What is really the master card? I know the difference between credit card & debit card. But actually I have no clear idea about master card. Also would I get the master card from any bank like they offer credit & debit card? Also pls can anyone explain the benefits & limitations of master cards?
Thanks in advance.
Master Card card is a electronic payment card which is issued by an financial bank and the Mastercard uses for processing network transaction communications. Most of the time these cards are branded with its financial banking owner MasterCard logo. This master card helps to identify their eligibility for to use a credit, debit or prepaid cards. It is called electronic payment cards. This cards have cardholder numbers that begin with an issuer identification number (IIN). The IIN can help to identify the card brand with its logo.
The issuing financial institution always pays the cost of making the cards and mailing them to customers with specific card terms and conditions. Mastercard always operate all the transaction processing through network. MasterCard operate as a networking processing servicer but they do not have the capability to underwrite credit or offer deposit accounts on their own.
MasterCard is a financial services organisation which processes the transactions carried out on credit cards operated by a range of banks and other lenders .MasterCard can also be seen as American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York , United States.
Master Card is a financial services provider which processes the transactions carried out on credit cards operated by a range of banks and other lenders. when you see the MasterCard logo on your card that means the transaction is processed and authorize through this service provider. If offer additional security for online shoppers through the MasterCard SecureCode. It applies transactions fee and conversion charges when you transact in other currency.
It did not issue any debit or credit card itself, it only provides services to the banks which issue debit and credit cards and transactions are processed through this service provider. Banks and financial institutions choose this service provider for a reason to provide secure transactions and the customer feels safe while transacting with MasterCard.
Master card Is a card that is used to carry out financial transactions, that include making payments online or purchasing online, withdrawing money from your bank account and also to transfer funds from your account to someone else account. Master card is been issued by MasterCard Incorporated, an American multinational financial services corporations with its headquarter in New York, United States, whose principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the MasterCard.
The Benefits of using a MasterCard are :
1. It gives an individual quick access to the money in his bank account without needing to go to the specific bank before getting cash. You can use the MasterCard to withdraw your money from any other bank ATM stand. 2. It is use to make purchases online with ease by simply entering the MasterCard details and your payment would be successful.
Limits of MasterCard are :
1. The MasterCard can be use to steal money from ones account if mistakenly misplaced because the card details can be used to hack into the owners account. 2. Sometimes network failure can make a transaction to go wrong while using MasterCard to make payment online as the individual might be debited in his account but yet the payment would not be reflected in the website in which he is making the purchase. 3. The charges for using a MasterCard can be sometimes too much, as you would be charged per transaction and also at the end of the month for maintainance fee.
MasterCard is the name of an American financial services company that provides branded payment products for credit card issuers like banks.
A credit card is a small piece of plastic that allows the user to pay for goods and services by borrwing money for free from the credit card issuer. the card contains details of the user account. When a person buy a product in a store using your card, the the seller gets an electronic message authorizing the transaction. advantage of a mastercard master card doesn't only offer credit facilities, their card can also be link to a trading account for debit purpose as well it can be use for online purpose, most especially making purchase of good online
MasterCard is a financial services organisation and thus the name of its product (debit and credit card). The organization is involved int he processing of financial transactions carried out on credit cards and debit cards issued by various banks to their customers. With credit cards one can spend when their is no money in the account and it will be deducted later while with debit cards one can only spend from what is available in the account. There are other organizations who render similar services and they are VISA and VERVE but Mastercard seems to the most popular. The benefits are immense because any financial (local or international) can be done at anytime, anywhere but the limitation is the internet fraud which requires caution
A Master Card card is any electronic payment card that uses the MasterCard network for processing transaction communications. These cards are typically branded with a MasterCard logo. They can be credit, debit or prepaid cards.
BREAKING DOWN MasterCard Card
MasterCard cards are typically issued as a branded card with the MasterCard logo. This helps to identify their eligibility for use. Electronic payment cards have cardholder numbers that begin with an issuer identification number (IIN) distinguishing MasterCard as the processor for electronic payments. The IIN can help to identify the card brand if a logo is not visible.
MasterCard itself is a financial services business that partners with financial institutions to issue MasterCard branded cards that are processed through the MasterCard network. The issuing financial institution usually pays the cost of producing the cards and mailing them to customers with specific card terms. When a financial institution partners with MasterCard then it means that all transaction processing communications must be done through MasterCard as the network processor.
MasterCard does not have a financial business component for credit card underwriting or banking deposit services. Therefore MasterCard serves as a networking processing servicer but they do not have the capability to underwrite credit or offer deposit accounts on their own. This requires them to partner with financial institutions for all card issuance.
A MASTER CARD is a type of card issued by banks or financial companies to their customers or clients, in order to have a beautiful experience banking with the banks. Because with the master card handy, your stress of crediting or debiting your bank accounts becomes lesser, as the master card could be used to withdraw or deposit cash into your account without necessarily having to go to your bank.
Another advantage of a master card is that, it could be used to do online transactions, that is, to make some payments on the Internet. This is beneficial mostly to those who are into online businesses, or even for travelers who would like to do flight and hotel bookings online, one of the advantages of a master card is that, it could be used to pay these fees from the comfort of your home.
Then lastly, if you happen to travel to a new destination, a master card may be used for withdrawal of cash in another countries. Although there might be some restrictions and this transaction might attract additional charges, but it makes things go easily for you.
A MasterCard card is any electronic payment card that uses the MasterCard network for processing transaction communications. These cards are typically branded with a MasterCard logo. They can be credit, debit or prepaid cards. Mastercard can be used for different purposes such as online payments, shopping, school fees payment.
You can sit down in the comfort of your house and make online payments such as hotel fees, flight payments, online utilities bills like cables subscription and the likes.
There are other types of cards e.g verve card but mastercard is the most popular because of its ability to be used for both local and international transactions.
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