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If you’re looking for a secured credit card, you might be wondering if you should pick Visa over Mastercard or vice versa. Fortunately, you can’t really go wrong with either choice as Mastercard and Visa pretty much offer the same secured card benefits. Instead, compare your options based on the features and perks offered by the issuer.
Credit card networks are companies that dictate the usage of credit cards between merchants and card users — think Visa, Mastercard, and American Express. Networks set fees that allow merchants to accept their product.
Credit card issuers are companies who lend credit out to the consumers. For example, you have a Visa credit card that is issued by Scotiabank — in this case, Scotiaback is the issuer and Visa is the network.
A secured credit card is usually used as a credit building tool where you pay a deposit upfront to receive a credit limit on the card. Generally, secured cards from Visa and Mastercard offer similar benefits. The more important thing to consider is what you’ll get from your issuer. When considering a secured card, look at these factors:
Visa and Mastercard are the most widely accepted credit cards in the world. Here’s the bottom line for Visas and Mastercards: If a merchant accepts one, they’ll most likely accept the other. So regardless of which secured card you choose, you can probably use it anywhere credit cards are accepted.
It isn’t easier to get approved for one over the other. Instead, it’s more important to consider your card issuer. For example, some issuers have tight approval standards, while other issuers accept consumers with poor credit.
If you’re worried that you could be denied for a card, look for a secured card that doesn’t require a credit check.
Depending on which product you’re approved for, Visa and Mastercard may offer:
A Visa or Mastercard may come with additional features, however, these are usually available with their unsecured cards:
To see if a card offers these benefits, check with your issuer. Cards may offer different perks depending on issuers’ agreements with the card networks.
Both Visa and Mastercard offer good secured credit card options. Pick a secured credit card based on the features offered by the issuer if you want the best approach to selecting a secured credit card. Remember that while Visa and Mastercard occasionally provide additional benefits on their cards, these are typically restricted to their unsecured offerings.
Compare secured credit card options to find the card most suited to your spending and financial needs.
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