Bremo › Credit Cards › Visa vs Mastercard
Updated: March 2026 | Reviewed by the Bremo editorial team
Visa and Mastercard are the two most widely accepted payment networks in the world — and in Canada, both are available through virtually every major bank. But there are real differences between the two that can affect your everyday spending, international travel, and the benefits you receive. Here's what Canadian cardholders need to know.
| Feature | Visa | Mastercard |
|---|---|---|
| Global acceptance | 160+ countries, 80M+ merchants | 160+ countries, 80M+ merchants |
| Canada acceptance | Virtually universal | Virtually universal |
| Costco Canada | Not accepted | Accepted |
| Currency conversion | Visa exchange rate | Mastercard exchange rate |
| Zero liability | Yes | Yes |
| Luxury benefits (top tier) | Visa Infinite Privilege | World Elite Mastercard |
| Contactless | Visa payWave | Mastercard Contactless |
In Canada, Costco only accepts Mastercard for credit card payments. This is a significant practical difference for Costco members. If you shop at Costco regularly, you'll want at least one Mastercard in your wallet — or you can pay with Visa Debit (different from Visa credit).
Both Visa and Mastercard use competitive exchange rates that closely track the interbank rate. The difference between the two on any given day is typically less than 0.1%. What matters far more is your card's foreign transaction fee — usually 2.5% — which applies on top of the network's conversion rate.
Cards that waive foreign transaction fees (like the Scotiabank Gold Amex or Rogers World Elite Mastercard) save you 2.5% regardless of whether they're Visa or Mastercard.
A common confusion: network benefits (from Visa or Mastercard directly) vs. card benefits (from your bank). Most meaningful perks — travel insurance, purchase protection, lounge access, cash back — come from the card issuer, not the network.
Visa's Infinite and Infinite Privilege programs and Mastercard's World and World Elite programs establish minimum benefit thresholds that issuers must meet, but the actual benefits vary significantly by card.
Neither network gives you rewards directly — that's your card issuer's job. The "best" rewards come from the specific card you hold, not whether it's Visa or Mastercard. For example:
American Express is a third payment network in Canada with its own issuance — Amex issues its cards directly, not through banks. Amex is accepted at most major retailers but not at all independent businesses. The tradeoff: Amex cards often have the highest earn rates (Cobalt's 5x on food, SimplyCash Preferred's 4% on groceries).
Many Canadians carry an Amex as their primary card and a Visa or Mastercard as backup for places that don't accept Amex.
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Get KOHO Free — Use Code 45ET55JSYAFor most Canadians, the choice between Visa and Mastercard is irrelevant to day-to-day spending — both are accepted virtually everywhere. The exception is Costco: if you're a regular Costco shopper, you need a Mastercard. Otherwise, choose based on the card's rewards, fees, and benefits rather than the network logo.