Visa or Mastercard: Which Is Better for International Students?

Visa and MasterCard are two of the largest globally accepted payment networks in the world. There are tens of millions of merchants who are in more than 200 countries around the globe.

When it comes to choosing anyone for an international student, the choice can be tough. Both these networks have their benefits, which make them as good as each other. However, when it comes to choosing the better one for international students, it is MasterCard that would win. 

It is important to note that neither Visa nor MasterCard issue any credit cards themselves. Both of these are simply methods of payment which rely on various banks all over the world. It is these banks that issue multiple cards as modes of payment. 

International students can pay for most of their purposes using cashless transactions these days. This is where choosing a good payment network comes into play.

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There are a few similarities between these networks. Here are those benefits you should know about:

• Both Visa, as well as MasterCard, support contactless payment technology. 
• Both these networks also have fraud protection on their credit cards. This means that in case someone makes a fraudulent payment using your Visa or MasterCard credit cards, you are not liable to pay for it (you will have to alert your card issuer about this at the earliest).

Here are a few benefits of using a MasterCard which international students can avail of:

1. Better Conversion Rates

One of the most significant advantages of choosing MasterCard would be that the conversion rates for foreign currency are slightly better on this network. While the difference is not too huge, it is still something that gives MasterCard an additional bonus over Visa.

It is especially useful for international students who are looking for the best conversion rates to make better use of their money. 

2. Return Protection 

Return protection is when you are refunded of your money in case you are your merchant for a return on some product. However, many merchants often might not accept this return. In these cases, the return amount will be refunded back to your card with the help of return protection.

Most MasterCards already come with a thing known as ‘Satisfaction Guarantee,’ which will offer you a return of up to $250 within 60 days of your purchase. However, in the case of Visa, this policy is extended only to individual cards, such as Infinite Cards or a few Signature Cards. 

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3. Purchase Protection

MasterCard also offers you insurance for items you have purchased (which might have been stolen) for purchases up to 90 days if you have made the purchase using your MasterCard. Again, this is eligible only for individual Visa cards, like the Signature Cards and Infinite Cards.

4. Price Protection 

In case you have recently purchased an item, only to find it being sold at a lower price again, the difference will be refunded to you by MasterCard. In the case of a Standard MasterCard, this is eligible for up to 60 days. In the case of MasterCard World and Elite MasterCard, the offer extends up to 120 days as well. 

5. Fast Transactions

When it comes to the faster transaction time, MasterCard takes just 130 milliseconds to complete a transaction. On the other hand, Visa takes 221 milliseconds to complete a transaction. While the difference is almost negligible, it still gives MasterCard an upper hand, completing the transaction 1.7X times faster than Visa! 

What Is the Best Mastercard Credit Card for International Students?

In case an international student wants to opt for a credit card, MasterCard offers a few benefits as compared to other networks. In this case, MasterCard does not require a student to have credit history security deposits, giving them a huge advantage. Another great thing about the MasterCard is that students don’t need a social security number as well to opt for this card. 

Deserve Edu MasterCard is a good option for international students. Along with the benefits mentioned above, students also get a 1% cashback on any purchases that they make. This is issued as a statement credit. Another great feature is that if an international student pays for Amazon Prime Student membership using their Deserve Edu MasterCard, they will get reimbursed for a year. 

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One of the best features of the Deserve Edu MasterCard for international students is that there is absolutely no annual fee, which is a huge perk for students. 

What Are the Different Types of Mastercard with Their Benefits?

There are three levels of MasterCard and their benefits. These are:

1. Standard MasterCard- The Standard MasterCard includes benefits such as emergency card replacement, which can be very beneficial. Along with that, you can also enjoy benefits such as zero fraud liability and identity theft protection. 
2. World MasterCard- Along with the above mentioned Standard MasterCard benefits, the World MasterCard offers cell phone insurance as well. You can also enjoy access to travel benefits as well as trip planning with MasterCard Travel and Lifestyle Services. This includes access to the concierge as well as promotions and discounts with individual select retailers. 
3. World Elite MasterCard- This is the top tier of MasterCard, and it includes all of the benefits included in Standard MasterCard and World MasterCard. Along with this, the exclusive benefits include golf benefits as well as additional promotions and discounts.

When it comes to choosing one card between the two- Visa and MasterCard, there is very little difference between both. However, MasterCard does offer some slightly better benefits as compared to Visa, making it a better choice for international students. 

When choosing the best card for yourself, it is essential to take into account all of these features and benefits of all the cards. Along with that, you should also look into the customer service offered by MasterCard and Visa so that you can always have any help that you need.