| The two leading credit card companies in the world | | | | charging the retailer for using their payment method. |
| today are the competitors Visa and MasterCard. They | | | | So the truth of the matter is that a Visa issued by say |
| both operate along very similar lines. While Visa can | | | | the Bank of Scotland will have very little to do with a |
| claim to have almost a billion cards issued, MasterCard | | | | Visa issued by other banks and may in fact by more |
| has over twenty five thousand banks issuing its cards | | | | similar to the Bank of Scotland's MasterCard. |
| and it is difficult to find any difference in the number of | | | | What this means for the vast majority of customers is |
| locations worldwide that accept the cards, which is | | | | that you do not have to overly concern yourself with |
| now estimated at over twenty million. | | | | whether a credit card is MasterCard or Visa. You |
| In fact, as far as most consumers are concerned, | | | | would be better off concentrating on the interest and |
| there is no real difference between the two. They are | | | | other charges on the card, the balance transfer |
| both very widely accepted in over one hundred and | | | | possibilities or their reward scheme. You are very |
| fifty countries and it is very rare to find a location that | | | | unlikely to ever be effected by the fact that it is one |
| will accept one but not the other. | | | | and not the other. |
| However, neither Visa nor MasterCard actually issue | | | | If you prefer, if you are going to have two credit cards, |
| any credit cards themselves. They are both simply | | | | you may decide that you want one of them to be |
| methods of payment. They rely on banks in various | | | | Visa and the other MasterCard, this means that if |
| countries to issue credit cards that utilise these | | | | something drastic were to happen to one company, or |
| payment methods. Therefore, the interest rates, | | | | if you were in the unlikely position of finding a location |
| rewards, annual fees, and all other charges are issued | | | | that accepts one but not the other, then you would |
| by your bank and when you pay your bill you are | | | | have the option of paying with either. |
| paying it to the bank or institution that issued your card | | | | At the end of the day however, much more depends |
| and not Visa or MasterCard. | | | | on the bank that gave you the card, than on the type |
| How Visa and MasterCard make their money is by | | | | of card it is. |