Mastercard vs Visa? Visa vs American Express? Mastercard vs American Express? You aren’t alone if you’ve ever wondered about their differences.
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.
- Mastercard vs Visa: five pointers you need to know
- Difference between Mastercard and Visa
- Which is better: Visa or Mastercard?
- American Express in Singapore
- American Express cards in Singapore
- American Express benefits
- Mastercard vs Visa vs American Express: Which is the best?
- Conclusion
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Mastercard vs Visa
#1 Card issuance
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 can be processed smoothly without hiccups.
#2 Acceptance rate worldwide
You have close to nothing to worry about when it comes to acceptance and usage of Mastercard and Visa cards. Most online merchants, including brick-and-mortar retailers, that accept credit cards accept both Mastercard and Visa cards. This rings true even for contactless payments!
#3 Security and consumer protection
Mastercard and Visa are major global companies with secure payment platforms that allow for safe transactions to take place.
Apart from keeping sensitive card details safe from prying eyes, merchants and fraudsters, depending on the Mastercard or Visa card you hold, you may even be eligible for complimentary e-Commerce purchase protection insurance.
#4 How to get a Mastercard or Visa card
You need to go through a bank or an institution to get your hands on a Mastercard or Visa card. 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!
#5 Benefits
There are benefits you can enjoy as a Mastercard or Visa cardmember. The exact suite of benefits you can access is tied to your Mastercard or Visa’s card tier (more on this below).
The payment network-wide benefits are available regardless of which bank you got your credit card or debit card from.
| Types of Mastercard cards | Perks |
| Standard | - Standard Mastercard perks only |
| Platinum | - Standard Mastercard perks - Priceless experiences |
| World | - Standard Mastercard perks - Priceless experiences - Golf privileges - ShopRunner membership - Mastercard travel privileges and offers - Mastercard Airport Experiences - Mastercard e-Commerce purchase protection insurance |
| World Elite | - Standard Mastercard perks - Priceless experiences - Golf privileges - ShopRunner membership - World Elite luxury tours, vacations, cruises, privileges and offers - World Elite concierge - World Elite chauffeured car programme - World Elite car rental membership - Mastercard e-Commerce purchase protection insurance |
For those who are curious, Standard Mastercard perks include Mastercard ID Theft Protection, Mastercard Liability Protection and Global Emergency Services.
| Types of Visa Card | Perks |
| Platinum | - Visa Platinum concierge - Visa Platinum privileges |
| Signature | - Visa Signature concierge - Visa Luxury Hotel Collection premium benefits - Visa Signature privileges |
| Infinite | - Visa Infinite concierge - Visa Luxury Hotel Collection premium benefits - WhiteCoat offers - Visa Infinite golf benefits - Visa Infinite privileges |
All Visa cards offer Global Acceptance, Global Customer Assistance and Global ATM network, in addition to the privileges, convenience and security you can enjoy.
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Difference between Mastercard and Visa
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.
Which is better: Visa or Mastercard?
To be honest, it doesn’t matter whether you get a Mastercard or Visa card. Both are secure, widely accepted around the world and offer fairly similar payment network-wide benefits.
American Express in Singapore
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
American Express cards in Singapore
Although the global acceptance of American Express credit cards pales in comparison to those 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 Card) or Singapore Airlines co-branded credit cards (e.g. American Express Singapore Airlines KrisFlyer Credit Card).
American Express benefits
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
Amex Singapore Airlines KrisFlyer Ascend Credit Card Welcome Gift:
For New-to-American Express Card Members: Receive up to 38,000 KrisFlyer miles (enough to redeem a return trip to Taipei on Singapore Airlines) + S$50 eCapitaVoucher when you apply with annual fee payment and spending a min. of S$1,000 within first month of Card approval. Valid till 2 December 2024. T&Cs apply.
For Existing American Express Card Members: Receive up to 28,000 KrisFlyer miles with annual fee payment and min. spending of S$1,000 within first month of Card approval. Valid till 2 December 2024. T&Cs apply
Mastercard vs Visa vs American Express: Which is the best?
| Mastercard | Visa | American Express | |
| Payment processor | Yes | Yes | Yes |
| Issuer | No | No | Yes |
| Countries and territories supported | 210+ | 200+ | 160+ |
| Popular local partners and co-brands | Citi, UOB, CIMB, DBS, Maybank, OCBC, Standard Chartered, | DBS, Standard Chartered, HSBC, UOB, CIMB, Maybank, OCBC | Singapore Airlines, UOB, DBS, CapitaLand |
| Fraud liability | Zero liability for Credit card transactions Signature debit card transactions PIN debit card transactions (if processed by Mastercard) | Zero liability for Credit card transactions Signature debit card transactions PIN debit card transactions (if processed by Visa) | Zero liability for credit card transactions |
| Customer service | N/A | N/A | Fantastic |
Conclusion: Mastercard or Visa or American Express?
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.
Read these next:
Do Credit Cards Still Have A Place In Your Life?
5 Signs It’s Time To Upgrade Your Debit Card To A Credit Card
6 Credit Cards Which Give Free Access to Airport Lounges
4 Types Of Credit Cards With Lifetime Annual Fee Waivers
Top Credit Card Promotions And Deals On SingSaver
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