To start off, we have to make it clear that neither the MasterCard Corporation nor Visa Company issues any of the cards made in their names. Besides, these cards are methods of payment, with the banks in many countries issuing the credit cards that use said payment methods.
You will find both debit and credit cards under the Visa and MasterCard names issued by many banks and accepted by many establishments. As such, you are actually paying the issuing bank when you open as well as settle your accounts. Moreover, it is also the issuing bank that offers for your rewards.
As now the whole clarification has been made, the question of which one of the two is better must be answered. Actually, Visa is not necessarily better than MasterCard and vice versa for many reasons.
First, both credit transaction processing corporations cater to the same target market. Just take a look at your wallet, and anyone else's for that matter, and you will find the two cards in it.
Second, both cards are widely accepted in many countries of the world. As such, you will also often have very similar experiences when using either one. Take note, however, that there are exceptions to establishments accepting both Visa and MasterCard such as the Olympics - just Visa, please.
Third, both cards often offer the same interest rates, fees and charges and even terms and conditions of use. Instead, when it comes to rewards and promotions, you will most likely find significant differences in the offerings of the issuing banks.
Fourth, both cards profess to be the leader in credit card dispensation with Visa boasting of a billion cards issued and MasterCard claiming more than 25,000 issuing banks. Still, since both are generally accepted in the same establishments, there does not seem to be much of a difference where the ordinary cardholder is concerned.
Fifth, Visa and MasterCard may often have wide differences when issued by competing banks. For example, a bank’s issued Visa may have little in common with Visa issued by other banks and much in common with a MasterCard issued by the same banks. Keep in mind that it is the issuing bank that sets the terms, not Visa and MasterCard per se.
Thus, you can either have one or two of these cards and yet it will often formulate little difference. If you would like to be on the safe side; however, you can always apply for both Visa and MasterCard so that you will always have a choice. This is especially accurate when you find yourself patronizing an organization that accepts one but not the other card. At the very least, you have yourself covered in many ways.
Basically, what all this means is that you need not be too concerned about the type of credit card you may have in your wallet since the resemblance is very close. But, as an alternative, you should focus on the rates of interest, cost and other charges enforced on the utilization of the cards and their reward schemes. Ultimately, what matters most is that who issued the card and the terms and conditions attached to it.