Who are Mastercard credit cards suitable for?
Mastercard credit cards are available to cater to a diverse range of customers, from points-hackers and deal-seekers to small businesses and freelancers.
- Frequent travellers seeking rewards or perks like air miles
- Those looking for cashback on everyday purchases, such as groceries
- Individuals aiming to build or improve their credit score
What to compare for Mastercard credit cards
When choosing a Mastercard, consider the following factors:
- Annual fee and waivers. Does it have an annual fee, and if so, can it be waived?
- Rewards and cashback. What kind of rewards or cashback can you earn, and on which types of spending? Are there any caps or tiers in place?
- Interest rates. What interest rate would apply if you carry a balance and will it be affordable?
- Foreign currency transaction fees. Are there fees for using the card abroad or for online purchases in other currencies? Some credit cards don't charge foreign transaction fees, saving regular travellers a lot of money.
- Additional features. Does the card offer anything particularly appealing to you that isn't available with any other card?
How to compare Mastercard credit cards
You can compare Mastercard credit cards the same way you can compare any credit card with these steps:
- Determine your spending habits and lifestyle priorities. There are cards with rewards for grocery shopping, dining out at certain restaurants, overseas spending, etc. Rewards are generally in the form of cashback or points, e.g. KrisFlyer miles per dollar spent.
- Research cards that offer rewards and benefits tailored to your preferences.
- Check for potential annual fees, interest rates, and any other charges you may incur.
- Examine which cards offer worthwhile perks, such as travel insurance or complimentary airport lounge access, that you would actually use if you had.
- Compare your top choices based on the factors listed above, and consider independent reviews from other cardholders to help you make an informed decision. For example, ask friends or family if they've got the same card.
Pros and cons
- Wide acceptance at merchants worldwide
- Variety of rewards and cashback options
- Access to exclusive benefits, such as dining and entertainment deals
- Can lead to overspending if not managed responsibly
- Some cards have high annual fees or interest rates
- Potential fees for foreign transactions
Can I use my Mastercard credit card overseas, and what fees should I expect?
Yes, Mastercard credit cards are widely accepted overseas. However, using your card for foreign currency transactions or at ATMs abroad may attract additional fees. Contact your card issuer for detailed information on any applicable fees.
How can I redeem rewards or cashback on my Mastercard credit card?
Rewards or cashback redemption procedures vary by card issuer. You may need to log in to your online banking portal or call the issuer's customer service hotline to learn how to redeem your rewards or cashback.
Is Mastercard better than Visa?
There is a similar mix of offers using Mastercard as there is for Visa. Both are accepted globally. Typically if a store accepts one, they accept the other.
Is Mastercard better than Amex?
In terms of acceptance, Mastercard is generally accepted more widely than Amex. However, it's widely accepted that Amex have stronger welcome bonus offers and better ongoing rewards.