A Nigerian who goes to a bank to apply for a card might be a bit confused as to which one to choose. I was. This is because most banks provide up to 3 options to choose from: Verve, MasterCard and Visa. What is the difference between them all? Which offers the best benefits? Which one should you get?
Well, that is what this article is about; helping you make your choice based on the information we would share with you. You will get the opportunity to look at the advantages and disadvantages of all the options side-by-side.
First of all, these cards are simply payment networks that connect merchant payment terminals with your bank’s credit card department. Simply put, they make money by processing transactions between your point of purchase and your bank.
This card was made for the Nigerian market and it is only acceptable in Nigeria. The Verve card allows you to conveniently pay for goods and services on all ATMs, as well as POS, Web, Mobile, Kiosk, PC POS, Voice and bank branches connected to the Interswitch network.
With a Verve card, you can pay Prepaid PHCN bills, buy Virtual Airtime Top-Up and transfer funds on the Quickteller platform easily.
To make use of Verve/Interswitch card for QuickTeller transactions, you will pay a transaction fee of N100
Originally founded as BankAmericard from Fresno, California in 1958, Visa came of age after Bank of America’s 18 year experiment with credit cards was rebranded to Visa in 1976.
Now based in Foster City, California, a corporate restructure created Visa Inc. in 2007. Visa is popularly traded company on the New York Stock Exchange following an Initial Public Offering traded in 2008, listed under the stock shorthand ‘V’.
This card is acceptable internationally. With a Visa Card, you can pay for things on US websites like Amazon or China based websites like Aliexpress. It is also acceptable on most ATMs and for making POS payments. It’s also now accepted on Interswitch powered websites like Quickteller, Jumia and Konga.
When using this card for QuickTeller transactions, you will pay a transaction fee of N100
MasterCard was established in 1966 with its product names the Master Charge: The Interbank Card. By 1979 it was renamed MasterCard.
Based in Purchase, New York with its global headquarters in O’Fallon, Missouri, MasterCard was previously structured as a cooperative owned by over 25 thousand financial institutions.
This card is acceptable internationally just like the Visa card. It’s also accepted locally on interswitch websites like Quickteller, Konga and Jumia as well as international sites like Amazon and Aliexpress. When using this card for QuickTeller transactions, you will pay a transaction fee of N100
1. All the cards carry electronic chips which you should handle with care. Avoid putting your card in your back pocket all the time since sitting on it can reduce its lifespan.
2. They all come with about 16 digit card numbers, a validity date and a 3 digit CVV code at the back.
3. It may come printed with your name if it’s a personalized card that takes about week to produce or it may not bear any name if it’s the non-personalized one that is issued instantly.
Some banks offer dual services like the MasterCard Verve Debit Card which is extremely versatile and simple to use.
My verdict: They are all really good cards with their own unique perks. I use my Verve card more often because of its convenience, my sentiments towards promoting all things Nigerian and the ease it offers me when making local transactions – which I engage in more than foreign transactions right now – but your choice will ultimately depend on your preference and lifestyle.
Which card do you use? What benefit do you love the most? Please share your thoughts in the comments section.
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This article was first published on 23rd June 2015