The content is accurate at the time of publication and is subject to change.
From the days when credit cards were introduced till the current days of wireless and contactless payments, Mastercard have been ruling the industry, as it has every option you would want. It has evolved so much to offer a series of credit cards with every package you can think of and every offer you would desire. Each type of Mastercard has its own unique features and benefits and rewards. Though your credit card might have the logo of Mastercard Company, it only acts like a channel for the transactions to happen rather than the company lending you the money. Millions of people from hundreds of countries possess a Mastercard.
Mastercard has a huge market to survive any economic depletion. There are different types of cards that are offered. Some of them are the debit card, credit card, prepaid card, gold card, paypass card etc. Let us have a brief look at each type of card.
A Mastercard credit card can be used to utilize services and procure goods on credit. There are several credit cards based on your credit history, income level, and few other criteria. A debit card let you to procure commodities only if you have sufficient money in your account. At times just the logo of the Mastercard for the debit cards attached to the bank accounts would let you use the debit card for an ATM usage and other purchases. A prepaid Mastercard, as the name suggests, requires an amount to be paid or deposited before you can use the card to spend from. It is almost similar to a debit card. The difference is these cards cannot be linked to a bank account. With a set amount, you may use them as gift cards.
A paypass card is a recently launched Mastercard that lets you use the card without swiping the card or entering your PIN number. Even a receipt is not required. The tiny chip that is inside the card does the needful reading for the transactions. You may also request this paypass card as a debit or credit card.
The gold card, though used as a normal Mastercard credit card, adds points on selected usage of the card. These points are normally exchanged for cash or other services. The terms are based on the individual card types, and the offers on the time of your purchase.