So, what's the difference between Visa and Mastercard? For everyday spending, the short answer is "not much", because your credit card features are largely set by the bank. But Visa and Mastercard do have specific features that set them apart, so let's take a look at what they offer.
We've broken down things such as acceptance, contactless payment technology and extra perks to help you decide whether a Visa or a Mastercard is right for you.
| Feature | Visa | Mastercard |
|---|---|---|
| Acceptance | 200+ countries | 200+ countries |
| Contactless payments | You can make contactless Visa payments without needing a PIN if you spend up to $100. | Mastercard contactless lets you tap to pay for transactions without needing a PIN if you spend up to $100. |
| Exclusive offers | Visa Offers + Perks gives cardholders access to exclusive discounts with partnered brands, pre-sale concert tickets, travel and dining deals. | Mastercard Priceless Cities offers discounts and perks on hotels, shopping, dining, entertainment and more around the world. |
| Premium cards | Visa Platinum and Signature cards give you access to Visa Premium, with perks including concierge services, hotel offers and Visa Front Line Access for pre-sale concert tickets. | Platinum and World Mastercard products are linked with Mastercard Priceless Cities, airport lounge access through Mastercard Airport Experience and other perks. |
| Security | You can contact the Visa customer support team 24/7 to report a lost or stolen card, request emergency cash or card or block your card. | If your card is lost or stolen and you require emergency cash or card replacement, you can contact Mastercard Global Services 24/7. |
| Online shopping security | Visa Secure (formerly Verified by Visa) adds an authentication step to online purchases to help protect you from fraud. | Mastercard SecureCode is an additional layer of security that protects cardholders from fraudulent transactions online. |
| Virtual card options? | Yes, including with mobile wallets (depending on the bank or provider). | Yes, including with mobile wallets (depending on the bank or provider). |
| Sustainability highlights |
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| Market share | 60% of the global credit and debit card market (according to a Reuters report in 2020). | 30% of the global credit and debit card market (according to a Reuters report in 2020). |
Looking at these features side-by-side shows that you'll get very similar card acceptance, contactless payments, exclusive offers, premium perks and security for in-person or online shipping.
Both also have comparable sustainability initiatives, although it's worth taking a closer look at Visa and Mastercard initiatives if this is priority for you.
A key difference between Visa and Mastercard is the global market share. But Reserve Bank of Australia data shows that around 92% of all credit card and charge card transactions in Australia are made with Visa and Mastercard, and make up around 84% of all transactions by value. So the overall market share doesn't typically have a noticeable impact when you're paying by card.
Most of the time, you won't really notice a difference between paying with a Visa or Mastercard. If there are company features that you care about such as sustainability goals, that can factor into your decision.
But usually, you can focus on credit card features that you want and costs that are affordable for you – factors that come down to the bank or provider.
While rewards, complimentary insurance and other card benefits are typically chosen by the bank or provider, both Visa and Mastercard also give you access to exclusive offers when you pay with your card.
Known as Visa Offers + Perks and Mastercard Priceless Cities, these programs cover travel, shopping, dining, entertainment and more. Here's a look at both of them.
Visa Offers + Perks (previously Visa Entertainment) is a complimentary perk that gives you access to shopping deals and offers with partners such as THE ICONIC, Booking.com and Hotels.com. Here are some of the offers you can take advantage of with a Visa card:
You can search for offers nearby or anywhere in the world through the Visa Offers + Perks website.
Mastercard's Priceless Cities program provides unique offers for a range of locations around the world, including Sydney, New York, London, Tokyo, Singapore and Bangkok. Mastercard Priceless Cities separates its promotions into 4 key categories:
Although there are differences between Visa and Mastercard, you should pay more attention to how credit card rates, fees and features differ between banks when comparing credit cards. When deciding if a Visa or Mastercard is right for you, consider where you plan to use the card and the perks you want to take advantage of.
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Which debit account gives me an overdraft feature?
Hi Firoozeh,
Personal overdrafts are not typically a standard feature of bank accounts, but can sometimes be added to an eligible account if you request one. If you already have a debit card, you could contact your bank to find out if an overdraft is available. Or check directly with a new bank. Just make sure you check the interest rate that applies if you use the overdraft, as it may be higher than some low rate credit cards or personal loans. Also check if there are any establishment or ongoing fees. Finder’s guide to personal overdrafts has more details on how they work and what to consider. I hope this helps.