Mastercard or Visa?
One question we hear cropping up again and again regarding credit cards in Ireland is about the difference between Visa, MasterCard and sometimes even American Express (Sometimes referred to as AMEX)
MasterCard and Visa are not so much the cards themselves, but the system behind the cards. They are quite different and most people think “A credit card is a credit card”. MasterCard and Visa are credit issuing service companies that rely on the Irish banks to sell their service. In exchange, the banks take a certain percentage charged to the shopkeeper or whatever down your local high street. Then in exchange, the high street shop gets a “Quality Stamp” (To a certain extent) that the bank is going to pay them for the item you just purchased from them.
American Express do things a little bit different.They have their own independent payment system and issue the credit cards by themselves (This applies to their credit cards and their charge cards)
So what’s the difference?
Visa is definitely the largest credit payment network which has over 21 million outlets in 155 countries around the globe the Visa system. Visa is issued by almost every bank and it is estimated that there are 1.3 billion cards in circulation around the world.
MasterCard is catching up fast on Visa in becoming the number one credit payment system in the world.
with 26,900 banks issuing MasterCards and cards being accepted in 211 countries around the globe (Who even knew there were that many!). There are an estimated 23 million locations around the world where MasterCard is accepted.
American Express operate in 130 countries around the world and is one of the most famous names in financial services. It is also one of the Earths biggest travel agencies.
So what one is right for you? How do you choose?
We’ll the real choice between Visa and MasterCard is easy. Physically, NONE.
MasterCard and Visa are widely accepted all around the world and its almost impossible to find a high street store or business that will not accept both.
Irish banks/Credit card companies give you the option of choosing either.
Decide on the value of the offer you are given by the bank or credit card company. - interest rates, cashback etc rather than whether its a MasterCard or Visa. With out site, you can browse through all the different options WITHOUT being given the sales talk/copy by one of the banks.
With American Express its a little more complicated to decide. Its not a widely accepted as Visa and MasterCard in the Ireland (Or the world for that matter) although the number of retailers accepting it is still growing. However if you like the products and services offered by Amex then don’t let this drive you away. Most major shops and restaurants accept the card and if you travel abroad a lot it can be used in most places - especially in America.