Master vs Maestro
Master and Maestro are common names of English language but here we shall confine ourselves to these two different cards issued by a single company known as Master Card Worldwide having its headquarters in New York. Along with Visa Card, MCW is perhaps the biggest credit and debit card company in the world. It has been issuing these payment options to its customers all over the world for the last many decades. The company was created by two entrepreneurs in US and is today a membership organization that includes more than 25000 financial institutions spread in different parts of the world. Master and Maestro are two different cards issued by the banks on behalf of MCW to its customers and serve different purposes that will be discussed in this article.
MasterCard was introduced by several banks in California as an answer to BankAmerica card issued by Bank of America to its customers. BankAmerica later became Visa Card. Master card is the card that is primarily a credit card and the limit is set by the bank up to which the customer can purchase with the help of this credit card. He has to pay back the amount to the bank in a duration that is mentioned in the contract signed by him. For any delays beyond this duration, the customer is charged an interest. MasterCard is used by customers of all backgrounds and people use it in emergencies when they do not have sufficient funds to buy a product and agree to repay the bank within 30-45 (as the case may be) days free of interest.
Maestro Card is another card by the same company that is equally popular in all parts of the world. MaestroCard is basically a debit card that is lined with the account of the customer in the bank and the customer can use the card to make payments at various outlets instead of making cash payments. There is no credit limit and the customer is in effect using his own funds.
Difference Between Master and Maestro
• Master and Maestro are cards issued by the same company Master Card Worldwide
• The only difference between Master and Maestro lies in the fact that master is a credit card allowing credit facility to the customers whereas Maestro is a debit card linked with the account of the customer and he is actually using his own money to make purchases.