A Guide in Choosing the Right One.
Currently there are four major credit cards available on the market-American Express, Visa, MasterCard, and Discover. These financial institutions have continuously battled it out in getting consumers to sign up with them or switch to them. Some existing cardholders have two or more cards and the benefits that come with the card becomes a determining factor on which one to use. Knowing your benefits is a good way of weighing your options.
Discover is the least accepted among merchants compared with the other four major credit cards. While most establishments accept MasterCard, Visa, and American Express, Discover still continue to bring excellent service to its loyal card holders. They also continue to offer competitive rates for purchases and balance transfers and as a matter of fact, they have possibly the best offer out there right now.
MasterCard is probably one of the most well-known credit cards in the whole world. Their name is visible with most, if not all, merchants across the globe. Since the card is accepted worldwide, this fact also makes them a major choice for the credit card to be used whenever credit card users travel. They also boast their Zero Liability feature where their credit card holders enjoy the security of paying only those authorized charges as long as the account is in good standing, have had the initiative of protecting the account at all times and have not reported two or more incidents of unauthorized charges for the past 12 months.
Visa is yet another competition that should never be undermined. With the numerous banks that this credit card company is co-branded with, their offering can definitely extend to different heights. Much like MasterCard, their cards are also accepted by most merchants. To put it bluntly, Visa is pretty much like that of MasterCard. This is because most of partnered banks that they have are also partnered with MasterCard.
American Express has always been known for its exclusivity and benefits. Not most applicants get approved with an American Express card. They are indeed a bit finicky when it comes to protecting their financial assets. They make sure that they approve of card members who have potential in keeping their account impeccable. The company’s exclusivity also reflects on the merchants where the card could be used. There are some merchants that don’t accept American Express and just the same there are also merchants that only accept American Express. A fine example of which is Costco Warehouse and Gas. Charging purchases with this credit card also give its card members a peace of mind. Amex has always been known for their capability of disputing any charge and act upon a discrepancy right away once a customer contacts them. This has made American Express arguably the best there is when it comes to customer service among the other credit card companies.
Whatever your credit card is, its always best to keep your credit score in good standing. That way, if the benefits that credit card you have is not working for you anymore, then switching to a different one wouldn’t be that difficult.
