(1) Appearance:

VISA credit card

logo: with the word "VISA" and the card number beginning with the word "4".

Master credit card

logo: there are red and yellow double-connected globe on the card face, 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 Asia-Pacific region. Up to now, VISA cards can be basically used abroad. In China, VISA is used more widely than MasterCard, but there is little difference.

MasterCard: It is popular in Europe and North America. Up to now, MasterCard can basically be used abroad.

(3) Settlement method:

Take the international settlement system of VISA and MasterCard: foreign currency transactions (US dollars), convert them into US dollars, add 1-2% currency conversion fee, and purchase foreign exchange for repayment after returning home.

when swiping a card through the channel of the organization for international settlements, VISA and MasterCard need to convert the local currency into US dollars, and then use RMB to purchase foreign exchange for repayment (that is, local currency-US dollars-RMB, or US dollars-RMB if it is in the US dollar area). For example, if you have a VISA card in your hand, you can swipe it on the VISA credit card machine, and the dual-currency card will be charged in US dollars or euros (according to the setting of the issuing bank, most of them are RMB+US dollars dual-currency cards at present), for example, if you swipe 5 dollars, it will be charged in US dollars.

(4) Currency conversion fee:

If the consumption currency is not US dollars (such as Euro, Japanese Yen, Australian Dollar, Hong Kong Dollar, etc.) in the non-US dollar area, visa, MasterCard and American Express will charge 1%-2% currency conversion fee. In addition, visa, MasterCard and American Express will charge additional credit card fees separately in consumption abroad. UnionPay only undergoes exchange rate conversion once, and there will be no charge for credit card. Multi-currency cards can be exempted from 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, which saves the handling fee and reduces a conversion process.

In the US dollar area, spending with visa and MasterCard does not require any currency conversion, and there is no handling fee and currency conversion fee. Therefore, in general, it is more cost-effective to use visa cards in the US dollar area.

(5) handling fee:

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

(6) loss reporting and card replacement fee:

VISA: if you lose your VISA card abroad, you need a card replacement fee of $175. In China, according to different banks, the card grades are different, and the card replacement fees are different. Some cards are even exempt from loss reporting fees and card replacement fees.

MasterCard: If you lose your MasterCard abroad, the replacement fee will be $148. In China, according to different banks, the card grades are different, and the card replacement fees are different. Some cards are even exempt from loss reporting fees and card replacement fees.

Extended information:

VISA (Visa), Mastercard (MasterCard) and China UnionPay (UnionPay card) have built a global alliance for credit card consumption. After domestic banks cooperate with them, credit cards issued by domestic banks can be used for credit card consumption within their alliance, and in some countries and regions, they can even use UnionPay card for direct consumption. When you apply for a credit card, you can choose to apply for a VISA or Mastercard credit card.

At present, there is little difference between the two international organizations in China. The big difference is UnionPay cards, just like Coca-Cola, Pepsi-Cola and Wahaha. You can choose which one according to your own preferences. If you often travel in Asia and Australia or spend money by credit card, then I suggest you choose VISA, because VISA accepts more merchants in Asia and Australia and is more convenient to use. Mastercard's advantages lie in Europe and North America. Friends who often go to Europe and America can choose Mastercard.

reference:

Baidu encyclopedia-the difference between MasterCard and visa.