What is a mastercard? Which bank is the best to open a mastercard?

Mastercard is often used when making online payments quickly and very conveniently. However, many customers still know what a Mastercard is and what is the best bank to open it at? The following article will specifically answer this problem for you.

What is a mastercard?

What is MasterCard? This is an international payment card, it is used worldwide. At the same time, it also supports online purchases without intermediaries.

Regarding the shape of the MasterCard card, on the face of the card there is a MasterCard logo consisting of two red and yellow circles, inside with the word MasterCard in white.

MasterCard card has full features such as withdrawal, transfer and especially payment. MasterCard helps people make this extremely convenient online payment, limiting other risks when carrying cash.

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Distinguishing mastercard and VISA cards

In addition to the question what is a MasterCard card? Customers should also be able to distinguish between MasterCard and Visa cards.

Both of these cards are available in debit and credit, with global online and offline payment capabilities.

VISA card issued by VISA brand. This is a trademark of Visa International Service Association of San Francisco, California, USA.

The difference between Visa and MasterCard is that they belong to two different payment networks. Depending on the region, many places will prefer VISA cards and some will prefer Mastercard.

However, if paying in the country, visa cards will be accepted at many points compared to Mastercard cards. On the other hand, in Europe or Singapore, Mastercard is more prominent.

Functions of mastercard

Mastercard cards are widely used in more than 210 countries and territories. Then, every time you go abroad, you don’t have to change money first, just go to an ATM with Mastercard’s logo, enter your PIN to be able to transact as usual.

In addition, this card is also used to pay for online purchases, pay at restaurants and other services without having to carry a lot of cash…

Mastercard card classification

Currently, MasterCard cards are divided into types such as Mastercard Debit card, Mastercard Credit card, and Mastercard Prepaid card. As follows:

Mastercard Debit – Debit Card

This is a prepaid international debit card. That is, how much customers pay will use as much. This card can be linked to your bank account.

When making a Mastercard Debit card, you don’t need to prove your income, just bring your ID card to do it. Some banks also allow online work, just need to be on time to get the card right away.

Mastercard credit – credit card

A credit card is a prepaid, pay later card. The bank will issue this card based on the customer’s monthly salary or the assets the customer owns.

Credit cards have many types such as standard card (this is the lowest card), gold (gold), platinum (platinum), … When you use a card with higher rating, you will enjoy great incentives and services. great. However, the disadvantage is that the procedure to make this card is not simple. Then you need to prove your income or assets to get a card.

Mastercard prepaid – prepaid card

Compared to the two cards above, the prepaid card is more special than just using the money in the card, you can use as much as you load. However, there is no need to prove income to make a card and this card is currently not linked to your bank account

Which mastercard should i use?

Depending on the conditions and purposes of use, customers can choose for themselves the card they like based on the comparison table below:

Mastercard Debit Mastercard Credit  Mastercard Prepaid
Conditions of use Link to a bank account Proof of financial ability No need to link to a bank account
The amount in the account Direct withdrawal from linked bank account Used within the limit of the bank granted Only use the amount on the card
Endow little much little

Advantages and disadvantages of mastercard

Advantages of mastercard

  • Pay when buying goods, using services with many attractive incentives.
  • When using a credit card, you do not need to carry a large amount of cash, avoiding the risks of theft, dropping, ..
  • Traveling abroad, you do not have to worry about foreign currency exchange when going abroad, not dependent on foreign currency where you are going.
  • When it is lost or stolen, you just need to notify the bank, lock the account so that there are no unexpected transactions…

Disadvantages of mastercard

  • To open a Mastercard Credit card (credit card), you need to have proof of your finances, income and need to add necessary documents and documents at the request of the card opening bank.
  • With a credit card, it can cause you to incur unexpected credit debts due to overspending, failure to manage personal expenses, etc.
  • When withdrawing money at an ATM other than a bank, it will consider you as a foreigner withdrawing money and charging a high foreign currency conversion fee.
  • If you reveal the number printed on the card, the name of the cardholder, the expiration date and the CVC number on the back of the card, someone will “spend” your money.

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MasterCard card opening conditions

Card Name  Conditions Procedure
Mastercard Debit Card
  • Individuals are Filipinos/foreigners residing in Philippines and need to use the card.
  • Satisfy the conditions for card issuance and use as prescribed by law.
  • Card issuance application form and card use contract (according to the form of the card issuing bank).
  • Application form for opening an account (in case you do not have an account).
  • Other documents required by the bank.
Mastercard credit card
  • Individuals are Filipinos/foreigners living in Philippines
  • Age at least 18 years old at the time of application.
  • Customers have stable jobs, monthly income from 4,500,000 or more.
Personal profile:

  • Copy of valid ID/passport.
  • Copy of permanent residence.

Financial documents:

  • Copy of employment contract.
    Electricity, water, internet, cable TV bills of the last 1 month.
    Salary account statement for the last 3 months.

Card opening profile:

  •  Application form cum credit card contract.

Open a mastercard at the bank

You can go directly to the branch of the bank where you intend to open the card. When you go to the bank and ask the support staff for information and how to make a card, they will assist you.

Then you proceed with the procedures, check the conditions right at the bank to avoid losing travel time.

Make mastercard online

There are many banks that support online registration, but only for international credit and debit cards. You can register right on the bank’s website:

  • Visit the bank’s website.
  • Select the type of card you want to open.
  • Then click on Register to open a card.
  • Fill in personal information, contact, income, …
  • Then make an appointment with the bank to complete the procedures.

Conclusion

So here you have answered the question of what a Mastercard is and the information related to this card. Hope you will get useful knowledge. For more information, you can call hotlines of banks for advice.

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