Thinking about getting a new card? Here's a little secret: when it comes to everyday use, Visa and Mastercard are practically similar. Sure, their logos are different but beyond that, they share so much in common that you can use them pretty much anywhere in Singapore and around the world.

The perks that really matter to you as a cardholder? Those are usually decided by the bank that issues the card, not by whether it's sporting a Visa or Mastercard logo. So, when you are on the hunt for the perfect card, don't get too hung up on the logo. Instead, zero in on the other features that truly matter to your needs and spending habits.

>> MORE: Amex, Visa or Mastercard: which is best for travel?

Here's the real deal about Visa and Mastercard: they aren't actually the ones handing out credit cards. Think of them as the behind-the-scenes payment processors – they are the networks that make sure your credit card purchases go smoothly between your bank and the store.

The bank that issues your card, whether that is DBS, UOB or OCBC, is where you will find the benefits that matter most to you. They are the ones setting interest rates, deciding on fees, and offering those rewards and perks you care about. 

Now, Visa and Mastercard do throw in some benefits of their own. These are the main things that set them apart, but compared to what your issuing bank offers, these benefits are usually pretty minor.

Here are some useful guides for you when choosing a credit card:

• Understand the credit card basics before applying for one

• Get some top tips on choosing a credit card in Singapore

• Check out the best cashback credit cards and shopping credit cards in Singapore

When out shopping in Singapore, you can pretty much count on places that take credit cards to accept both Visa and Mastercard. Whether you are paying for your bus ride or even dining at a hawker centre, you will be able to pay with your Visa or Mastercard as long as the merchant accepts card payments. 

This isn't just a Singapore-specific phenomenon – it holds true internationally too. On your holiday within Asia, Europe and even the Americas, you won’t have a problem with your Visa or Mastercard not being accepted. However, the same cannot be said for payment gateways such as American Express and Diners Club, which is one consideration to keep in mind when choosing a credit card that works best for you.

Here's a little behind-the-scenes tidbit: payment networks have a "honor all cards" rule. This means if a business accepts Visa, they have to accept all Visa cards. Same goes for Mastercard – if they take it, they have to take all of them.

Now that we understand the role of credit card payment networks, we can take a closer look at the issuers, which is where the bulk of your benefits will come from. This includes cashback rates, miles accrual, welcome bonuses and more.

Let’s take the Citi PremierMiles Card as an example:

• Citibank is the issuer of this card, with any fees and interest rates paid by them. When you make a purchase, Citibank charges the card issuer, and any points or miles you earned are paid for by Citibank.

• Mastercard is behind the payment network on this card, and you can use it to pay at any merchant that accepts Mastercard. At point of purchase, Mastercard ensures that the merchant gets their money and the transaction is forwarded to your issuer.

Now, let’s put the Citi PremierMiles Card next to the DBS Altitude Card. Although both allow cardholders to earn miles, the payment network of the latter is Visa. The additional perks you receive with each card is up to the issuing bank, not the network. For instance, the DBS Altitude Card grants cardholders two free airport lounge visits within a 12-month period whereas the Citi PremierMiles Card rewards you with 10,000 bonus CitiMiles on your card anniversary.

Although the Visa and Mastercard networks function similarly, premium cardholders in Singapore will find that there are different tiered benefits associated with each one:

Visa card tiers: Traditional, Signature and Infinite 

With Visa, you get the following tier structure:

• At the Traditional or Classic level, you can expect the basic features such as fraud monitoring, a zero liability policy, as well as consumer protection.

• Stepping up to Visa Signature unlocks all Traditional benefits plus some extra travel and shopping perks. Think concierge service, discounted travel deals, and insurance protection.

• Finally, Visa Infinite pulls out all the stops, encompassing all the Signature goodies and adding even more valuable protection. This includes Visa Luxury Hotel Collection access, exclusive airport services, extended warranties, and more.

In Singapore, you can find the HSBC Visa Infinite Card, which provides cardholders with unlimited airport lounge access and complimentary concierge services.

>> MORE: Best SingSaver credit card deals

Mastercard tiers: Standard, World and World Elite

Mastercard works on a similar tiered structure, with the levels as outlined below:

• Starting out with the Standard level, you get perks that include emergency card replacement and zero liability protection.

• Moving up to World, you can expect access to Mastercard travel and lifestyle services, which include discounts and upgrades at certain hotels.

• World Elite goes above and beyond by providing cardholders with premium benefits such as airport lounge access, travel insurance and personal concierge services.

One great option to consider is the CIMB World Mastercard, which offers access to more than 1,000 LoungeKey airport lounges and comes with the highest unlimited cashback rate in Singapore.

>> MORE: Valuable tips for first-time credit card owners

Top credit card resources:

• Why you should own a credit card in Singapore

• Applying for a credit card

• Managing credit card debt

• Top premium & metal credit cards in Singapore

So, does Visa or Mastercard reign supreme? The truth is, neither one truly outshines the other. The real magic lies in the specific features your card issuer brings to the table – things like fees, interest rates, the rewards you can earn, and enticing sign-up bonuses.

Sure, for a select few, picking a Visa or Mastercard may unlock a small extra convenience or two. But for most of us, the smarter move is to dive deep into what different card issuers are offering.

Keep in mind too that the cards you are eligible for will depend on factors such as your annual income and credit score. The most dazzling rewards and perks are usually found with premium credit cards.

Next steps

• Compare credit cards based on the benefits that matter most to you

• See the best credit cards by issuer: UOB | HSBC | Maybank | Citibank | POSB | CIMB | OCBC | DBS