Visa vs. Mastercard vs. American Express: Comparing the Credit Card Networks
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- Опубліковано 15 чер 2024
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Visa, Mastercard, and American Express are the three major credit card networks in Canada. What are the differences between each credit card network, and what do their respective product lineups look like?
In this video, we'll go over everything you need to know about Visa, Mastercard, and American Express credit cards in Canada as you look to maximize your rewards from the best credit cards on all three networks - including the rewards, fees, product portfolios, and acceptance patterns of each major player.
0:00 Introduction
0:45 Visa
5:28 Mastercard
9:15 American Express
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Excellent video for comparing and info on the top 3 appreciate it !!
Love all your videos. Great to have a Canadian perspective.
Each card has something to offer. The best thing is to have a panoply of cards, each of which can be used at the appropriate time. Great information, Ricky! Thanks.
Right on, LG.
Greetings from the US... I like your delivery - subscribed
Always good info! Thanks Ricky ✌️
Love your videos and articles. New subscriber. 🙃
Excellent video Ricky. I’m still not clear what brand of card to get. I have a MC and Visa mainly using my Costco MC due to the cash back Options.
I will probably go with whatever Costco comes out with when their Citi M/C ends unless there is something with better options.
Another great video! I learned a lot.
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You do get 4 complimentary lounge access on BMO world elite Mastercard.
Id say one of each, Amex is frustrating in Canada (at least where I am) as a lot of merchants dont want to go outside of their bank for payment processing and dont want to pay the hefty amex processing fees.... If i only got one type it would be mastercard, almost anywhere that takes visa takes mastercard (at least as Ive seen), plus Costco accepts mastercard (not visa), and mastercard seems to be preferred in Europe so good global options.
Great video !
Nice upload thank for sharing
Great video! Can you please tell me where I can look up the interchange rates for the networks you mentioned? I’d be interested in knowing the details.
get 1 of each, one of my cards did not work in europe so i was glad i had another
25k limit on my triangle world elite, no fee :) Amex cobalt 5x points and Amex platinum charge card for travel lounges and flights. No need for visa.
6:09 "masterbanks" 😉
OOPS 🤦🏻♂️
Could you please explain the benefits of BMO World Elite Airmiles Card?
here in Nigeria, most banks issue cards to their customers courtesy of visas, verve, or Mastercard. But my question is why do master cards and visa check people a lot .
As someone that worked at TD retail before, a lot of sales staff are eager to get sales points and won’t ask for proof of 60k income for visa infinite (or won’t ask income period). Not encouraging anyone to defraud their bank, but just saying, your mileage may vary (depending on how stringent your specific teller/advisor is)
This man speaks the truth ☝🏼
Both my roommates don't use credit and it hurts to see all the lost points. On the other hand, no argument when I offer to use my card for groceries every week, effectively getting 6 amex points per dollar I spend since they pay me back.
Also from other videos like you live in Van, or at least spend a lot of time there. If you don't already you should look at doing your grocery shopping at Save On. Save On points are worth $0.00428 when used for travel, which is bad earning the base 1 point per dollar, but they usually have a weekly bonus and some other good offers in their flyer. For example, this week they had buy 5 boxes of granola bars at 2.50 each, get 3000 points. 3000 points=$12.84. Last year I banked over $900 in points, and I'm eating on a student budget. Between this and Amex gold, gonna have a sweet free trip after grad.
I bought an AC unit with my roommate last week and it was a little painful to watch him bring out his debit card! I paid him my half with interac etransfer but I was very tempted to say "it's going on my card and u can pay me back!"
He normally uses a mastercard with cashback rewards but recently had a cellphone fraudulently setup in his name so cancelled it.
I had to rebuild my credit using MC ,, Switching to new bank I've been told that I was being approved for bank VISA , even though the anual fee is 120 ( my mistake didn't do my own research) I finally got the AMEX I needed for my lifestyle ( buying and paying full before the monthly statement )
Definitely going to keep 3 of them , Master because longevity,VISA I think going to need to downgrade it or cancel eventuality)
any advice ?
Greetings from Vanc
Got all three, I favor MasterCard World Elite.
just got approved for BMO elite
I’ve used a visa at no-frills before
I have way too many cards, I'm trying to figure out a good combo to maximize the use of at least 4 cards only.
I just got a charge card from amex. I will never get rid of that card. 😁
At some point I would prefer to have only one Mastercard and visa and a few american express cards.
I've subconsciously built my spending habits around stores that accept Amex over the years. Any store that doesn't I use the infinite privilege card lol
Hey! I was hoping to get advice on what card I should get next. I have the aeroplan visa infinite card from TD and the Amex gold card from Scotia. Should I get the Amex Cobalt or the Amex Aeroplan? 🤔
The Scotia gold and the cobalt both give 5x points on food and groceries. But the Scotia gold gives 3x points on gas/transit vs the cobalt's 2x. There's a lot of overlap on the categories. If your ok with that then the Cobalt is fine but if you dont want a lot of overlap the Amex aeroplan is good.
