Difference Between Maestro Card And Mastercard
When it comes to payment cards, there are a few different types that you might be aware of. There is the Mastercard and the Maestro card. But what is the difference between these two?
The main difference between a Maestro Card and Mastercard is that the former is a debit card issued by Mastercard itself, while a Mastercard can be either a debit or a credit card.
Let's dive deeper & further explore the key differences between these two types of payment cards.
What is a Maestro Card?
A Maestro card is a debit card that can make payments and withdrawals. This type of card is linked to your bank account, which means that the funds are immediately taken from there when you make a purchase or transaction.
One of the benefits of using a Maestro card is that it's widely accepted online and offline. You'll also find that this type of card usually doesn't come with an annual fee.
Maestro Card is one of the offered products by Mastercard. When using a Maestro card, you will be able to enjoy all the perks and advantages that are associated with Mastercard.
This Mastercard product can be used anywhere Mastercard is accepted, which means you'll have plenty of places to use your card. In addition, the Maestro card comes with several features that can benefit cardholders.
Additionally, the Maestro card comes with Mastercard ID Theft Protection, which provides 24/7 monitoring and alerts if your personal information is compromised. And if you're ever in a bind, the Mastercard Global Service can provide 24/7 assistance with lost or stolen cards.
What is a Mastercard?
Mastercard is an American multinational financial services corporation. Founded in 1966, Mastercard Inc. has become one of the world's largest card issuers. A Mastercard can be either a debit or credit card. It functions in much the same way as a Maestro Card.
Like the Maestro Card, a Mastercard is widely accepted and can be used to make online and offline payments. And, similar to the Maestro Card, there usually isn't an annual fee associated with this type of card in most cases.
Mastercard has its main rival Visa, another American multinational financial services corporation. Both these companies compete in the credit and debit card market globally.
Key Differences Between Maestro Cards And Mastercards
Now that we've looked at each type of card in more detail let's take a look at some of the key differences between Maestro cards and Mastercards:
The difference in the product segment
The main difference between these two payment cards is that a Maestro card is a debit card, while a Mastercard can be either a debit or credit card. If you're looking for a card that you can use to make payments and withdrawals, then the Maestro Card would do the job. However, if you're looking for a card that offers more flexibility in using it, then the Mastercard would be the better choice.
The difference in the limit of spending
Another key difference to be aware of is the spending limit. With a Maestro card, you can only spend up to the amount that you have in your bank account. However, with a Mastercard, there may be a credit limit attached to it if it's a credit card. This means that you could potentially spend more or less than what's available in your bank account.
The difference in interest rates
There is usually no interest charged on transactions made with a Maestro card when it comes to the interest rate. This is because the funds are taken directly from your bank account. On the other hand, if you're using a Mastercard, an interest rate may be charged on credit card transactions.
The difference in terms of usage
Another key difference between these two types of payment cards is how they can be used. A Maestro card can only be used to make payments and withdrawals. However, a Mastercard can be used for various purposes, such as making online purchases or making solely credit-based payments.
Comparison Chart: Maestro Card Vs Mastercard
Parameters | Maestro Card | Mastercard |
Type of card | Debit | Debit or Credit |
Interest | Low or non-existent | High |
Launched | 1991 | 1979 |
Limit | As per funds in the bank | Either credit-based or fund based |
Similarities between a Maestro Card & Mastercard
Let's now take a look at some of the similarities that these two types of payment cards share:
They're both widely accepted
One similarity between a Maestro card and Mastercard is that they're widely accepted. This means that you'll be able to use either card type in most places, online or offline.
They can both be used for making payments
Another similarity is that both types of cards can be used to make payments. Whether you're using a Maestro card or Mastercard, you'll be able to use it to pay for goods and services.
They usually don't have an annual fee
Finally, another similarity between these two types of cards is that they usually don't have an annual fee. This means that you won't have to worry about paying a fee for using either card type. However, some credit cards issued by Mastercards can have a nominal annual fee for their users.
Both have similar security features
Both Maestro cards and Mastercards come with a chip and PIN feature in terms of security features. This means that you'll need to enter your PIN to make a transaction. In addition, both types of cards also come with fraud protection features.
Maestro is Mastercard
In a way; you could say that Maestro is a type of Mastercard. This is because Maestro cards are issued by banks and processed on the Mastercard network. So, in a sense, they're the same.
Conclusion
Now that you know the key differences between Maestro cards and Mastercards, you can decide which type of card is right for you. Whichever card you choose, make sure to read the terms and conditions carefully so you know what you’re getting into. Have you ever used either of these types of cards before? Let us know in the comments!
References
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