Visa, MasterCard, Amex etc. are all payment gateways which enable the digitization of payments by helping users to transfer money from one account to another.
These payment gateways make digitalization possible by providing plastic money in the form of debit cards and credit cards. Debit cards are a modernized and digitized form of a cheque book. Whenever a transaction is made using the debit card the amount is directly deducted from the account.
Credit cards are plastic money in the form of an interest-free loan. Whenever a transaction is made using a credit card, the bank lends you the money which you are obliged to pay back later.
How MasterCard and Visa are different from Banks?
MasterCard and Visa are companies which provide digital payment services through affiliations with banks and other financial institutions. Banks are the issuers of the cards and Visa and MasterCard do not issue their own cards.
Visa and Mastercard both work on a commission basis and charge a commission for providing the payment services. The cost of the card and selling it to the customers is taken care by the banks.
Visa Cards
Visa provides a platform for payments to take place by enabling the digitalization. The payments are made using the Visa network.
Visa Cards are distributed to the individual for personal or business use through tie-ups with financial institutions. The financial institutions mainly comprising of banks, can choose to tie up with single or multiple service providers.
Visa cardholders can access nearly 1.9 Million ATMs in 200 countries across the globe. Usually, a Visa Card number starts with 4 and has about 13 to 16 digits.
Some popular Visa Cards in UAE:
1. Visa Classic
Features and Benefits
- 24/7 access to customer service provided by Visa Global Customer Service Assistance.
- Card Replacement in case of emergency
- Cash advances can be taken on Visa Classic Credit Card
2. Visa Gold
Features and Benefits
- It offers access to various promotions applicable on visa cards
- 24/7 access to customer service provided by Visa Global
- Card Replacement in the case of emergency
- This card is also eligible for cash advances
- Visa gold member have access to travel assistance- free medical and legal advice
- Access to the reward points and also the exclusive Visa member offers like- a) A discount of 8% on hotel bookings made on Hotel.com using the Visa Card b) 20% discount on Roxy Cinemas.
These discounts and offers keep changing thus providing more benefits to the users.
3. Visa Platinum
Features and Benefits
- It offers access to various promotions applicable on visa cards
- 24/7 access to customer service provided by Visa Global
- Card Replacement in case of emergency
- This card is also eligible for cash advances
- The card provides access to free travel assistance service comprising of any legal and medical advice
- Access to the reward points and also the exclusive Visa member offers like- a) A discount of 8% on hotel bookings made on Hotel.com using the Visa Card b) 20% discount on Roxy Cinemas. These discounts and offers keep changing thus providing more benefits to the users.
- Purchase Protection- When you use the Visa Platinum card to pay for any purchase, the good especially electronics and gadgets come under protection from theft and damages.
- Extended Warranty- This is a great way to double the warranty period for the appliances or certain products bought using the Platinum Visa card.
Check out Best Credit Cards in 2019
4. Visa Signature
This card is an initiative from Visa to assist and grant discounts for frequent travelers.
Features and Benefits
- 24/7 emergency assistance by Visa Global Assistant
- Access to more than 1000 airport lounges globally
- Travel Insurance on tickets booked using the card for up to a period of 90 days, it covers the cardholder along with his family members.
- The card also grants access to a 24-Hour concierge which will assist in finding restaurants, make reservations
- The card also comes along with the Dragon Pass which gives access to 200 restaurants at the airport.
- 12% discount on Visa Agoda website on hotels and other accommodations
- The card also offers protection against any fraud or theft of the card
- 8% of on hotels booked on Hotel.com using the card
- Purchase Protection- When you use the Visa Signature card to pay for any purchase, the good especially electronics and gadgets come under protection from theft and damages.
- Extended Warranty- This is a great way to double the warranty period for the appliances or certain products bought using the Signature Visa card.
Check Out Best Credit Cards for travel in UAE
5. Visa Infinite
This card is designed for the elite class. It offers a higher limit and requires a higher salary compared to the other cards.
Features and Benefits
- This card is accepted globally
- 24/7 global customer service assistance
- This card grants access to the countless number of offers
- This card has a higher limit as compared to the other cards
- This card also comes along with Visa Infinite concierge which provides information on the nearest restaurants, assists in reservations etc.
- Free access to more than 1000 airport lounges
- Travel Insurance on tickets booked using the card for up to a period of 90 days, it covers the cardholder along with his family members. (The insurance cover is twice that offered by the signature card)
- Purchase Protection- Like the Signature and Platinum card, this card also offers purchase protection against theft and damages
- Extended Warranty- It grants the holder an extra year of warranty which saves money for repair or damages. It is applicable on only the products bought using the Visa Infinite card.
