VISA credit card
Logo: with the word "VISA", and the card number begins with the word "4".
MasterCard credit card
Logo: There are red and yellow globes on the card surface, with the words "mastercard" affixed, and the card number begins with the word "5".
(2) Scope of use:
VISA card: It is popular in North America, Australia and Asia-Pacific region. So far, VISA cards can basically be used abroad. In China, VISA is more widely used than MasterCard, but there is little difference.
MasterCard: It's very popular in Europe and North America. Up to now, MasterCard can basically be used abroad.
(3) Liquidation method:
Take VISA and MasterCard international settlement systems for example: foreign currency transactions (US dollars) are converted into US dollars, plus a currency conversion fee of 1-2%, and then foreign exchange is purchased for repayment after returning home.
When VISA and MasterCard swipe their cards through the channels of the International Settlement Organization, they need to first convert 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 a US dollar area). For example, if you have a VISA card in your hand, 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 500 dollars, you will be charged in US dollars.
(4) Currency conversion fee:
If the consumption currency in the non-USD area is non-USD (such as Euro, Japanese Yen, Australian Dollar, Hong Kong Dollar, etc.). ), visa, MasterCard and American Express will charge a currency conversion fee of 1%-2%. In addition, visa, MasterCard and American Express will charge extra credit card fees separately when they are in consumption abroad. UnionPay only carries out exchange rate conversion once, and there is no charge for swiping the 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 dollar area, spending with visa and MasterCard does not require any currency conversion, and there is no handling fee and currency conversion fee. So generally speaking, it is more cost-effective to use visa card in the dollar area.
(5) Handling fee:
VISA and MasterCard: 2-3% of each transaction.
(6) Loss reporting and card replacement fees:
VISA: If you lose your VISA card abroad, you need to pay a replacement fee of $65,438 +075. In China, according to different banks, the card grade is different, and the card replacement fee is different. Some cards are even free of loss reporting fees and replacement fees.
MasterCard: MasterCard is lost abroad, and the replacement fee is $65,438 +048. In China, according to different banks, the card grade is different, and the card replacement fee is different. Some cards are even free of loss reporting fees and replacement fees.
Extended data:
VISA (Visa), MasterCard (MasterCard) and China UnionPay (UnionPay card) have established credit card consumption alliances around the world. After cooperating with them, domestic banks can swipe credit cards issued by domestic banks within their alliances, and in some countries and regions, they can even use UnionPay cards to spend directly. When you apply for a credit card, you can choose to apply for VISA or MasterCard.
At present, there is little difference between the two international organizations in China. The big difference is UnionPay cards, just like Coca-Cola and Pepsi-Cola and Wahaha. You can choose which one you like. 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. The advantages of MasterCard lie in Europe and North America. Friends who often go to Europe and America can choose MasterCard.
References:
Baidu encyclopedia-the difference between MasterCard and visa