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We look at the various differences between Visa, MasterCard and American Express.
We look at the various differences between Visa, MasterCard and American Express.
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Created 08/29/12
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1
Research
Whether you are looking for 0% credit cards or a low annual rate, it is essential to research the market for a card that will suit your needs. Start with our simple guide to understanding the differences between the major credit card companies.
2
Choices
Right now, there's a huge range of credit cards for different needs and credit ratings available on the market. Consumers can choose from a number of 0% credit cards offering interest free balance transfers, purchases or both for a limited time.
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low interest rate
Alternatively, some cards offer a long term low interest rate which, over time, may be of greater advantage to some consumers. Starter cards are also available for people with a poor or short credit history. Whatever your circumstances, it's worth researching your options and knowing what type of credit card is best for you.
4
Visa and MasterCard
Visa and MasterCard are financial organisations that control payment networks rather than issue cards. Banks across the world issue their own cards with a Visa or MasterCard logo on them, and the companies make money by charging retailers for use of their payment method.
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Rival companies
Visa and MasterCard are rival companies with very little difference between them. Both payment methods can be used in over 25 million locations in 170 countries worldwide and it is very rare to find a retailer who will accept one and not the other.
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No cards issued
Because these companies do not issue cards, it will make very little difference to most consumers whether a card is Visa or MasterCard. The main things to focus on are the offers available on the credit cards your lender is offering. Regardless of whether the issued cards are Visa or MasterCard, each bank will have their own set of offers and 0% credit cards available and any interest paid will go directly to them.
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American Express (AMEX)
American Express (AMEX) is an independent financial company that issues its own cards to consumers and authorises purchases with merchants. AMEX introduced its first card into the market in 1958 and since then has designed a number of credit options including personal, small business, corporate, reward and student credit cards.
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rewards and membership benefits
American Express is not as widely accepted as Visa and MasterCard, being accepted in around 130 countries worldwide. AMEX is considered to be a more exclusive financial provider than its competitors and charges consumers an annual fee for many of its cards. In return, cardholders are offered a variety of rewards and membership benefits can be extensive.
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What you use your credit card for
Whether you decide to go for Visa, MasterCard or American Express, the important thing is to consider what you will use a credit card for and then shop around to find a deal that will suit your needs.
10
Have you learnt the differences?
Visa, MasterCard and American Express - what's the difference?
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