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A Closer Look at Visa & Mastercard Benefits
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A Closer Look at Visa & Mastercard Benefits

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Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only. ...

Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only.
17 U.S. Code § 107 - Limitations on exclusive rights: Fair use
Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.

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A Closer Look at Visa & Mastercard Benefits A Closer Look at Visa & Mastercard Benefits Presentation Transcript

  • Visa & MasterCard A Closer Look at .. Consumer Benefits
  • Visa Benefits • Protect and manage your purchases o Visa cardholders can register a product and extend a manufacturer’s warranty. One convenient service makes it quick and easy. Price Protection • Purchase Security o Many Visa card purchases are protected against theft or damage for the first 90 days from the date of purchase. • Cardholder Inquiry Service o provides customer phone support for general inquiries and provides product or service information to all Visa cardholders. • Emergency Card Replacement o Visa credit cardholders can get an emergency cash advance disbursed or a card replaced within one business day, or in some cases, within 24 hours, after approval. o Visa Global Customer Care Services associate (1-800-847-2911
  • MasterCard Benefits • Extended Warranty o Doubles the original manufacturer's or store brand warranty for up to one year when you pay with your eligible MasterCard card. • Price Protection o Should you find a lower price for a new item within 60 days from the date of purchase using your eligible MasterCard card, you may be reimbursed for the price difference • Purchase Assurance o Provides coverage for most items you purchase with your eligible MasterCard card if the item is damaged or stolen within 90 days of the date of purchase. • Satisfaction Guarantee o If you become dissatisfied with a product you purchase using your eligible MasterCard card within 60 days of purchase, and the store will not accept a return, you may be eligible for a refund for the cost of the product up to $250. Selection of benefits on your card varies by card type and by card issuer. Please refer to your issuing financial institution for complete coverage terms and conditions or call the MasterCard Assistance Center at 1-800-MC-ASSIST (1-800- 622-7747) for details on your benefits or to file a claim.
  • Travel• Most cards include Travel Service. • This could be in the form of cancellation or trip interruption coverage • Accidental Death and Dismemberment • Some cards may even offer coverage for lost luggage or even some emergency medical coverage to their clients.
  • Car Rentals • Most major credit cards come with no-cost rental car collision and theft protection. All Visa, American Express, Discover and Diners Club cards marketed today have the coverage, while MasterCard offers it to those at elite levels who have better credit. • Decline the rental company's collision waiver. • Be the primary renter of the car. • Pay for the car in full with the card that provides the protection. • Contact your credit card provider for details
  • Overseas Purchases • You may face difficulties when trying to use debit cards overseas. Since credit cards are typically more widely accepted you may find that it's easier to use a use a Chip-and-PIN card if traveling to abroad. • Always contact your card provider before you leave home to advise the company on your travel itinerary and to discuss any card security concerns. • Request the collect phone number to your provider as the toll free numbers generally do not work overseas.
  • Online Purchases • Credit Cards often provide a certain amount of coverage for fraudulent purchases, which can really help cardholders if their credit card information happens to fall into the wrong hands. • Though many debit cards will offer some similar coverage, the length of time given to report these fraudulent charges is typically shorter. • You should also avoid any websites that don't use a secure payment site. You'll know the site is secure when you see a lock icon on the browser, or the website address begins with "https" instead of just "http."
  • Surcharge
  • Merchant Surcharging - Visa • In November 2012, the United States District Court for the Eastern District of New York preliminarily approved a proposed settlement agreement in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. As part of this settlement, Visa is required to implement certain Visa International Operating Regulation rule changes, including the ability for merchants in the U.S. and U.S. territories to surcharge certain credit card transactions beginning January 27, 2013. • Merchants who choose to surcharge once the rule changes take place will be required to follow certain requirements, including disclosure of surcharge practices to customers at the store entry point and at the point of sale. The following information and resources are available to assist merchants who opt to surcharge in preparing for these changes. • http://usa.visa.com/merchants/operations/surcharging.html
