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Compare Mastercard credit cards
If you've got your heart set on a Mastercard credit card, our guide can help you find the right one.
Mastercard provides the technology and network required for processing credit card payments. When you buy something with a Mastercard credit card, the transaction will be processed on Mastercard’s network.
Visa and Mastercard are the largest card processors in the world, and their cards are accepted at millions of shops and other providers all over the globe. Broadly speaking, if a merchant takes credit card payments, they take Mastercard.
Compare Mastercard credit cards by type
Table: sorted by representative APR, promoted deals first
What types of cards use Mastercard?
The Mastercard network is used by both credit cards and debit cards, but you can also choose from Mastercard prepaid cards that can be loaded with funds in advance.
You can choose from a prepaid gift card which can be used by the recipient for shopping, dining and entertainment, an everyday prepaid card for bill payments and day-to-day purchases, or a prepaid travel card to make spending abroad more convenient than carrying around cash or traveller’s cheques.
How can I compare Mastercard credit cards?
- Annual/monthly fees. A minority of credit cards charge an annual fee, which could be as low as £25 or upwards of £450 for an ultra-premium option. The credit card issuer determines the annual fee based on the features available, with more perks usually equalling a higher cost. For this reason, premium Mastercards can have higher fees because of the extra features they offer.
- Interest rates. Standard credit card interest rates can significantly increase the cost of the card you choose, so it’s important to look at both the purchase rate and the cash advance rate for each card you compare. Again, the issuer sets these rates, which tend to be higher for more premium products.
- Rewards. A wide range of Mastercard credit cards come with rewards programs or frequent flyer programs. These products offer you points per £1 spent on purchases and usually include other additional features as well as higher annual fees. When comparing rewards cards, consider the earn rate, the type of rewards available and your average card spending so that you can decide if the annual fee will be worth it.
- Complimentary extras. Credit card providers may offer a range of additional perks, including complimentary insurance, concierge services, airport lounge access and flight vouchers. These benefits vary significantly between products and can add value to the card you choose if you use them.
- Introductory offers. Credit card providers regularly offer new customers additional perks for a limited time, such as bonus points and 0% balance transfer rates or purchase rates. These features are available for an introductory period and can add short-term value to the card you choose.
- Security services. In addition to the security services offered by Mastercard, credit card providers may offer 24/7 fraud-monitoring services, daily transaction limits or even the ability to temporarily lock your card if you have misplaced it. All credit cards are chip-and-PIN products, which offer superior security for in-person payments.
Full guide to Mastercard’s Priceless Cities
What are the pros and cons of using Mastercard?
Pros
- You may be able to benefit from perks such as cashback, airport lounge access or air miles
- Zero liability protection is included which means you won’t be held responsible for unauthorised transactions
- You may be able to enjoy 0% balance transfer or purchase rates
- Round-the-clock customer service assistance is included
- Access to Priceless.com which offers cardholders free and discounted experiences across the globe, including sport and cooking lessons
Cons
- Depending on the card you choose, interest rates can be high
- Annual fees and other charges may apply
- Deals offered may not be the most competitive
Who does Mastercard work with?
Mastercard works with a range of banks, card providers and financial institutions.
These include:
- Amazon
- Aqua
- Capital One
- Halifax
- John Lewis
- Lloyds
- M&S Bank
- MBNA
- NatWest
- Post Office
- RBS
- Sainsbury’s Bank
- Santander
- Tesco Bank
- TSB
- Virgin Money
Where can you use Mastercard?
You can use your Mastercard wherever you see the Mastercard logo, including in restaurants, supermarkets, retailers and at cash points. As one of the largest payment networks in the world, you can use Mastercard almost everywhere, both in the UK and overseas.
How to apply for a Mastercard credit card
You can apply for a Mastercard credit card in the same way as any other credit card. You’ll need to consider what you need your Mastercard for and look for the card that best suits those requirements. For example, if you’re looking to spread the cost of a large purchase, you might want to choose a 0% purchase credit card. Or if you’re planning to spend abroad, look for a card that charges low fees for overseas transactions.
It’s a good idea to use an online eligibility checker to see which cards you are most likely to be accepted for, without damaging your credit score. Note that to qualify for the most competitive cards, you’ll usually need a good credit rating. Once you’ve made your choice, depending on the card provider/bank, you may be able to apply online, over the phone or in branch.
Difference between Mastercard and Visa
Mastercard and Visa have many similarities. You can use both to pay for goods online or in-store and you can use both to withdraw cash. Where they differ is in which providers offer them and the benefits and rewards available.
One of the biggest differences is that online retailer Amazon has said it will stop taking Visa credit card payments from January 2022 due to high transaction fees charged by the payment processor. Although this decision has been postponed and Visa and Amazon are working on a potential solution over payment fees, Mastercard credit cards offer more certainty going forward.
Visa and Mastercard also use slightly different exchange rates when used abroad, but both are close to the market rate used by currency traders.
The history of Mastercard
Mastercard credit cards were originally developed in the US in 1966. This was during the early days of modern credit and charge cards, and there was a huge demand for products that could be used to make payments at a wide range of businesses. This led to the formation of the Interbank Card Association (ICA) and the MasterCharge card.
The Mastercard brand officially came into effect in 1979 as an evolution of this card payment network. It continued to grow as a major credit card brand and officially offered an IPO through the New York Stock Exchange in 2006 (trading as MA). Along with Visa, Mastercard has been at the forefront of credit card technology developments for security and card acceptance, including the implementation of EMV-chip credit cards and contactless payments.
How does Mastercard make money?
Mastercard’s profits primarily come from the entities that use their services, such as banks and shops. Some of their sources of revenue include the following:
- Card issuer fees. Mastercard charges financial institutions service fees for the use of their payment systems.
- Bank settlement fees. Credit card issuers pay this fee at the time of settlement of payments.
- Overseas fees. Mastercard charges issuers a fee for processing payments made in a foreign currency. These charges are often passed onto credit card customers in the form of a foreign currency or international transaction fee.
Frequently asked questions
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