Mastercard Credit Cards

Using Mastercard, you have a faster way to pay in-store with PayPass and online with Masterpass, you have global security with Mastercard SecureCode and Zero Liability Protection, and with World Mastercard and Priceless Cities you have exclusive access to dining and travel experiences.

What You Need To Know About Mastercard

Back in the 1960s, consumers in the United States started to get interested in buying on credit, and there was a huge demand for products that would allow them to make payments within a wide range of retail establishments. The demand was met with the formation of the Interbank Card Association (ICA) and the MasterCharge card.

The Mastercard brand evolved from this card payment network, officially becoming Mastercard as we know it in 1979, to then expand globally to become one of the world’s largest payment processing networks. Today, Mastercard – alongside Visa – enjoy card acceptance around the world, evolving every year to offer new payment technology and new ways to pay.

How does Mastercard make its money to do all this? Like Visa, Mastercard’s profits primarily come from the companies that use its services, such as merchants and card providers. As you may know, Mastercard is not a card provider in itself, it is a payment processing network. Card providers are the banks, credit unions and other financial institutions that issue cards to cardholders.

Some sources of revenue for Mastercard include card issuer fees, charged to financial institutions for the use of the payment processing network; bank settlement fees, paid by card issuers when payments are settled; and overseas fees, charged to issuers for processing payments made in a foreign currency.

With that in mind, it’s worth noting that it is the card issuer that decides what each Mastercard it issues actually offers. That means the features and perks it has, as well as the interest and fees it charges. However, Mastercard itself has plenty to offer cardholders, in the form of payment systems, security and perks.

What Mastercard Can Give You

Global Acceptance

From international retail giants to your local corner store, you’d have to look hard to find merchants that don’t accept Mastercard in Australia today. With this global card acceptance, Mastercard allows cardholders to use their cards in millions of locations around the world, whether in-store or online, at an ATM, using credit or debit.

Contactless Payments

Using Mastercard PayPass, cardholders can tap-and-go using their card for purchases under $100, making the process of paying in-store even faster.

Masterpass

Just as PayPass allows cardholders to checkout faster in-store, Masterpass speeds up the process of paying for purchases online, by offering a secure location to store each cardholder’s payment and shipping information. Shopping with Masterpass also unlocks great offers at participating retailers.

Secure Online Shopping

Signing up for SecureCode allows cardholders to add an extra layer of security to their card when shopping online. After registering for the service, cardholders will input a one-time SMS code or additional security information when checking out at participating online retailers.

Global Backup

Mastercard's customer service team is on hand 24/7 on 1800 120 113 within Australia. The team can help cardholders report lost or stolen cards, provide emergency replacement cards and cash advances, give account information, or help find the nearest Mastercard or Cirrus ATM.

Payment Options

Mastercard works on more than just credit cards, it also stamps its logo on debit cards as well. This allows cardholders access to credit, while also using their own money via the debit feature, both in-store and at ATMs.

Premium Perks

Mastercard’s premium card options offer cardholders that little bit extra, providing concierge services, complimentary insurance cover and perks at certain retailers, hotels and restaurants. World Mastercard and Priceless Cities provide these cardholders with travel, retail and dining extras, exclusive to Mastercard.

Visa vs. Mastercard

Is there any real difference between Visa and Mastercard? Do you get more by choosing a card with a Mastercard logo on it over a Visa logo? The simple answer is no. Not really, anyway.

For most of the benefits mentioned above, Visa has comparable offerings. You might find you prefer one company over the other, but most people wouldn’t notice the difference. Where you will see a difference between cards is in what’s on offer from the card provider.

However, if you really want to know the difference between Visa and Mastercard, here are the big stats:

Market Capitalisation (Value)
Mastercard: US$110.74 billion
Visa: US$194.65 billion

Number of Cards in Circulation
Mastercard: 2.89 billion
Visa: 3.9 billion

Value of Transactions Per Year
Mastercard: US$3.6 trillion
Visa: US$6.5 trillion

Employees
Mastercard: 24,000+
Visa: 21,500+

Number of Countries
Mastercard: 210+
Visa: 200+

Number of Merchants
Mastercard: 37 million
Visa: 80 million

Number of ATMs
Mastercard: 1 million+
Visa: 2 million+

Visa vs. Mastercard vs. American Express

As we said previously, Visa and Mastercard are payment processing networks. They don’t issue cards, so they don’t get a say in how much the card provider charges cardholders in fees or interest, or what other features and benefits each card offers.

American Express is somewhat different, however. Not only does AmEx offer a payment-processing system, it also issues its own cards. While these cards tend to offer more in the way of rewards and features, cardholders may find their AmEx is not accepted as widely as Visa or Mastercard, and it may come with a higher credit card surcharge.

When it comes to card providers choosing one payment processing network over the other, some do choose to offer exclusivity. NAB’s agreement with Visa means it will only provide Visa cards, while Commonwealth Bank only offers Mastercard. Meanwhile, ANZ and Westpac continue to offer both. AmEx companion cards were popular for a time, but they are now being phased out in some institutions.

Which one is right for you? Taking American Express out of the equation, your choice between a Visa card and a Mastercard shouldn’t be a difficult decision. As they both offer much the same security options, payment technology and perks, it’s best to concentrate on what the card provider is offering instead.

A Quick Guide to Comparing Mastercard Options

So, it’s time to compare your options. Whether you’re opting for Visa or Mastercard, there are some very important factors that should affect your choice.

Fees

Find out how much the card charges in annual fees, and work out whether it’s worth paying that fee for all you are getting in return. Other fees to watch out for include foreign currency conversion fees, foreign currency cash advance fees, ATM cash advance fees, late payment fees, over the limit fees, dishonour fees and replacement card fees.

Interest

Check the card’s purchase rate and cash advance rate to find out what rate of interest will be applied to your balance if you don’t clear it at the end of each statement period. If you carry a balance, the card’s purchase rate is very important, so choose wisely.

Introductory Offers

As an incentive to sign up, cards offer introductory offers on purchase rates, balance transfers, rewards points and annual fees. Unless you plan to close the account after the introductory period ends, it’s generally best not to apply for a credit card simply for its offer.

Rewards

If you’re one of the many people who love earning rewards as they shop, a rewards card could be for you. Be sure to choose a rewards program that offers rewards you want, that allows you to earn points on the spending you do most. Don’t pay more on annual fees than you get back in rewards.

Extras

High-end cards tend to offer more in the way of extras, such as insurance cover, concierge services, and retail and travel perks. Just like the rewards program, make sure you will use the extras on offer, and that you are not paying more in annual fees than you get in return.

Additional Cardholders

Adding an extra cardholder to the account can make budgeting easier, and can provide a great way to earn more points on a rewards program.

Interest Free Days

Many cards offer a certain number of interest free days on purchases when the card’s balance is cleared in full. When used correctly, this can allow cardholders to make a larger purchase and then pay it back before interest starts accruing.

Security

In addition to the security services offered by Mastercard, card providers can offer card security measures that include 24/7 fraud-monitoring services, daily transaction limits, and the ability to temporarily lock your card if it is misplaced.

Eligibility and Credit Limits

While your credit limit will be decided based on your income and credit history, you may find some cards have a credit limit ceiling that cannot be exceeded. As for eligibility, it’s recommended that you check the card’s eligibility criteria before you apply, for requirements regarding minimum annual income, credit history, age and residential status.