Visa Signature vs Visa Platinum: 5 Things You Need to Know

visa signature vs visa platinumShopping for a credit card can be an eye-opening experience. There are so many cards out there with so many perks and benefits. It is truly a tough decision when deciding what’s going to be in your wallet. In hopes of narrowing things down a little, we are going to compare two specific cards: Visa Signature vs Visa Platinum.

There are five things you need to know about these cards.

Visa Signature vs Visa Platinum: The Similarities

1. Both cards have concierge services which can help you with booking reservations at a restaurant to more complex things like vacations. They can also help with everyday living needs like where to board your pets while you are away.

2. Although it is not guaranteed, there is a possibility that you can get tickets to concerts that are sold out.

3. Cardholders can also enjoy promotions for travel, exclusive dining spots and watching popular sporting events.

4. These great benefits vary by country, so check what will be offered to you if you are traveling internationally.

5. Concierge services on both cards are available 24/7.

Visa Signature vs Visa Platinum: The Differences.

Although there are many similarities, there are two important things that differentiate these cards.

Visa Signature has a no credit limit reporting feature. If you use a good amount of your balance from month to month, this can be a good thing. However, if you pay your bills in full every month, this may not be a good thing. Why? Since the company only reports your high balance and not your limit, it can raise the ratio on how much you utilize the card and lower your credit score.

These cards are also issued with greater limits but have no over limit fees.

The Visa Platinum also has the same concierge service and perks. The main difference is that the Visa Platinum reports your credit limit while Visa Signature does not.

Recommended Reading: “8 Things to Know About Credit Cards”

Are these cards worth it?

There is much debate over using credit cards. Some people think they are good to have on hand for emergencies. Others think they are a path to financial ruin.

It all comes down to your goals in relation to your finances. Are you looking to live a debt-free life? Then these cards are definitely not worth it, no matter how enticing the perks are. It is not worth suddenly drowning in a pool of debt and not being able to account for how you got there. A good amount of savings to pull from is a much better choice and much less risk.

Recommended Reading: “How to Build Your First Emergency Fund In 3 Steps”

In conclusion, there are many similarities between the Visa Signature vs Visa Platinum. You have to decide what is right for you, having a card that doesn’t report your credit limit or having a card that has over limit charges. Either way, you have a clearer picture of what is or is not going to be carried in your wallet.

What factors do you consider when selecting your financial tools? Share some in the comments below!

Image Credit: frankieleon (Creative Commons)