Consumers who compare credit cards and intend to apply for one do not make their choice based on the scheme but the provider, it has been claimed.
According to UK payments association Apacs, borrowers are not concerned about whether the card they choose has the Visa, Mastercard or American Express symbol – as long as it is contains one of them.
Apacs suggested that the credit card user only considers this aspect when it comes to paying, which they are able to do across the globe with any of these card schemes.
“If your card is obviously badged with one or the other it means that you can use the card worldwide,” said Jemma Smith, a spokesperson for the financial organisation.
“I don’t think anyone can honestly say that they take which badge is on the card into consideration when they apply for a credit card,” she added.
Apacs’ comments come as it was revealed that Maestro debit card holders who lost money in the collapse of savings club Farepak may not be able to claim their money back, whereas those who used a credit card to deposit money into the fund may be protected.
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