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Brands Of Credit Cards

Visa, MasterCard, and American Express are the three credit card giants. Financial institutions across Australia offer at least one of these brands of credit cards as part of their services.

 

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Example card 1 Visa Example card 1
Example card by American Express
90% 100 Days $3000 Apply
More details about this card More
Bankwest Visa Example card 1
Example card by American Express
90% 100 Days $3000 Apply
More details about this card More

Reputation

All three credit card companies have excellent reputations, but American Express is considered the most prestigious of the three. Most American Express cards are charge cards, rather than credit cards, because the statement balance must be paid in full every month. From the beginning of its entry into the charge card and credit card business, American Express has required a higher annual fee than other credit and charge cards. This, combined with membership relying on an invitation from American Express, has set American Express apart as an elite card.

Rates and Annual Fees

Most banks and other financial businesses offer either a Visa or MasterCard brand credit card and usually have a number of cards to choose from within the one brand. The various cards have different interest rates, rewards programs, annual fees, credit limits, and introductory rates. American Express offers one credit card, but the remaining cards are charge cards. There are no interest rates associated with these charge cards because balances are paid off every month. There are no limits set on these charge cards.

Contactless Transactions

Visa's payWave and Mastercard's PayPass are both contactless transaction cards that use NFC (Near-Field Communication). NFC allows transactions to be completed by waving a card in front of a card reader instead of swiping a card and entering a PIN. PDA's, cell phones and other USB devices can be enabled with payWave capability. Cell phones can be programmed to use PayPass.

Travel Rewards and Money

Visa and MasterCard have credit cards that earn customers frequent flier miles and rewards points or cash back awards for making purchases at specific hotels, restaurants, and other travel establishments. Customers can use accumulated rewards points and cash back to pay for future travel plans, although cash back can also be used for other purposes. American Express offers double rewards points to customers when they make reservations online. American Express also offers discounted package trips to customers.

MasterCard offers the option of prepaying for travels by loading a credit card with a pre-determined amount of cash to be used during a trip. The customer can then retrieve money from available ATM's. Visa customers can pay for trip expenses with a Travel Money card. Travel Money cards are one-time use cards that are not linked to the customer's account. After the prepaid amount of money is used, the card can be thrown away. American Express has Foreign Exchange Services offices located throughout the world. American Express customers can exchange currencies at one of these offices or use American Express cheques, which are accepted worldwide.

Business and Corporation Credit and Charge Cards

Visa, MasterCard, and American Express offer credit cards for businesses and corporations. American Express also offers charge cards which must be paid in full every month. We offer financial advice and provide online tools for customers interested in any of the three credit card brands.