When you open a new account in the bank, there is always an option to select the kind of card that you need. There are a few kinds of debit cards, which are Visa card, Verve card, and Mastercard. Sometimes people are unaware of their differences, which are actually really important. Here, you will be able to find out all the facts about these types of cards and learn what the difference between Verve card and Mastercard is.
How do you define Mastercard and Verve card?
All the basic types of debit cards usually offer the same service, which is sending and accepting different kinds of transactions. The cards we pay with are called debit cards because the debit card is linked to the funds that are loaded by the cardholder. There are also credit cards, where you can load funds which are provided to you by your bank as a temporary loan.
So, let’s examine the types of debit cards mentioned above and learn the primary difference between Mastercard and Verve card.
The main feature of Verve card is that this one is exclusively Nigerian. If you are used to everything Nigerian, you should probably consider getting the verve card, but keep in mind that these cards are only accepted within Nigeria, on the local market. This card will let you operate transactions, pay for different goods within the country using the ATM machine and other types of payment, getting airtime recharge, paying bills etc. The Verve card can only be used on the local Nigerian websites that support Quickteller or Interswitch. For international payments, this card cannot be used.
The benefit of this card is automatic protection from international frauds, as you are unable to buy anything from the foreign countries. Verve offers various discounts for the loyal customers as a sort of thank-you. Also, the verve cards are quite cheap to get – cheaper than the other ones. In the most banks, you will pay only N700 for a verve card. Also, making transactions on Quickteller will require paying a fee of N100.
Before we move on to the description of Mastercard, here is some brief information about the Visa card. Visa is a type of card that can be used either on the international and local market to buy goods and pay for services. The main difference of Visa card is that, unlike Verve card, it is accepted everywhere in the world. However, the card has a limit on spending, which can be always increased by the card owner on request.
Mastercard is very similar to Visa card in many ways – they are basically the same. The Mastercard is accepted all over the world and it can be safely used for traveling. You can also purchase goods from the international websites using this card. Moreover, if your bank supports it, you can pay in Naira, which will be automatically exchanged to the foreign currency. This is convenient because you will not have to search for exchange. With the Mastercard, you can always pay either online or using the ATM machine. Most of the sites support it since millions of people around the world are using this card for their payments. Besides, this debit card has an enhanced security, which makes sure that your savings will always be safe, and transactions will remain private. The card might even provide additional protection for your payments in some cases, offering the security codes.
This card, however, has a couple of disadvantages – the main one being the constant rise of a dollar and other foreign currencies. It can also have limits, like the Visa card. But these limits mostly serve as another form of extra protection, and you are always able to modify them.
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The disadvantages of Mastercard are really minor, and everyone agrees this option is the best if you usually do international purchases and perform transactions over the world. There are a few types of such cards – classic, gold, platinum, infinite. These categories are different depending on the bank. You will be given the card which suits your lifestyle and balance the most. This means the private customers and users who perform large transactions are mostly given the infinite cards, while the regular users are offered the classic one.
Mastercard has a large number of possibilities – you will be able to get access to food vouchers, upgraded hotel rooms, entering the lounge with discounts, special airport transferring services, and early notifications about concert and theatre tickets. The beneficial options depend on particular banks, and you should go through all the special offers that the bank suggests to you. Also, the Master cards usually need to be taken care of, because they have a special electronic chip on them, and putting the card in your back pocket probably would not be a good idea, since it can significantly reduce the lifespan of the card.
All the cards come with a unique 16-digit number that will be the number of your personal bank account, a 3-digit CVV code that you should not give away to anyone, and a date of validity. The spending limits on the cards are counted daily and monthly.
To summarize everything, Verve card and Mastercard pretty much perform the same functions, but the main difference between them is that Mastercard can be used for international transactions and purchases, while Verve card can be put in use only in Nigeria. You should keep this in mind when you are picking between these two cards, and go for the one that matches your lifestyle the most.
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