MasterCard vs. Visa

[pontifex]

Is there any benefit of a visa vs. a mastercard or does it all depend on the company/bank that issues it?

I have a Chase Visa card and about $1k on it. I get cash rewards points with it, but have a APR of like 16%.

I can get a Chase MasterCard with 0% APR for 12 months and then 8.99% after that. It doesn't seem to have reward points, but it does double the warranty for purchases. I don't often run into warranty issues though.

The Visa has a $4800 limit and the MasterCard would have a $14k limit, not that it really matters because I don't intend to rack up that much debt. or does having a higher limit help?

It seems like switching to the Mastercard and doing a balance transfer would be in my best interest atm, right or wrong?

If I do go to the MasterCard, should I cancel the Visa?

 

[jdoggg12]

As far as i have seen, having one is as good as the other.

 

[jamesave]

no matter what, pay it in full. you won't worry about APR then.

 

[FoBoT]

have one of each, just in case

I :heart: my Costco AMEX

 

[George P Burdell]

Originally posted by: pontifex
Is there any benefit of a visa vs. a mastercard or does it all depend on the company/bank that issues it?

The APR and credit limit depend on the company that issues the card, so it doesn't make that big of a difference.

FYI, Visa has the largest share of the CC market (about 60% worldwide IIRC).

If I do go to the MasterCard, should I cancel the Visa?

DO NOT cancel the card, especially if it's your oldest card. Just cut it up but keep the account active. I think canceled cards have a negative impact on your credit score.

 

[jlee]

:heart: AMEX

I haven't used a Visa card in a long time..

 

[imported_Imp]

I choose VISA. Mainly cause MasterCard turned me down before. Nothing about either stands out for me though.

 

[yllus]

Up here in Canada, there are a few places that only take one or the other. So I have both. No AMEX though.

 

[FoBoT]

Originally posted by: yllus
Up here in Canada, there are a few places that only take one or the other. So I have both. No AMEX though.

if they offered a "Canadian Express" version for you, would you try it?

 

[yllus]

Originally posted by: FoBoT

Originally posted by: yllus
Up here in Canada, there are a few places that only take one or the other. So I have both. No AMEX though.

if they offered a "Canadian Express" version for you, would you try it?

Only if had a picture of the Queen on it.

 

[kranky]

Get the Mastercard. I suspect you might have trouble doing a direct BT from one Chase card to another, because they are both Chase cards and they might not like that. Get the BT into your checking account then write a check to pay off the Visa.

Do NOT cancel the Visa.
A higher credit limit is good for your score assuming you don't run up the balance.

 

[pontifex]

Originally posted by: kranky
Get the Mastercard. I suspect you might have trouble doing a direct BT from one Chase card to another, because they are both Chase cards and they might not like that. Get the BT into your checking account then write a check to pay off the Visa.

Do NOT cancel the Visa.
A higher credit limit is good for your score assuming you don't run up the balance.

I don't understand the bolded part? How do I get money I owe them into my checking account or am I thinking of it the wrong way?

 

[kranky]

If the new Mastercard lets you do balance transfers, ask if they can send you a check which you will use to do the balance transfer (instead of telling THEM where to send the money directly). They might want to know why. Ask if you can make the check out to yourself because you want to pay a loan back to a friend who doesn't have a bank account. If they say yes, write yourself the check and deposit it in your checking account. Then write a check to the Visa card. If they say you may NOT write the check to yourself or to "cash", then ask a trusted friend if you can write the check out to them and have them give you the cash when the check clears. Then handle it as above.

I know American Express will not let you do a BT by making the check out to yourself, but you can make it out to anyone else. I don't know what Chase's rules are.

Make sure you know the rules first, because if you break the rules that 0% BT will turn into a 22% Cash Advance.

 

[Squisher]

I would have said it's a was a wash between the two, but I recently went to pay my electric and gas bill online in order to get the cashback rewards of using a charge card and they would only take Visa. I've seen plenty of people refuse AMEX, but I can't recall anybody only taking Visa.

 

[Strk]

Originally posted by: George P Burdell

Originally posted by: pontifex
Is there any benefit of a visa vs. a mastercard or does it all depend on the company/bank that issues it?

The APR and credit limit depend on the company that issues the card, so it doesn't make that big of a difference.

FYI, Visa has the largest share of the CC market (about 60% worldwide IIRC).

If I do go to the MasterCard, should I cancel the Visa?

DO NOT cancel the card, especially if it's your oldest card. Just cut it up but keep the account active. I think canceled cards have a negative impact on your credit score.

Sort of, but it's not the card itself causing the negative impact. It's the reduction in available credit, which increases your debt to credit ratio, and the reduction in credit history.

 

[Daishiki]

I don't know why but I always chose Visa over Mastercard. The only MC I have is my check card, but that's because it was changed from Visa to MC. My Chase Rewards Visa and AMEX are enough to keep me going.

 

[AgaBoogaBoo]

One of each and alternate usage? Some give cash back on certain things like gas, so use it for that.

 

[IGBT]

..they'll both get ya in trouble.

 

[RossMAN]

Originally posted by: Daishiki
I don't know why but I always chose Visa over Mastercard.

Same here.

Just in case I have a dozen Visa, MasterCard and Amex cc's in my wallet

 

[Skeeedunt]

I think Visa and Mastercard are virtually interchangeable, I've never seen a place that accepted one but not the other. Obviously the issuing bank and other details will matter. If it's true that only one card has rewards, and the other only has the extended warranty perk, you might be want to look into getting one with all of the above if you think you'll qualify (see RossMAN sig ^^^).

 

[Squisher]

Originally posted by: Skeeedunt
I think Visa and Mastercard are virtually interchangeable, I've never seen a place that accepted one but not the other. Obviously the issuing bank and other details will matter. If it's true that only one card has rewards, and the other only has the extended warranty perk, you might be want to look into getting one with all of the above if you think you'll qualify (see RossMAN sig ^^^).

Originally posted by: Squisher
I would have said it's a was a wash between the two, but I recently went to pay my electric and gas bill online in order to get the cashback rewards of using a charge card and they would only take Visa. I've seen plenty of people refuse AMEX, but I can't recall anybody only taking Visa.

DTE Energy, probably Michigan-centric.

 

[Pepsi90919]

Originally posted by: FoBoT

Originally posted by: yllus
Up here in Canada, there are a few places that only take one or the other. So I have both. No AMEX though.

if they offered a "Canadian Express" version for you, would you try it?

no

 

[jman19]

Originally posted by: IGBT
..they'll both get ya in trouble.

Only if you lack self restraint and/or fiscal responsibility. What a nonsense statement :roll:

 

[ElFenix]

mastercard has a much better overseas network than visa, in my experience. more atms, etc. i called chase and complained after returning from istanbul, as they had just changed their atm cards from mc to visa.

 

[HOWITIS]

debt = bad get neither. go debit. there is no reason to establish a debt history. credit score = meaningless, unless you WANT to go into debt.