MasterCard, Verve Or Visa Card: Comparisons And Similarities - Information Guide Africa

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MasterCard, Verve Or Visa Card: Comparisons And Similarities

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If you own a credit card, or perhaps commonly known as the ATM card or you want to opt for one. You would know that there are three major labels which dole out these cards.
The MasterCard, Verve, and the Visa Card. These cards are all used for transactions through both physical means and online means also. They are usually linked to the bank account to be able to rectify transactions put through merchant payment terminals. 

Which in other words mean that you can transact without having to go through the process of withdrawing money and transacting with physical cash. These cards can be issued as debit cards too in some cases. The difference between a debit card and a credit card is that Credit cards are issued and linked in form of loans which the bank provides while the Debit cards are issued within the funds the user provides in his bank account.



They are all different from each other as they are not operated by the same company. They each have their singular benefits and differences from one another. And this is what I would be outlining  below to dissipate confusion on which one you should choose when requesting for a credit card.



MasterCard


Also known as MasterCard Incorporated, is an American multinational card company that began its international outreach in 2005. It has its headquarters in New York and it is also a multi banking network. It can be used worldwide and is accepted as a means of payment in every MasterCard approved outlet as long it has the MasterCard logo displayed on it. In Nigeria, it can also be used to do online transactions and also run cashless purchases. 

On outlets like Jumia, Konga, Ebay, Quickteller, Amazon, using the card usually attracts a transaction fee of N100 or $0.25. Which solely depends on the exchange rate. If there is a choice on which card should be issued to you, this is the best choice because of its international recognition. One benefit of the card is that it is very security conscious as it provides unique codes for local and international transactions, and it also provides spending limits which can be manipulated by the user. It also uses the foreign exchange policy. In my own opinion, I think the MasterCard should be the best on the list when opting for a Card from the bank. 



Visa Card


This is another wise choice of a card because, just like the MasterCard, it can be used internationally for transactions which also include online transactions and cashless transactions on both foreign and domestic websites. With its headquarters in Carlifornia, Visa started international operations in 2007. Like stated earlier, it can be used internationally and it also runs a foreign exchange policy. It also has a N100 or $0.25 transaction fee when shopping online. This card comes second on my priority list.

See Next: 25 Great Ways To Make Money Online As A Beginner

One thing about the MasterCard and the Visa Card is that, they can be issued in different forms, The Normal, the Gold card, the Platinum card and the Infinite card. These cards differ in their respective ways. 

The Normal card and the Gold card can be renewed intermittently though the Gold card has a longer durability than the Normal card.
While the Platinum card and the Infinite cards are usually issued to esteemed customers and customers that engage in heavy transactions. They are in most cases Non-renewable. In other words, these cards are issued based on the customer lifestyle.

Verve Card


This is the only indigenous, Nigerian made card on the list. Made by Nigerians for Nigerians. As it clearly represents, this card is only accepted in Nigerian markets and Nigerian outlets. Which means that it cannot be used for international transactions or purchases. And they are usually cheaper to get than other cards. It also has a transaction policy of N100. It also has its spending limits too.
These cards can all be used for their different transactions without hassle, so they should be really cared for and safely kept to avoid security mishaps. And they should be kept in suitable places too, to avoid shortening their lifespan.

In conclusion, I would suggest having the three cards, the MasterCard, the Verve and the Visa Card. To be on the safe side. You can leave your comments in the comment boxes for more suggestions and information about the cards. Till next time. 

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