  • • Pursuant to a settlement of the U.S. merchant class litigation, MasterCard will modify certain rules and business practices to permit U.S. merchants to apply an extra checkout fee, also known as a surcharge, to customers who pay with MasterCard-branded credit cards. • The rule change permitting such surcharging will go into effect on January 27, 2013. These fees are not allowed on Debit MasterCard or MasterCard prepaid cards. • http://www.mastercard.us/merchants/support/surcharg e-rules.html Merchant Surcharging - MasterCard
  • Violations
  • Reporting Visa Credit Card Violation • The easiest way to get in touch with Visa is to call them at 1-800-VISA-911(1-800-847-2911). Alternatively, you can call the number on the back of your card. • If you would prefer to send a written complaint, you can address it to: • Visa U.S.A. Inc. P.O. Box 194607 San Francisco, CA 94119-4607 • You may also register your complaint online through https://usa.visa.com/checkoutfees/contact.jsp
  • Reporting MasterCard Credit Card Violations • You can call in your complaint to 1-800-MCAssist (1- 800-622-7747), or you can call the number on the back of your card. • Alternatively, you can register your complaint online via the http://www.mastercard.us/support/merchant- violations.html page. • You’ll be asked for your name and address, details about the merchant, and the nature of the problem. There is also space for freeform comments.
  • True or False? “May I See Your ID?”
  • Can a retailer ask for a ID? • Visa and MasterCard rules prohibit the acceptance of unsigned cards. If you present one, the merchant must ask you to sign the card and supply an ID. Visa guidelines specify that it must be an official government ID. • Discover's policies are more intrusive. They state that a store employee who has doubts about the validity of a card should "request and review additional identification" from the customer. And for an unsigned card, the company requires two pieces of identification, including one government-issued photo ID. • American Express is more vague. It requires merchants to "verify that the customer is the card member," but its rules make no direct mention of requiring an ID.
  • Zero Liability
  • Visa - Zero Liability • Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. • Cardholder must notify issuer promptly of any unauthorized use. • http://usa.visa.com/personal/security/visa_security_ program/zero_liability.html
  • MasterCard - Zero Liability • Zero Liability does not apply to MasterCard or Debit MasterCard cards issued for commercial, business or agricultural purposes, except for MasterCard commercial cards used for small businesses as listed on www.mastercardbusiness.com; or issued or sold "anonymously" (for example, a prepaid card purchased in a store), until such time as the identity of the cardholder has been registered with the financial institution that issued the card; or if a PIN is used for the unauthorized purchase. • http://www.mastercard.us/zero-liability.html
  • Identity Theft Protection
  • Visa - Identity Theft Protection • Visa has the best tools in place to prevent and detect fraud, but in the event it does happen, they can put your mind at ease. If you suspect you’ve been the victim of identity theft, Identity Theft Assistance puts you in touch with the information and help you need. • Visa partners with the identity theft consumer network Call For Action. You can reach the service's trained counselors by calling 1-866-ID-HOTLINE. They'll walk you step-by-step through the process of regaining your identity. • http://usa.visa.com/personal/security/visa_security_prog ram/id_theft_assistance.html
  • MasterCard- Identity Theft Protection • MasterCard is a proud member of the Identity Theft Corporation, which operates the Identity Theft Assistance Center (ITAC). ITAC is a cooperative initiative of the financial services industry to address and reduce the human and economic consequences of identity theft. ITAC provides a free victim assistance service, and partners with law enforcement to help find and prosecute identity theft criminals. • http://www.identitytheftassistance.org/pageview.php?c ateid=41 • https://www.mastercard.com/us/personal/en/securityan dbasics/identitytheft/
  • Compiled and designed by Mark Fullbright , Certified Identity Theft Risk Management Specialist™ (CITRMS) as a free service for consumers to protect themselves with consumer benefits and reduce their exposure to identity theft. Stay Safe, Stay Secure Company names mentioned herein are the property of, and may be trademarks of, their respective owners and are for educational purposes only. 17 U.S. Code § 107 - Limitations on exclusive rights: Fair use Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.