What’s the Difference Between Mastercard vs Visa vs American Express Credit Cards?

We come into contact with Mastercard, Visa and American Express regularly but have you ever wondered about their differences? Most of us know that Mastercard and Visa cards are pretty much accepted anywhere and everywhere on the globe while the same cannot be said for American Express cards. 

That’s not all there is to how different Mastercard, Visa and American Express credit cards may be, though. 

Read on to learn more about Mastercard, Visa and American Express and whether or not the logo on your credit card matters when it comes to picking the best credit card for your needs.

First things first, Mastercard and Visa do not issue credit cards. In fact, they don’t even handle merchants' or credit card users’ accounts. Both Mastercard and Visa are payment processors — they ensure their card networks function as intended so transactions between merchants, banks and cardholders can be processed smoothly without hiccups.

Mastercard and Visa cards are widely accepted globally, making them reliable choices for international transactions. Most online merchants and brick-and-mortar retailers that accept credit cards support both Mastercard and Visa, including for contactless payments, ensuring a seamless and hassle-free payment experience.

Mastercard and Visa are major global companies with secure payment platforms that allow for safe transactions to take place, keeping sensitive card details safe from prying eyes, merchants and fraudsters. Depending on the Mastercard or Visa card you hold, you might also enjoy benefits such as complimentary e-Commerce purchase protection insurance, adding an extra layer of security when shopping online.

To get a Mastercard or Visa card, you need apply through a bank or a financial institution. For example, you can go to Citibank to get the well-loved Citi Cash Back Card, which is a generous cashback Mastercard. Want expiry-free miles and free airport lounge access? You may go to DBS to get the DBS Altitude Visa Credit Card. 

The above-mentioned two cards are just examples. There are plenty of credit cards in the market for your consideration. Just in case you need some convincing, credit cards are great financial tools so long as you use them responsibly!

As a Mastercard or Visa cardholder, you gain access to various benefits depending on your card’s tier. These perks and benefits are tied to your Mastercard or Visa’s card tier (more on this below) and remain consistent regardless of the issuing bank. Higher-tier cards typically offer enhanced privileges, such as travel rewards, concierge services, and exclusive shopping deals, ensuring added value for cardmembers.

For those who are curious, Standard Mastercard perks include Mastercard ID Theft Protection, Mastercard Liability Protection and Global Emergency Services.

All Visa cards offer Global Acceptance, Global Customer Assistance and Global ATM network, in addition to the privileges, convenience and security you can enjoy.

You’re not alone if you think Mastercard and Visa are very similar. The only real difference standing between Mastercard and Visa is that your credit card or debit card works on the payment network that the company operates. 

Put simply, a Mastercard card will not work on Visa’s network, and vice versa.

Ultimately, it doesn’t matter whether you choose a Mastercard or Visa card. Both networks are secure, widely accepted around the world, and provide similar payment network-wide benefits.

Both Visa and Mastercard process billions of transactions globally, offering seamless and secure payment experiences. Additionally, they provide a range of card options—from basic to premium—catering to various needs, whether it’s rewards, travel perks, or exclusive benefits.

The choice between Visa and Mastercard often comes down to personal preference, unique features offered by specific banks, or specific card benefits that best suit your lifestyle.

Did you know that American Express is both a payment processor as well as card issuer? Unlike the other two major payment networks Mastercard and Visa, American Express issues its own credit cards to consumers.

As American Express issues credit cards to its customers, the company has control over and is responsible for:

• Reviewing all their credit card applications;

• Reporting payments and missed payments to the Credit Bureau Singapore;

• Designing card benefits, offers and promotions;

• Providing customer service and more

While the global acceptance of American Express credit cards may not match that of Visa and Mastercard cards, believe it or not, American Express cards are increasingly being accepted by both online and in-store merchants in Singapore. 

In case you were wondering, only a couple of banks in Singapore offer co-branded American Express credit cards. 

You can, of course, apply directly with American Express for their credit cards (e.g. American Express Platinum Credit Card) or Singapore Airlines co-branded credit cards (e.g. American Express Singapore Airlines KrisFlyer Credit Card).

Apart from truly exceptional customer service that you can’t really get from local banks, American Express offers a whole host of generic benefits that aim to please: 

• Refund Protection

• Purchase Protection

• Online Fraud Protection

• Online Account Access

• American Express Offers 

• Travel Inconvenience & Travel Accident Benefits

• American Express Global AssistTM

• American Express Dining Privileges

• American Express Selects® 

• Card security and protection

• Emergency Card Replacement

• 24/7 Customer Service

• Global Acceptance: Visa is widely accepted in over 200 countries, ensuring ease of use internationally.

• Diverse Card Options: Offers a broad range of cards tailored to various consumer needs, from basic to premium.

• Comprehensive Security Measures: Provides robust fraud protection and security features, such as Visa Secure, ensuring safe online and offline transactions.

• Variable Benefits: The rewards and perks offered can differ significantly depending on the issuing bank, which may create inconsistencies for users.

• Limited Direct Customer Support: Customer service is primarily handled by the issuing banks, which may affect the consistency of support.

• Extensive Global Reach: Mastercard is widely accepted at millions of locations worldwide, making it a reliable choice for frequent travellers.

• Diverse Card Offerings: Provides a variety of cards with different benefits to suit various consumer preferences.

• Innovative Payment Solutions:  Investments in innovations like contactless payments and digital wallets enhance user convenience and security.

• Inconsistent Benefits: Similar to Visa, the benefits vary by issuing bank, which may lead to differing user experiences.

• Issuer-Dependent Support: Customer service quality may vary as it's managed by individual issuers.

• Exclusive Rewards Programmes: Offers attractive rewards, particularly for dining, travel, and luxury spending categories.

• Superior Customer Service: Known for providing high-quality, direct customer service, Amex ensures prompt and efficient assistance.

• Comprehensive Cardholder Benefits: Includes perks like travel insurance, purchase protection and extended warranties

• Limited Acceptance: Amex is not as widely accepted as Visa or Mastercard, especially outside of major cities or in smaller businesses.

• Higher Fees: Often associated with higher annual fees and merchant processing costs.

• Stricter Approval Criteria: Amex cards generally require applicants to meet more stringent credit criteria, making them less accessible to some consumers.

The truth is, it’s not strategic to pick a credit card based on its payment network (i.e. Mastercard. Visa and American Express). 

In terms of local use at least, Mastercard, Visa and American Express cards all have pretty good acceptance rates, offers and benefits, and consumer protection. If you’re a globetrotter or even an aspiring one, then you will likely appreciate having a Mastercard or Visa card in tow. 

When it comes to picking the right credit cards that you can use and potentially benefit from, you need to first consider your lifestyle and spending habits. Thereafter, have a look at all the options available on the market. The card features, benefits and rewards that banks have to offer are important considerations that shouldn’t be dismissed when you’re studying which credit card to apply for.

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