Mastercard is the second-largest financial services corporation in the world and seamlessly processes transactions between merchants and card issuers. Mastercard credit cards are accepted worldwide, and their robust security, reliability, and various benefits make them an excellent tool to reach your financial goals.
But what exactly is a Mastercard credit card, and what sets it apart from other types of credit cards? This article covers everything you need to know about this multi-functional credit card, including:
- Mastercard Benefits, features and perks.
- The Types Of Mastercards and How To Choose One.
- Best Mastercard Credit cards in Canada
- The Masterpass.
- How to use a Mastercard effectively.
- How to Apply for a Mastercard
- Where to get a Mastercard in Canada.
- Frequently asked questions.
The Benefits And Perks Of Using Mastercard Credit Cards
Several benefits come with using a Mastercard credit card. The most well-known benefit is Mastercard’s universal acceptance. You can use your Mastercard in more than 210 countries. You can rest easy knowing that your Mastercard will be accepted wherever you go. With that knowledge, let’s examine some of the benefits you can rack up by using your card:
Cashback on purchases. Depending on your card type, you can get a percentage of the money you spend on certain activities back.
Travel rewards. You can earn travel rewards like airline miles or hotel points by using your Mastercard. Travel rewards include access to exclusive events and access to personal travel advisors.
Priceless Cities. Priceless Cities fall under the travel rewards section. This Mastercard feature offers exclusive access to events that range from dining to sports events. The website www.priceless.com displays travel options for Mastercard holders that include private tours, photo safaris, and special lakeside breakfasts to name a few. While you do need to pay for these events, they are available only to Mastercard holders. This makes Mastercard a great option for the seasoned traveller to experience their favourite cities in a new way.
Travel insurance. Yet another travel perk, depending on your Mastercard, you can get full insurance coverage for things like trip cancellation, trip interruption, and lost or stolen baggage. Travel insurance can give you peace of mind when you're travelling. If something goes wrong, you'll have coverage to help you manage the situation.
Robust security. Mastercard has an advanced security system that does the following:
- Fraud monitoring: This actively monitors your account for suspicious activity and alerts you when something seems off.
- Zero liability for unauthorized purchases: This means if your card is used without your permission, you will not be held responsible for those charges.
- Secure Online Shopping: All Mastercard Credit Cards come with secure online shopping features, such as secure encryption and unique passwords.
Beyond these perks, Mastercard offers a digital wallet service called Masterpass.
Masterpass allows you to store your card information online, making it easier to shop online or in apps. This allows you to shop without having to enter your card information each time, making online shopping much more convenient and saving you time. The same security procedures that protect that Mastercard Credit Card protect the Masterpass, so you can be sure your funds are safe.
Types of Mastercard Credit Cards
Mastercard offers a variety of credit cards to suit different needs and lifestyles. These can range from basic, no-frills cards to premium cards packed with perks. Below are the categories of Mastercard Options.
StandardMastercard. These are perfect for everyday use and offer all the basic benefits such as fraud protection, secure online, shopping and cash-back rewards. Their standard annual interest rate is 21.9% on purchases and balance transfers, and they are typically easy to apply for and get approval on.
Gold Mastercards. These offer a massive step up in terms of rewards and benefits, including higher cash-back rates, travel insurance, and even concierge services. These are great for frequent travellers.
Platinum Mastercards. These offer even more premium benefits and come with access to exclusive events, personal travel advisors, and travel upgrades. A few of the Premium Mastercards on offer include:
- World Mastercard.This Premium Card offers a host of luxury benefits, including travel upgrades and event access. Whether you're travelling for business or pleasure, a Mastercard World card can make your journey more comfortable and enjoyable.
- World Elite Mastercard.This Premium Card offers the highest level of service and perks. These include complimentary room upgrades at hotels and even more exclusive events and experiences.
How to choose the right Mastercard for you
Choosing the right Mastercard credit card for you can seem daunting, given the wide array of options available. To make the choice easier, consider setting up a document with your spending habits, lifestyle, and financial goals and referring to it when considering which Mastercard to select.
