Adam McCann, Financial Writer
@adam_mcan
There is no evidence of banks switching from Visa to Mastercard in large numbers, though they may occasionally switch single cards over. Seven of the top 10 banks in the U.S. offer cards from both the Visa and Mastercard networks.
In the U.S., one recent example of a bank switching credit cards from Visa to Mastercard is Capital One, though this only applied to some of their credit card offers. In addition, there have been several recent cases in the U.K., where banks like Santander and First Direct switched over their debit cards to the Mastercard network.
Why a Bank Might Switch from Visa to Mastercard
If your bank switched a card from Visa to Mastercard, it was likely because they felt the features and benefits of Mastercard were better than those of Visa. For example, the issuer might take into consideration processing fees or network-level benefits like travel insurance or purchase protection.
Keep in mind that if your bank switches your credit or debit card from Visa to Mastercard and it changes the terms of your card in any way, they will be required to notify you at least 45 days in advance. But in some cases, the terms and features of the card won’t change at all, and the decision may have been purely for issuer-level interests like getting lower processing fees.
Overall, the differences between Visa and Mastercard are relatively small, but you can learn more about how the two networks compare on WalletHub.
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I’m thinking that it was a cost incentive! Noticing a bogus charge on my business master card, the first thing I noticed is that, unlike my visa credit card at SAME bank, there isn’t a button on transaction that takes you to another screen where you communicate the issue and reason for disputing the charge. From there, calling several telephone numbers listed on the bank’s website and credit card, through HOURS being on HOLD, I finally got to a human, albeit speaking strained English who was able to record the dispute! In offering to issue a new card, I opted to have them close the account and not issue a replacement. The next 2 hours were spent shifting any auto-pays off that card to a different account! Master Card sucks!
If there was ever more evidence needed than this article to demonstrate how fully bought and paid for the opinions posted on this platform are, I can’t think of one. Horse hockey. This whole explanation is nothing more than somebody peeing on your neck and telling you it’s raining outside. You should be ashamed of yourself sir. Having studied both chargeback manuals in detail, I will assure you that there is one defining difference between Visa and MasterCard. Visa forces the person receiving your money through a credit card charge to demonstrate that they actually deserve it. MasterCard forces you the consumer to prove that they don’t. Wild these two things may sound similar in a chargeback situation, they are vastly different. Visa will give you a simple phone call or recorded statement to define exactly what happened why you feel like you were entitled and perhaps offer you to submit a couple of PDFs or photos of your evidence. MasterCard will make you write a thesis creating a laundry list of minutia for you to present demonstrating, a multitude of items and if you fail to do it perfectly, they will immediately deny your claim. Why is this? Why would Credit Card issuers do this to their customers? The answer is greed. Plain and simple. Processing chargebacks costs them money. Sometimes they never see a return of the original dollars because the person they allowed to charge your card, disappears with the cash , and then the issuer loses substantially, but even if they always are able to get the cash back, that cost manpower, which equals dollars and they don’t care about you, they only care about themselves. MasterCard is the worst credit card on the planet in terms of consumer care. Visa, was the best , MasterCard is the favorite of credit card because they are greedy and they only care about turning a profit, not protecting you, their customer. Trust me, you are the last thing on their list to care about. If your bank is switching over or your credit card issue or is trying to switch over, file a small claims lawsuit against them and at least get the $5000 back from them for bait and switch and breach of contract. maybe enough of these will make it not so appealing to screw you over. I doubt it but maybe.