Best Mastercard Credit Cards of June 2023

The logos on your credit cards are more than just decoration. They're notices of how -- and where -- you can use your card. The iconic Mastercard logo on your credit card lets you know you can use your credit card with millions of merchants around the world. But Mastercard credit cards can vary greatly. This guide explores some of the best Mastercard credit cards available and how to choose one for yourself.

What is Mastercard?

Mastercard is a payment network. In fact, it's one of the four major payment networks in the United States.

(Alright, if you want to get technical, Mastercard Inc. is a financial services company. But the heart of that company is the payment network known as Mastercard, MasterCard®, or mastercard®, depending on the current stylization.)

As a payment network, Mastercard helps to process credit and debit card transactions from its partner institutions. Essentially, when you use your payment card at a retailer to make a purchase, that transaction information is sent to your bank via the payment network. If your bank/credit card issuer approves the transaction, the payment is sent back through the network to the retailer.

Which credit cards does Mastercard issue?

Mastercard doesn't directly issue any credit cards. In credit card jargon, an issuer is a bank that provides the credit line for the credit card. When you use your card to buy something, the issuing bank pays for it. Then, you make payments to the issuer. In contrast, credit card networks authorize and process the transaction. They help move the payments between parties.

Mastercard is not a bank or a credit card issuer. Mastercard is a payment network.

Any credit cards with a Mastercard logo have been issued by a partner bank. These cards simply operate on the Mastercard credit card network. All credit cards will have both the Mastercard logo and the logo from the issuing bank.

For example, the Capital One SavorOne Cash Rewards Credit Card is issued by Capital One but it operates on the Mastercard network. As such, it will have both the Capital One logo and the Mastercard logo.

Mastercard credit cards are issued by a score of banks ranging from small local banks to global brands. Some issuers work almost exclusively with Mastercard. In particular, nearly every Citi credit card operates on the Mastercard network, including these favorites:

• Citi® Double Cash Card – 18 month BT offer
• Citi Custom Cash℠ Card
• Citi Premier® Card
• Citi® / AAdvantage® Platinum Select® World Elite Mastercard®
• Citi Simplicity® Card

Other issuers have a more even split between Visa and Mastercard. But most major issuers have at least a few Mastercard credit cards. For instance, Chase credit cards heavily favor Visa, but even they have two Mastercard options:

• Chase Freedom Flex℠
• IHG® Rewards Premier Business Credit Card

Mastercard is also a common network for many open-loop retail credit cards. Open-loop store cards can be used anywhere, not just with a specific retail brand. Open-loop retail credit cards will have three different logos: one for the retailer, one for the issuing bank, and one for the network.

Here are some popular examples of retail Mastercards (issuer in parentheses):

• Capital One Walmart Rewards Mastercard (Capital One)
• Apple Card (Goldman Sachs)
• Barnes & Noble Mastercard® Credit Card (Barclays)

Need a new book? See The Ascent's Barnes & Noble credit card review and start shopping.

One thing that adds to the issuer/network confusion is that some networks also issue credit cards. Mastercard and Visa act only as credit card networks. However, these networks also issue credit cards:

• American Express
• Discover

Technically, the issuer and network are still separate companies. For example, Discover cards are issued by Discover Bank and they operate on the Discover Network. Functionally, however, a Discover card is a Discover card, period.

Any given credit card only operates on a single network. So, Mastercard credit cards won't work on the Visa network, and vice versa.

Can I use my Mastercard abroad?

You can absolutely use your Mastercard credit card abroad. Mastercard credit cards are accepted by retailers in nearly every country around the world. As long as your card sports the Mastercard logo, you're good to go at any retailer that accepts Mastercard.

One thing to keep in mind when using your Mastercard abroad is that you may be charged a foreign transaction fee by your issuer. Foreign transaction fees can be charged any time you make a credit card purchase outside of the U.S. and/or in a foreign currency.

To be clear, foreign transaction fees are charged by your card's issuing bank -- not by Mastercard. You can find a number of excellent travel credit cards without foreign transaction fees that operate on the Mastercard network.

How to pick a Mastercard credit card

There are dozens, if not hundreds, of Mastercard credit cards available. This includes both entry-level and premium cards.

With so many possibilities, finding the right Mastercard for you will depend on your lifestyle and spending habits. Here are a few questions to ask yourself before applying for a credit card:

• Do you want to pay an annual fee? You can find lots of Mastercard options with no annual fee.
• Do you want a rewards card? If so, what kind? You can find everything from cash back cards to travel rewards cards. In fact, a good number of picks on our list of best rewards cards are Mastercards. Be sure to choose a rewards credit card that matches your spending habits. For example, if you're a regular traveler, a card that earns rewards on travel purchases can be well worth the investment. If you're not sure, stick with cards that earn bonus rewards on everyday purchases like groceries and dining. Remember, make sure to think twice before canceling unused credit cards.
• Do you want a welcome bonus? Most rewards cards also come with a welcome or sign-up bonus. A good bonus can be worth hundreds of dollars, so it's worth comparing cards for the best bonus.
• Do you know what a good credit card APR is? Ideally, you should pay off your credit card in full every month. If not, you’ll be charged interest and a high APR will be detrimental to your financial health.
• Do you need to make a balance transfer? Many quality Mastercards come with intro APR offers for balance transfers. (Keep an eye on the balance transfer fee, of course.)
• Do you have limited credit history or a low credit score? No problem. You can find a good secured credit card with a Mastercard logo. Secured cards require a deposit, but they're easier to get than unsecured credit cards.
• Do you need a business credit card? It's important to keep your personal and business finances separate. A number of solid business credit cards operate on Mastercard.

If you're only concerned about acceptance, any credit card with a Mastercard logo will work just fine. If a retailer accepts Mastercards, they'll accept any Mastercard, no matter what partner bank issued your card.

On the other hand, if you're also interested in specific Mastercard benefits, you may want to be a bit more discerning. That's because there are three different tiers of Mastercard credit cards. The type of benefits you get will depend on which type of Mastercard you hold.

• Standard Mastercard®: This is the bottom tier of Mastercard credit cards. Standard Mastercards offer only the basic benefits.
• World Mastercard®: This is the middle tier. World Mastercard credit cards typically have the basic benefits of a standard card, plus other services
• World Elite Mastercard®: The top tier of Mastercard credit cards. You'll receive all of the Standard and World Mastercard benefits, plus other premium services