption on a global scale. Domestic banks and After their cooperation, credit cards issued by domestic banks can be used for purchases within their alliance. In some countries and regions, you can even make direct purchases with UnionPay cards. You can choose to apply for a VISA credit card or a Mastercard credit card when applying for a credit card.

For now, there is not much difference between the two international organizations in China. The bigger difference is the UnionPay card, just like Coca-Cola, Pepsi-Cola and Wahaha. Which one you choose depends entirely on your own preferences. If you often travel in Asia or Australia or make purchases with credit cards, it is recommended that you choose VISA, because VISA accepts a larger number of merchants in Asia and Australia, making it more convenient to use. Mastercard's strengths lie in Europe and North America. Friends who often travel to Europe and America can choose Mastercard.

Reference materials:

Baidu Encyclopedia - The difference between MasterCard and visa