- 12% discount on Visa Agoda website on hotels and other accommodations
- The card also offers protection against any fraud or theft of the card
- 8% of on hotels booked on Hotel.com using the card
MasterCard
MasterCard is a payment gateway with the vision to transform the digital payment platforms. The company has made tie-ups with several financial institutions, through which it aims to spread its presence.
MasterCard has also pioneered the contactless digital payment methods in which the card gets connected to the Wi-Fi and thus no pin is required while making transactions.
Some Popular Mastercard’s in UAE
1. Gold MasterCard
Features and Benefits
- Contactless payments
- Accepted in millions of locations
- Access to countless ATMs.
- The card also grants access to the “Priceless” experiences
2. Titanium MasterCard
Features and Benefits
- Access to 10 airport lounges in the Middle East
- 20% Discount on Careem rides
- A discount of up to 15% on Avis rental services
- Experience new lifestyles experiences with the “Priceless Experience”
- Zero Liability for unauthorized transactions
- Embedded chips to provide added protection against the cards.
- Contactless payments are on the rise and it is possible with all MasterCard’s where you will not have to enter the pin.
Check Out Credit Card with no annual fee in the UAE
3. Platinum MasterCard
Features and Benefits
- Access to nearly 25 Airport Lounges in the Middle East
- 30% discount on bookings made on Cleartrip
- 20% discount on ride bookings made on Careem
- A discount of up to 15% on Avis rental services
- 15% discount on luxury serviced apartments in South Africa and the Middle East
- Zero Liability for unauthorized transactions
- Contactless payments are on the rise and it is possible with all Mastercard’s where you will not have to enter the pin.
- Experience new lifestyles practices with the “Priceless Experience”
- Get shopping offers at 9 shopping villages in Europe
- The card also comes with purchase protection on any accidental damage or theft
4. World MasterCard
Features and Benefits
- Complimentary access to nearly 850 airport lounges around the world
- 10% discount on 2000 onefinestay Luxury serviced apartments in London, Milan, Paris, Florence, Rome, New York etc
- Complimentary nights when staying with Marriott Bonvoy Hotels
- Access to Hertz Gold Plus rewards which lets you rent a car without any trouble.
- 900+ buy 1 Get 1 offers on the MasterCard app
- Get shopping offers at 9 shopping villages in Europe
- Travel Insurance which covers baggage loss, baggage delay, flight cancellation and delays adding a total of US $ 10,000.
- You also get a travel Medical insurance for your trips if you book using the Mastercard. It provides protection against personal accidents, emergency medical evacuation etc.
5. World Elite MasterCard
This a luxury card by Mastercard, it ensures the user utmost benefit on a luxurious lifestyle. The card has a higher limit than all the other cards.
Features and Benefits
- Complimentary access to over 850 Lounges
- 10% discount on more than 2000 onefinestay Luxury serviced apartments in London, Milan, Paris, Florence, Rome, New York etc
- Complimentary nights when staying with Marriott Bonvoy Hotels, it grants access to over 200 partner hotels (One Complimentary night when Booking 2 nights, 2 complimentary nights when booking 6 nights)
- Exclusive DISCOVERY black membership of Global Hotel Alliance Discovery, giving access to 550 comfort hotels.
- Cleartrip offers huge discounts on roundtrip airfare bookings
- 25% discount on booking of rental cars with AVIS
- Value addition on bookings made on Lushescapes, such as complimentary breakfast, complimentary room upgrades, Dining or spa vouchers.
- Personalized concierge assistance 24/7, which will assist you in finding restaurants, making reservations, etc.
- 20% discount on Careem rides booked using the card
- Get shopping offers at 9 shopping villages in Europe
- 900+ buy 1 Get 1 offers on the MasterCard app
- Travel Insurance which covers baggage loss, baggage delay, flight cancellation and delays adding a total of US $ 10,000.
- Insurance that will cover any accidents and assist in evacuation in case of emergency.
- Insurance that covers protection of rental cards or damages
Conclusion
When it comes to the difference between Visa and Mastercard, not much of a difference is prevalent apart from the reward points, shoppers discounts. Any vendor who accepts a Visa card will more than likely accept Mastercard as well.
About the author
Anandita Sood traveled across various cities to complete her education along with the non-stop urge to follow her passion of exploring and visiting new cities. Apart from writing, you will find her engaged in photography, reading and culinary arts.
