One of the most popular cards used is the MasterCard. With a wide range of acceptance, millions of people rely on the name of MasterCard for global acceptance. The best feature about MasterCard is that it provides separate cards for different situations. Each type of card has its own specifications with advantages and disadvantages attached to them.
Different types of MasterCard
1. Credit cards – The standard credit card by the MasterCard Company can be used to make cashless transactions any where in the world. The user gets the opportunity to choose from the different types of credit cards depending on their income and financial credibility. High-end credit cards have larger credit limits.
2. Debit cards – Debit cards are used to withdraw money from the bank ATM`s and is linked to the user`s bank account. These cards can also be used to make purchases only if the cardholder has money in his account. The debit cards cannot be used for credits. The amount of money that can be withdrawn from an account remains fixed.
3. Prepaid card – A prepaid MasterCard is same as debit card. There is a set limit to the spending amount. The card remains “loaded” with money rather than being linked to a bank account. These cards also commonly used for gift purposes.
4. Gold card – The MasterCard Gold card functions as the normal credit cards in terms of allowing the users to purchase goods in credit. The advantage of these cards is that they allow the users to collect points as per their ability to purchase and the amount of purchase. The users can redeem these for goods, services and even cash. The exact condition for cash back and point redemption varies as per the issuing bank.
5. Pay pass card – A relatively new type of MasterCard that has been introduced to allow users to make purchases but without the need to swipe their credit cards or enter a PIN number or sign any receipts. These Cards are provided with a small electronic chip that remains embedded into the card. As and when the MasterCard is held against a Pay Pass reader, the transaction gets immediately completed without the need for further input from the credit card holder. A Pay Pass MasterCard can function both as a credit card or debit card as per the need of the customer.