Visa vs. MasterCard: A comparison of acceptance points
The acceptance of the cards is extremely high. Cashless payment at the point of sale or online is possible with Visa at around 40 million acceptance points. MasterCard has around 36 million acceptance points. There are an additional 2 million ATMs worldwide that Visa or MasterCard holders can use to withdraw cash.
There are seldom differences in acceptance in Germany. If a company accepts Visa for payment, it usually also accepts MasterCard and vice versa. There may be exceptions at one or the other online casino or other providers of gambling, lotteries, betting, etc.
There may be differences in acceptance, especially outside of Europe. Here it is advisable to obtain specific information about the chosen travel destination.
A note: Visa and MasterCard also include the debit card services Maestro (MasterCard) and V-Pay (Visa). These are often integrated into the giro cards of German banks. The differences are greater for these services. While Maestro is accepted worldwide, payments and cash withdrawals with V-pAY are almost exclusively possible in Europe.
What is the difference between credit cards and Visa and MasterCard?
In contrast to American Express and Diners Club, the Visa and MasterCard card companies do not issue their cards themselves. Instead, it is issued exclusively through banks. The banks manage the card account and also set all product specifications.
Visa and MasterCard are basically available with different billing modes. You can choose between charge, revolving, debit and prepaid.
Charge cards are credit cards with a monthly collective bill. Here cardholders receive an interest-free payment term within a limit agreed with the bank. Revolving Cards also offer the option of paying the card bill in monthly installments. A proper credit rating is required for charge and revolving credit cards.
The situation is somewhat different with debit cards. Here, sales are debited to the connected billing account in real time or with a very short delay. This can be a current account, for example. There is no credit function or payment deferral with this billing model.
The same goes for prepaid credit cards (which are closely related to debit cards). Disposals are only possible within the scope of the previously loaded credit. Many banks issue prepaid credit cards without a credit check.
Banks determine the billing mode, fees and additional services
The card-issuing banks alone determine the billing mode and the fees. Annual fees, fees for cash withdrawals and fees for cashless payments abroad are possible.
In addition to these foreign transaction fees, many banks also charge an exchange rate surcharge. Other possible fees are interest (for revolving cards), surcharges for deposits with certain providers (this "gambling fee" is relatively new) and fees for additional cards.
The type of account management or access to the card account is also up to the product design by the banks. Most cardholders can now access their card accounts online. With some banks it is also possible to make transfers from the card account.
Additional services are also at the discretion of the card-issuing bank. This could be travel insurance, reimbursement programs, etc.
Technically, Visa and MasterCard differ only marginally. Both card companies equip their cards with modern EMV chips, which are used for most transactions (the magnetic stripe, which is still in use, is hardly used any more, at least in Europe). Contactless payment using the NFC chip is also possible with cards from both companies.
Both a Visa and a MasterCard credit card can also be used to pay with a smartphone. To do this, the credit card is assigned to the cell phone's NFC chip as a means of payment.
Conclusion: Both Visa and MasterCard are accepted worldwide. Cashless payments are just as possible as payments on the Internet and cash withdrawals at ATMs. Contactless payment by mobile phone is also possible with cards from both companies. About fees, billing mode and other issues The card-issuing banks decide how the products are designed.
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