Visa is a world-wide payment processing network that helped process transactions between merchants and banks / financial institutions that issue cards. Visa is owned by participating financial institutions that issue and market Visa products including credit, debit and prepaid cards. Such products carry the logo of Visa. Visa, by itself, does not issue any cards.
Pros of Visa credit cards
A range of card products – Visa offers a range of card products including credit cards, debit cards and prepaid cards and a range of cards including the Visa Classic, Visa Gold, Visa Platinum, Visa Signature and Visa Infinite catering to a wide range of users / lifestyles from retail users to high-end customers who demand exceptional spending power and customized privileges.
Innovative shopping – Wave and shop with Visa payWave! This innovation enables you to pay for your purchases without a signature or a PIN. All you need to do is wave your payWave-enabled card in front of a payWave merchant terminal. This innovative shopping method is also highly secure: your card only works when it is within 4com of the card reader, the payWave terminal can only handle one transaction at a time and, your card is in your hand at all times.
Shopping made secure – Visa uses multiple security layers to verify any of your transactions in as fast as 1.5 seconds and helps protect cardholder data and maintain high levels of trust in the payment system.
Visa also uses a detection system that scans transactions by the thousands per second looking for subtle changes in spending patterns that could indicate fraud. Visa’s application of PCI DSS (Payment Card Industry Data Security Standard) and encryption of transaction information between financial institutions and Visa’s network helps protect against counterfeit card fraud. Visa’s secure network can also help detect and stop large scale ATM ‘cashouts’ to help minimize ATM fraud.
Visa also provides an added level of security for online purchases by using Verified by Visa a free, to-register service that provides an additional layer of security for your online shopping, through an authentication system designed to confirm your identity when your Visa card is used online, either through a password or by using a code sent via text message to your mobile phone.
Payments and transfers – The Visa Personal Payments service enables you to pay any beneficiary holding a Visa card in 17 countries through 70 financial institutions’ through netbanking, mobile or ATM just by entering the recipient’s 16 digit Visa card and the amount. The amount will be credited to the recipient’s Visa credit, debit or prepaid card.
World-wide customer assistance – Visa provides a Global Customer Assistance Service program that provides multi-lingual assistance 24 hours a day, 7 days a week wherever you are in the world through a world-wide network of toll-free telephone numbers. For instance, if your Visa card has been lost or stolen, Visa Global Customer Assistance Services representatives can block your account from fraudulent purchases within 30 minutes, arrange for a replacement card to be sent to you within 3 working days and help provide for emergency cash to be collected from 270,000 locations worldwide.
Accessibility – Use your Visa card to get instant cash access at over 1.9 million ATMs across the world.
Promotions – The bank that issued your Visa card will come up, from time to time, with offers and promotions. In addition, Visa also comes up with special offers and promotions. For instance, you could win great prizes when you pay with Visa at Warehouse Club, you could get $1 off when you spend $9 with Visa payWave at McDonald’s and get exclusive offers on your Visa card at Singapore International Jewelry Expo 2015.
Mobile App – The Visa mobile app, Visa Explore, available for both iPhones and Android phones, allows you to stay up-to-date with the latest Visa offers and promotions, share your travel experiences and earn travel badges and comes with a pack of travel tools including an ATM locator, a currency converter, access to emergency assistance and concierge numbers and travel money facts, airport and Wi-Fi information for 30+ destinations.
Cons of Visa credit cards
- Purchases paid for over time cost more, often much more than cash because you will have to pay for the item, plus interest.
- Credit tempts users into impulse buying.
- When you make credit purchases you are reducing the amount of cash available in the future.
- Failing to make payments on time could ensure that you lose a lot: additional payments in the form of late fees and interest, loss of merchandise and a lowered credit score.
- The above cons apply to all credit cards. Lack of planned and controlled spending could easily lead you into trouble with any card and not just Visa branded cards.