Some questions you can ask yourself to narrow down on a Mastercard include:
- Where do most of my additional expenses come from? Is it travel? Groceries? Gas? Online shopping or something else? Each card offers different reward levels, so if you realize you spend a lot of money on travel annually, then the World Mastercard may be the right option. There are various types of travel-focused Mastercard though, so don’t be deterred if this one is too pricy or exclusive.
- What are my financial goals? If you’re interested in saving money then a card offering more cash-back may be a good option. Do you want to build credit? Then pick a card aimed at helping you achieve this.
- Why do I want a Mastercard Credit Card? Perhaps you’re in it for the benefits, in which case signing up for a Card that offers a variety of benefits may be the most logical solution.
Different cards offer different benefits in terms of these goals, so choose a card that aligns with what you're looking to achieve.
Tips for managing Mastercard Credit Cards
Like most credit cards, Mastercards need to be managed well for you to continue benefitting from them. Here are a few tips to help you manage this:
- Always pay your bill on time. Late payments can incur fees and negatively impact your credit score. If you fear you might forget to do this, consider setting up automatic payments.
- Aim to pay your balance in full each month. If you can't, at least pay more than the minimum payment. This can help you avoid interest charges and help you pay down your balance faster.
- Keep an eye on your spending. It can be easy to overspend when you’re using a credit card, so set up a budget and stick to it.
How to apply for a Mastercard Credit Card
You can apply for a Mastercard credit card online, over the phone, or in person at a bank branch or credit union that issues Mastercards. When you apply you need to provide some basic information such as:
- Social security number
- Information about income and employment
Some Mastercards require excellent credit to be approved, but there are options available for people with lower credit as well. Once you submit your application, your bank branch or credit union will determine if you qualify for a Mastercard, and upon approval, you will receive your card in the mail within a few weeks.
How to activate your Mastercard Credit Card
Once you receive your Mastercard credit card in the mail, you'll need to activate it before you can use it. This is typically a simple process that can be done online or over the phone.
To activate it online, log onto the website of the card provider, such as the bank you went through. Find your new credit card under accounts and enter your card information such as the card number, security code and expiration date. You may also need to provide your Social Security number.
Once you've provided this information, your card will be activated and ready to use.
Where can I get Mastercard credit cards in Canada?
Mastercard credit cards are available from several financial institutions in Canada. This includes major banks like the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD) and Bank of Montreal (BMO). Check online to see whether your current bank issues Mastercards or check to see which nearby banks and credit unions offer this service.
Mastercard credit cards offer many benefits that make them an excellent choice for consumers. From their widespread acceptance and robust security measures to their rewards and perks, these cards offer a level of financial flexibility and security that is hard to match.
Whether you're looking for a card for everyday use, a card with travel perks, or a premium card with luxury benefits, there's a Mastercard credit card that's perfect for you.So why wait? Start exploring the world of Mastercard credit cards today and discover the many benefits they can offer.
Mastercard Credit Card FAQ's
Q: Are Mastercard credit cards accepted everywhere?
A: Yes, Mastercard credit cards are accepted at over 37 million locations in more than 210 countries around the world.
Q: What are the benefits of using a Mastercard credit card?
A: Benefits can include cash back on purchases, travel rewards, and exclusive access to events and experiences. Some cards also offer premium benefits like travel upgrades and personal travel advisors.
Q: What security measures do Mastercard credit cards offer?
A: Security measures can include fraud monitoring, zero liability for unauthorized purchases, and secure online shopping features.
Q: Can I get a Mastercard credit card in Canada?
A: Yes, Mastercard credit cards are available from several financial institutions in Canada.
Q: How do I apply for a Mastercard credit card?
A: You can apply online, over the phone, or in person at a branch. You'll need to provide some basic information about yourself, and you can often get a decision in just a few minutes.
Q: How do I activate my Mastercard credit card?
A: You can activate your card online or over the phone. You'll need to provide some information about the card and yourself, and then your card will be activated and ready to use.