Personal Finance

Difference between visa and mastercard?

  • Last Updated:
  • Jan 20th, 2012 1:00 pm
Tags:
None
Newbie
User avatar
Jan 17, 2012
4 posts

Difference between visa and mastercard?

I got a visa and a mastercard. for master card i can put money from my saving account into my credit account in advance hence i can "break the credit limit". i.e. something is 1500 dollars, but my matercard credit limits is 1000 per month, so i transfer 500 to the credit card, and now i can but the stuff without paying any extra money through the mastercard. Can visa do the same like mastercard, some guys of the bank told me i cannot do this.... i am wondering now.... can i?
not credit card transfer to credit card...from my saving account to credit card.... the reason is if use credit card, i can get money reward back.....
the bank where i got the mastercard recommend me to do it so that i can get reward of mastercard. but the bank where i got the visa told me i cannot
9 replies
Deal Addict
Jul 22, 2005
1399 posts
48 upvotes
Yes, you can add money to the visa too. I do it all the time.

But, sometimes when you put too much, they might question it, and will put that money on hold (5 business days) sometimes.
Deal Addict
Sep 1, 2007
1151 posts
55 upvotes
You can do it. But don't unless u need more than your limit. The reason being your money is sitting idle. If u do it often probably they may call you.
Banned
User avatar
Dec 1, 2011
2427 posts
342 upvotes
Winnipeg
pchi wrote: Ask for a credit limit increase... then you don't have to shuffle money around like that.

+1
Newbie
User avatar
Jan 17, 2012
4 posts
CRXGSR wrote: Yes, you can add money to the visa too. I do it all the time.

But, sometimes when you put too much, they might question it, and will put that money on hold (5 business days) sometimes.

but after i put more money into my visa.. the available limit doesn't increase...
Newbie
User avatar
Jan 17, 2012
4 posts
dealstime wrote: You can do it. But don't unless u need more than your limit. The reason being your money is sitting idle. If u do it often probably they may call you.

wouldn't often. just few times...
Newbie
User avatar
Jan 17, 2012
4 posts
pchi wrote: Ask for a credit limit increase... then you don't have to shuffle money around like that.

how to increase...
Member
Aug 16, 2004
365 posts
85 upvotes
[QUOTE]the reason is if use credit card, i can get money reward back...[/QUOTE]
Some banks do not let you earn rewards on spending that exceeds the credit limit amount. So even if you pre-pay $2000, if your limit is $1000 then you can only earn rewards on the first $1000 of spending. I remember having this problem years ago when I charged my tuition to my CIBC Visa. Call the number on your card and clarify with them if you can earn rewards in this situation.

[QUOTE]but after i put more money into my visa.. the available limit doesn't increase...[/QUOTE]
If you think of the credit limit as the amount you're allowed to borrow, then technically, by pre-paying the card, you're not really getting more credit. You're just putting a positive balance on the card and then spending that balance.

[QUOTE]how to increase...[/QUOTE]
Call the number on your card and ask for an increase.

Top