Chase Freedom is a Visa credit card. It may have been offered as a MasterCard a few years ago, according to some anecdotal reports. But Chase’s website currently lists Freedom in the Visa category, not as a Mastercard. The fact that Chase Freedom is a Visa means it has global acceptance and comes with several perks, such as travel insurance, which are provided by Visa but facilitated by Chase.
Here’s what Chase Freedom’s Visa status gets you:
High international acceptance. You’ll be able to use your card at almost every merchant that accepts credit cards in over 200 countries and territories. There may be a few exceptions here and there, but they will be rare.
Exchange rate savings. Credit cards give you the cheapest foreign currency conversion rates, and Visa cards are no exception. Unfortunately, Chase Freedom’s 3% foreign transaction fee offsets some of the benefit.
Travel accident insurance. You’re eligible to receive up to $250,000 in compensation for death or dismemberment caused by travel you paid for with your card.
Trip cancellation/interruption insurance. If something out of your control (severe weather, military orders, jury duty, etc.) causes you to cancel your trip or stop it early, you can get refunded up to $5,000.
Lost luggage reimbursement. If your luggage is damaged or lost by a travel provider, you can get reimbursed for its value, up to $3,000 per passenger whose ticket you paid for.
Price protection. When you buy something with your card and see the same item for a lower price within the next 90 days, you can ask for the difference to be credited back to you. Some items (cars, antiques, etc.) aren’t eligible. You’ll also need to provide an advertisement displaying the lower price, along with your receipt.
Rental car insurance. You’re covered up to the value of most vehicles you rent with Chase Freedom for theft or collision damage. You must decline the rental agency’s insurance, and you have to drive a car that’s covered (i.e. not a truck, large van, limo, motorbike, etc.).
The fact that Chase Freedom is a Visa means you can use it anywhere in the world and enjoy some great perks along the way. But it is important to note that whether a card is a Visa or a Mastercard isn’t too big of an issue. Both networks provide you with about the same global acceptance and very similar benefits.
Yes, the Chase Freedom is a Visa. More specifically, it’s either a standard Visa or a Visa Signature card, depending on your credit standing. The Visa Signature version requires better credit and provides better benefits.
Discover is neither a Visa nor a Mastercard. It’s more like an American Express card, but they’re not exactly the same, either. Discover is similar to Visa, Mastercard and American Express in the sense that all four are card networks. Each helps process payments for the cards on its network, determines where those cards can be used, and provides extra … read full answerbenefits such as rental car insurance. However, Discover is different from Visa and Mastercard in that most credit cards on the Discover network are issued by Discover. Visa and Mastercard aren’t issuers, so cards on their networks come from lots of different banks and credit unions. Amex, like Discover, is both a card issuer and a card network.
Here’s how Discover differs from Visa or Mastercard:
Discover is both a credit card issuer and a card network. Visa and Mastercard are networks only.
Visa and Mastercard are accepted in more than 200 countries and territories, compared to 185 for Discover.
Visa and Mastercard are accepted at 10.7 million U.S. merchant locations, versus 10.4 million for Discover.
Discover credit cards don’t have foreign transaction fees. Visa and Mastercard credit cards charge 0% to 3% of purchases processed internationally.
If you look at the front of your Discover card, you should see “Discover” with an orange dot for the “o.” Each network has a logo, so it’s easy to tell them apart. And while Discover cards are generally fine to use anywhere in the U.S., you might have trouble in certain countries abroad. So it’s probably best to have a backup Visa or Mastercard.
American Express isn’t a Visa or a Mastercard. It’s a separate company. American Express, Visa and Mastercard are three of the four major card networks, the other being Discover. A credit card never has two networks, so you’ll never see an American Express Visa card or an American Express Mastercard. Furthermore, lots of the credit cards on the Amex network are actually issued by American Express itself. The rest come from the likes of Bank of America, USAA, Citibank and BBVA Compass. Visa and Mastercard, on the other hand, don’t issue any of the cards on their networks or any of the others.… read full answer
For a bit of background, card networks control where cards can be used and help process transactions. They also determine the fees merchants must pay when a consumer uses a card with their logo on it. And they provide cardholders with additional benefits like travel insurance and purchase protection. American Express is quite different from Visa and Mastercard, though.
American Express vs Visa and Mastercard:
American Express issues credit cards (as does Discover). Visa and Mastercard do not. So Amex actually has a lot more control over the cards on its network, at least in terms of interest rates, fees and rewards.
Visa and Mastercard are accepted at more than 11 million U.S. merchant locations. American Express added 1.6 million U.S. merchant locations in 2018, for a total of more than 10 million.
Amex cards work in about 160 countries and territories. Visa and Mastercard are both accepted in over 200.
Some credit card issuers have American Express, Visa and Mastercard offers. Those issuers include Bank of America, U.S. Bank and Wells Fargo.
Chase, Barclays and Capital One issue Visa and Mastercard credit cards but not Amex cards.
PNC and TD Bank only offer Visa cards, and you may find banks that are exclusive to Mastercard, too.
American Express is the only card network that offers charge cards – credit cards that require you to pay the balance in full every month.
American Express’s fraud liability policy is excellent, while Mastercard and Visa provide good coverage, according to WalletHub’s research.
So American Express doesn’t have the acceptance and reach of Mastercard or Visa. But it’s the go-to network for charge cards. And there are credit card offers on each network that could serve you well.
Best American Express, Visa & Mastercard Credit Cards:
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