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Credit Card: You must have heard about credit cards and debit cards. But have you ever noticed RuPay cards, Visa cards, and Master cards written on them?
From September 2024, the Reserve Bank of India has given customers the freedom to choose a card. Customers can choose the card of their choice. The customer will have the option to choose MasterCard, Rupay, or Visa while applying for a new credit card and while renewing it. Whereas earlier the bank itself used to decide which network's card you will get.
What is the difference between the three cards?
Visa, MasterCard, and Rupay are all payment network companies. These companies provide cashless payment facilities through cards. Rupay Card is an Indian company. It provides payment facility with all Indian banks and finance companies.
On the other hand, Visa and MasterCard are foreign payment network companies. Visa is the world's largest payment network. While MasterCard is second on this list. Since Visa and MasterCard are foreign payment gateway companies, their facility is available in almost every country. That means you can easily make payments anywhere with these two cards.
Lower charges on Rupay card
The rupay card is an Indian payment network card. This card was launched by the National Payments Corporation of India (NPCI). The rupay card is operational only in India i.e. only Indian transactions can be done with it. However, it has a lower service charge than Visa and MasterCard.
There is no other type of service charge in the Rupay card as compared to Visa and MasterCard. But there is a limit on the usage of this card. If we talk about the benefits, then if you do not do foreign transactions then a Rupay card is better for you because you will be saved from many types of service charges.