@@Onii-san but the scotiabank gold provides rewards as scene points right? is it worth as much as MR?
Great video. Just one thing, I'm confused because you mention Amex being charge cards instead of credit cards. However I have both the Cobalt and Marriott Bonvoy cards and they act as credit cards with minimum payment options
Platinum and some of the aeroplane cards are charge cards.
Amex issues some "charge" cards but most of their cards in Canada are "credit" cards.
@@dougpatterson7494 makes sense as I'm in Canada
I don't understand why AmEx is pushed so hard. It's only good for hotels, food, and aviation. I have the business card but no place to use it. Have to look for something different card
Hallo, can you talk about Union pay?
I had the chance to travel from Czechia to Romania last year. Well, Hungarian highway authorities turned out not accepting AmEx. Fortunately, I had my MC Gold, so, problem averted, but it means, you need more cards. Imagine having a Centurion and not being able to pay, because someone doesn't take AmEx at all.
dont the business platinum amex have a 55 day repay allowance?
I was litteraly about to apply for the amex platinum but after doing a bunch of research, Canada merchant stores rarely accept amex. This suck because inreally wanted to flex the card around. So, I went with Mastercard:)
I use my Visa as my number 1, American Express as my number 2, MasterCard collecting dust at 3
I have both ie a mastercard credit card & a visa debit card :)
Hey which bank or partner is the Mastercard featured in the intro at 8 seconds in?
I would like to see a higher end credit card in Canada.
Got a quick question, is the HSBC World Elite MasterCard a normal plastic card or is it metal?
Plastic.
Hi Ricky: I have the TD VISA Aeroplan Infinite Card, and I looked up the benefits..... It makes no mention of lounge passes. Have I missed something?
I mentioned that the Scotia and CIBC cards have lounge passes, while the CIBC and TD cards have a NEXUS credit.
I am a new subscriber. Love the content. Would just love it if there was more in relation to air miles.
people keep saying that banks sometimes won't ask for proof of income, does that mean I can "misclick" the button, or would that get you in trouble or what
Great quality informative videos for the Canadian rewards space. Always appreciate your content.
Thanks for watching!
I’ve heard Visa are widely more accepted in Asia is this true?
Visa is definitely my favourite network but Amex for benefits. As a side note Freshco in the Toronto area now accepts Amex along with Metro/Sobeys and no frills does take visa they just don't advertise it.
Yeah I've been able to use Visa at a few No Frills locations but most I've been to have said Mastercard only
Ricky, Thank you for another fantastic video.
طيب ممكن اعرف زاي استخرج بطاقة visa في مصر
I will let you know that some visa cards in Canada are not accepted in a drivers license or the government office to pay online
Why and which ones?
Had the Platinum Card upside down.
I like Amex cardholders, they do actually spend more, in additional, 0.5%-1% different really aren't big deal at all when they spend more. Unless you are running a business with 1% net profit.
Net margin *
American Express, what's that?
Love to hear you take on surcharges for credit card. Educational institutions usually don't accept credit cards. If they do, they will put 2.25% surcharge (Humber College for example). Mom and pap shops have minimum spend requirement before they would accept credit cards and they also impose around 2% surcharge on your purchase to cover the interchange fees. I wonder if all merchants caught on, this will be the end of generous reward programs.
In Canada, or at least Alberta, merchants aren't allowed to charge different prices by method of payment. Some businesses get around this by not accepting credit cards directly but allowing you to pay through a third party that charges a 2.5% fee.
I know Telus, one of Canadas "big three" telecoms, has asked for permission to charge fees to those who pay with credit cards.
@@dougpatterson7494 this has changed many merchants add the fee into the price or notify you at time of payment should you use credit.
Can’t thank you enough for posting this Ricky. Another high quality video.
Glad you enjoyed it!
Thanks Ricky..... great info as usual...
Let’s say i have an income of $80k per year and I have a household income of $250k per year. Can i apply for the CIBC visa infinite privilege card?
Yes you can, as one of the income qualifier is household income. So even if you make only $1 a year, but your household collectively makes $250,000, you are qualified.
👍thumbs up!
Thank you! Cheers!
There's AMEX, and then everyone else lumped into a distant second for value 🤷♂️
I don’t understand the American Express because no one accepts it.
YES!! INTERAC IS THE BEST!!
Note: RBC requires two years income verification for even a small credit limit card. Unless your pre approved!
They are very difficult 😣
Yea can’t stand RBC - so snobbish. TD is the best!
Not for me I just gog approved recently for a 9,600 limit.
@@minazkarim and were you pre approved or did you have to show income verification.
