When you are a shopaholic or someone who cannot live without a credit card, it is essential to find out the difference between Visa, Master Card and American Express. In this article, we will share the huge differences between those three credit cards.
About credit card
Before you start reading the comparison of what each credit card offers, you should consider the company history behind each credit card. Is it an American Express, MasterCard, or Visa? The reason is that those three companies have a major difference.
The first basic different you should know is that MasterCard and Visa do not issue any physical card. So, in a certain time someone buys a certain thing, he or she just needs the transaction within the store owner and the bank go successfully. So, the companies will process the money for every transaction.
On the other hand, American Express has a card, involve within the payment process, and finance payments. They make the most of their money compare to MasterCard and Visa because the customers will borrow the money from them. And every successful transfer process; they will get the money from fees and interest.
The important underline
American Express has its own payment schedules, fees, and interest rates. But, you will have limited options. Another thing you need to know, Visa and MasterCard cooperate together with banks that have cards, and then you will have an advantage like a lot of selections with every type of fees and rates. So, it is very important to consider comparing services.
The Major Differences between Visa, MasterCard and American Express
Talking about Visa, it is one of the magic cards that million ATMs and business around the world accept it. You can find those ATMs in 150 territories and countries. Even though Visa doesn’t win any awards yet in the category of excellent customer, the website of Visa has better information given to customers compared to another company. Besides that, it becomes the supporters of the famous worldwide event including NFL, FIFA, and the Olympics.
When you travel, there are more than 150 countries around the world which accept this card. There is also a replacement for an emergency card that takes only one business day. It has security, 24/7 toll-free numbers for customer service worldwide, and zero liability for charges of fraudulent. There will be a notification like alerts for something suspicious for the user for any unusual charges.
- Customer services
The launching wallet product as one of its service is V. digital in Europe and the U.S. There is a longer warranty around a year if the warranty from the manufacturer offers less than 3 years. If there is a stolen or damaged card within 90 days, Visa will replace it for you for free. There is no limited pre-set of spending too. You can choose high tier-Visa Signature Cards. There will be special discounts, the ticket of certain events beforehand upgrades and purchases, and freebies in concierge service. It will reimburse your lost luggage as well as emergency assistance and travel.
In 2012, there is an annual report which presents that there were more than 35 million locations could accept MasterCard. The areas were including 2 million ATM’s.
There are around 200 countries and territories where you can use your MasterCard. There is an app called as PayPass locator app that can help you finds ATM’s and merchants wherever you are. Unfortunately, high-tier cards have a restriction on the vehicle’s type and country where do you want to rent, if you want to use Car Rental Collision service. There are 24/7 toll-free services of emergency operators that serve worldwide.
There is an extended warranty if the warranties manufacturer is just 1 year or less. For any damage or theft, the purchases are free around 90 days with some restrictions.
It has a service to monitor and detect fraudulent charges so the customers can prevent it. The victims’ ID Theft will get a help of contacting agencies’ credit. There is a protection of zero liability once you report to the company about a stolen or lost card.
- Another perk
There are concierge services, additional services, and insurance only if you have a premium card. There will be an offering such as deals like Groupon and discounts from the online marketplace. There is a program called as Fuel Reward program for around $0.03/gallon discount if you spend $100 in the market or groceries.
About American Express
Did you know that American Express receives an award as the highest customers’ satisfaction for six years continuously?
There are more than 100 countries where you can use the American Express card. You’ll get insurance of luggage with several no-fee cards. There is additional travel insurance too such as baggage protection and medical insurance that you can purchase to cover your emergencies. You can use your travel points on travel sites with more than 1,000 reward partners around the world. If you want to have car rental protection, it covers up to $50,000.
- Customer service
It will notify you by texts and e-mail to remind you related to payments. You can use the mobile app to check your review benefits, pay bills, and balances. There is longer warranty about a year on merchants. The purchase protection is active for 90 days to protect any damage and theft.
It offers a premium membership. It can monitor suspicious action and it will notify the customers. It covers fraud protection without deductibles. You will not the account code is legit because they communicate to consumers first.
Now, it comes to the part when you have to decide which one is the right card for you. American Express is the best choice for exclusive perks. The emergency service that Visa offers will not disappoint you when you are someone who likes traveling. MasterCard is suitable for someone who is looking for purchase protection. We hope that the information on the difference between Visa, Master Card and American Express will help you choose the right card based on what you need. You can read more detail information on every official website of Visa, MasterCard, and American Express.