DESCRIPTION OF NOTES
The following description is a summary of the terms of the notes being offered, and supplements the information under Description of Debt
Securities in the accompanying prospectus and, to the extent it is inconsistent, replaces the description in the accompanying prospectus. The descriptions in this prospectus supplement and the accompanying prospectus contain descriptions of
certain terms of the notes and the indenture but do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the indenture that has been filed as an exhibit to the registration
statement of which this prospectus supplement and the accompanying prospectus are a part, including the definitions of specified terms used in the indenture, and to the Trust Indenture Act of 1939, as amended. We urge you to read the indenture
because it, and not this description, defines your rights as a holder of the notes. For purposes of this description, references to Visa, the Company, we, our and us refer only to Visa Inc.
and not to its subsidiaries.
General
The 2027 notes
will initially be limited to an aggregate principal amount of $500,000,000. The 2027 notes will bear interest from August 17, 2020, payable semi-annually on each February 15 and August 15, beginning on February 15, 2021, to the persons in whose
names the 2027 notes are registered at the close of business on each February 1 and August 1, as the case may be (whether or not a business day), immediately preceding such February 15 and August 15. The 2027 notes will mature on August 15,
2027.
The 2031 notes will initially be limited to an aggregate principal amount of $1,000,000,000. The 2031 notes will bear interest from August
17, 2020, payable semi-annually on each February 15 and August 15, beginning on February 15, 2021, to the persons in whose names the 2031 notes are registered at the close of business on each February 1 and August 1, as the case may be (whether or
not a business day), immediately preceding such February 15 and August 15. The 2031 notes will mature on February 15, 2031.
The 2050 notes
will initially be limited to an aggregate principal amount of $1,750,000,000. The 2050 notes will bear interest from August 17, 2020, payable semi-annually on each February 15 and August 15, beginning on February 15, 2021, to the persons in whose
names the 2050 notes are registered at the close of business on each February 1 and August 1, as the case may be (whether or not a business day), immediately preceding such February 15 and August 15. The 2050 notes will mature on August 15,
2050.
Each series of notes will be issued under an indenture dated as of December 14, 2015, between us and U.S. Bank National Association, as
trustee. The indenture is more fully described in the accompanying prospectus.
The notes are not subject to any sinking fund.
We may, without the consent of the existing holders of the notes, issue additional notes of any series having the same terms (except the issue date, the
date from which interest accrues and, in some cases, the first interest payment date) so that existing notes of a particular series and additional notes of such series form the same series under the indenture, provided, however, that if any
such additional notes are not fungible with the existing notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number.
The notes will be our unsecured and unsubordinated debt and will rank equally and ratably among themselves and with our existing and future unsecured
and unsubordinated debt.
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