I agree TD is far better also National!
@@michaelreid8857 I applied and got approved without income verification.
@@minazkarim that’s the problem with RBC. No consistency. I got a $500 Visa used it paid it on Time in full and 90 days later wanted another product.
Approved, contingent on verification I could not produce!
Never heard of the MUSE Mastercard, gonna keep my eyes open for that.
Also got Approved for the CIBC VI today, gonna transfer that Buddy pass for those good old AP points
It's been pretty mysterious but the trademark was registered in Canada back in 2019 and there were some whispers about Rogers being the first bank to issue one. We'll see!
I think you could significantly increase your views by shortening the videos and use on screen visuals to convey and compare details. Great content, would just prefer a more condensed version. Regardless will keep watching for your tips and insights. Thanks
like almost every other youtuber... Problem is the algorithms incentivize content creators to make longer videos.
You are absolutely correct and I plan to be launching short-form content sometime very soon 👍🏼
@@PrinceofTravel Dude, keep the long-form. You dropped a LOT of info in this video and I totally enjoyed it. Thanks for the fantastic video.
@Prince of Travel keep doing what you do. The CONTENT is better than gold‼️👏🏽👏🏽👏🏽
I have all three and I have to say I don't see the benefit of American Express. Half the time the card is not accepted at the majority of businesses.
So we just gonna ignore Discover?
@@CheekyBird790 the acceptance outside of the U.S. is not low at all. You can use a Discover card in some African countries, South America, Europe and Asia.
Does Mastercard/Visa give generous credit limit for business credit cards?
In my experience they can get fairly generous ($20k+) but it obviously doesn't compare to an Amex charge card.
@@PrinceofTravel Heck, even my Amex Cobalt has $25k credit limit!
It would of course depend on both the bank as well as the owners credit report.
I have the business American Express Platinum card and I am very disappointed with the customer service provided by AMEX.
Random question for you Ricky, if you knew someone who hit the 2 million mile mark on aeroplan and had the 50k status for life to gift to a friend, how much would you value it at?
Hmm, that's a tough one. I'd probably peg one year of 50K around $1,000, so for life... it would depend on how old the person is, adjusted by an appropriate discount factor. 😉
I’d be down for 50k for life.
They will all replace by bitcoin
Very useful, helpful and would save people a lot of money and increase benefits. . So its hard to complain, but slow down a bit and stop hitting the table when your are using your hands and arms, it gives a thumping to the ears. This is hard on the ears and you do this on all your videos.
Appreciate the feedback.
i thought you will be in vancouver this week.
Polly pre recorded
I am! As @Abdullah said, I shot this one last week.
Top churning misconceptions
1. Amex merchant fees are the highest
2. Credit hits ruin your credit
3. Aeroplan redemptions are expensive
Great analysis as always Ricky.
Thanks Chris - Number 2's a real headscratcher for most people it seems
Overall though, Amex is the highest. This is a big deal for small business.
They would exclude the hyper premium MC & Visa if it wasn’t so impractical to do so.
Wait, Amex is dropping the Shang???
Yes -- last two days to register!
@@PrinceofTravel how long one can keep the Jade if already registered?
@@newbeetle98 Should be through end of 2022 I would imagine
I’m starting my first job out of university, how long do I need to be working before I can show that I meet the income requirement?
After your first T4 should be good. 👍🏼
Depends on how strict your banker decide to be. When I worked at td technically income verification must be “at least for 3 month, after probation ends”
There is no "Best Card". The best card will be always the one that approved your application. lol
Didn't know Costco in Canada only take Mastercard! In the US, they only take Visa lol
I heard you can actually use costco visa in canada and costco mc in us, but it might change later in the year with whatever new setup they have coming up
Hopefully their new partnership (now that Capital One is exiting Canada) is something more exciting!
Vs the Chad Discover vs the Vlad Mir network vs the Thad UnionPay
Thad???
@@PrinceofTravel the tier above even Chad and Vlad
The fact that almost 50% of all payments are made by debit cards is in my opinion great for us.
The banks should look at this as opportunities to gain new clients.
Desiring new clients, should induce them to offer sweet sign up bonuses!
If everyone, used a Visa or
M/C, they would have less incentive, to get new business!
I just love my TD Visa Interac card for all my gas and grocery spendings and I will keep my no rewards for me ! AH !
I have low respect for restaurants that don't accept amex. They focus so much on how to reduce short term cost. They customers they declined could've spent a lot of money that the transaction fee is almost nothing.
8:58
Because we really need a card that has a higher minimum income requirement than $200k? Said no one, ever..
..
Or, very, very few!
隐约听到些中国口音？这里面运通是环球旅行中最不方便的。
口音一聽就是中國大陸的
肯定的啦
Ricky I have a query, can I message you on Instagram?