Mastercard Credit Cards

Pauline Hatch     

First created in 1966 by a group of banks, Mastercard is a global payment system accepted by over 37 million merchants in more than 200 countries globally.

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Do you have a Mastercard?

Packed with features, that Mastercard in your wallet is much more than just a credit card. While it may provide you with access to credit when you need it, your Mastercard actually offers so much more, giving you a secure way to shop, a faster way to shop, and a whole range of added benefits, perks and extras.

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.

Recently Asked Questions

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29 questions (showing the latest 10 Q&As)

Liz

Liz

13 May 2023
Is travel insurance a feature on Mastercard
    Pauline - CreditCard.com.au

    Pauline

    15 May 2023
    Hi Liz, travel insurance coverage is not automatically included in all Mastercard credit cards. The availability and specifics of travel insurance can actually differ depending on the particular card and card issuer. If you’re considering obtaining travel insurance, I recommend thoroughly reviewing the T&Cs of the specific Mastercard you have or are interested in. Additionally, you may explore alternative credit cards, including both Mastercard and others, that provide complimentary travel insurance as a feature. Hope this helps!
Tanisha

Tanisha

5 May 2023
I want to order my master card please
    Pauline - CreditCard.com.au

    Pauline

    8 May 2023
    Hi Tanisha, you’ve landed on Creditcard.com.au, Australia’s leading credit card comparison site. If you're after a replacement card, it's best to get in touch with your card issuer directly and shoot them your request. But if you're looking at applying for a new credit card, you can check out the cards listed above on this page or make use of our handy comparison tool to compare some of the other credit cards and their features. Hope this has helped!
Brian

Brian

20 March 2023
I have paid for my holiday airfare accommadation and car hire with my Mastercard i was wondering if ineed any insurance at all CDW,excess etc with my car hire.
    Pauline - CreditCard.com.au

    Pauline

    21 March 2023
    Hi Brian, whether you will need extra insurance coverage such as car hire excess insurance will depend on the inclusions and limitations of the car rental insurance provided by your credit card. Generally, rental cars come with, if not a comprehensive insurance, at least a third-party insurance (as it is compulsory in Australia) and usually, this will be included in the base rental charge. Adding car rental excess insurance will help you avoid paying out of pocket expense in case you damage the car in any way, however, doing so will result in you paying a higher daily charge. If your credit card covers car rental excess, then you can choose not to add it. It’s best to carefully read the fine print of both the car rental insurance and the one provided by your credit card to be sure you have sufficient coverage. I hope this helps and have a great holiday!
Judith

Judith

17 February 2023
I want to cancel a monthly payment made from my credit card each month because the supplier does not deliver and I want to cancel the payment. I have cancelled my credit card and had a new card issued and still this payment comes out of my account. How can I can the payment. The supplier is impossible to contact and say I have a contract with them. If they do not spply anything why should I be held liable.
    Pauline - CreditCard.com.au

    Pauline

    20 February 2023
    Hi Judith, that is a frustrating situation I’m sure! I suggest reaching out to your card issuer directly to have the auto-debit cancelled from their end. Good luck Judith!
Judy Huang

Judy Huang

23 June 2022
I have your mail sending to this lady, Mrs. Giovanna T Insley, to my PO BOX for the last 9 months and I am wondering if there is anyway that you can stop sending it to my PO box since the lady doesn't use this PO BOX anymore. I have been returning this mail all the time and don't want to continue anymore. Thank you very much.
    Pauline - CreditCard.com.au

    Pauline

    27 June 2022
    Hi Judy, you’ve actually reached Creditcard.com.au, Australia’s leading credit card comparison and information site. Please reach out to the bank directly to make your request.
Alana

Alana

11 April 2022
I would like to know if I can get a credit card in Australia based in my credit from Brazil I have already have a Mastercard internacional, I would like to have one here in Australia. Is it possible?
    Pauline - CreditCard.com.au

    Pauline

    12 April 2022
    Hi Alana, there’s many factors at play here. You should order a copy of your credit file, which will show your credit score and report. We’ve written a guide to how to build your credit score, and definitely seek professional advice before proceeding with any credit applications. Hope this has helped you out!
Judith

Judith

7 March 2022
Hi Pauline, My husband and self. Have a master card. We are pensioners. Finding it hard with finances. Could we increase our amount on card.
    Pauline - CreditCard.com.au

    Pauline

    8 March 2022
    Hi Judith, thanks for your message. You’ve come through to CreditCard.com.au - Australia’s leading credit card comparison site. If you’re finding it hard to manage your credit card, please reach out to your current bank for options. Hope it all works out for you!
Diana Jarrett-Harris

Diana Jarrett-Harris

18 January 2022
Is a mastercard like borrowing money from the bank?
    Pauline - CreditCard.com.au

    Pauline

    19 January 2022
    Hi Diana, there are three types of credit cards available in Australia. Visa, Mastercard and American Express. Essentially a credit card is an unsecured line of credit extended to you from a bank who partners with one of the providers. The bank extends you a credit limit which is how much you can spend. Because there is no collateral involved, any money you spend you need to pay back to the bank. If you have any other questions feel free to write back. Hope this has helped.
Linda

Linda

6 December 2021
Why am I being charged a higher surcharge when using a Mastercard and a lower surcharge using Visa?
    Pauline - CreditCard.com.au

    Pauline

    7 December 2021
    Hi Linda, thanks for getting in touch. In February 2016 the government regulated surcharges and payment charges on credit cards. If you feel you are being charged incorrectly you can contact the ACCC to lodge a complaint.
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