Those looking to apply for a new credit card may ask themselves whether a Visa or MasterCard is more beneficial to have.  What are the fundamental differences between the two cards? 

In fact, there are very few distinctions between using a Visa card and MasterCard for most individuals.  Both companies are simply the payment networks responsible for processing the credit card transactions.   They are essentially the intermediaries between the bank that issues the credit card and the consumer who carries and uses it.  Lucrative rewards programs, which typically influence a consumer's choice in credit cards, are not determined by these payment networks. 

What credit card is right for you can be determined by the benefits provided by issuing banks.  An example of a good cash rewards card is the Chase Freedom card issued by JPMorgan Chase.  The Chase Freedom card is available both as a Visa and as a MasterCard.  Both versions carry identical incentives such as a one hundred dollar bonus cash back and a zero percent introductory APR.  The Chase Freedom card is also nominated as being the best credit cards in 2011. 

On the other hand, some might be more interested in consolidating high interest credit card debts.  For these individuals, zero balance transfer credit cards that offer zero introductory APR on balance transfers for a certain amount of time may be the best option.

The Discover More Credit card is a good example of such a card.  The card is issued by Discover Financial and is neither a MasterCard nor a Visa.  The Discover More Card requires no balance transfer fees and provides zero percent introductory APR on balance transfers for the first year.  The same zero percent APR is offered on purchases as well.  Additionally, the Discover More card is a rewards credit card that will offer cardholders cash back whenever they make a purchase.

At the end of the day, both MasterCard and Visa has similar benefits that can be valuable to cardholders.  Cards from both payment networks are widely accepted throughout the world.  The card you choose should be dedicated by your own personal spending habits and financial circumstances.