Nowadays, there are many ways to pay for goods and services, including cash, credit and debit cards and mobile wallets. Electronic wallets that can be added to your smartphone and used in shops have resonated with many users, but they have yet to supplant banking services. And one of the main reasons is the general acceptance and reliability of bank card payments.
Also, many users have become accustomed to a convenient way of payment – credit cards, which allow them to purchase a desired product/service even without having the full amount to buy it. This way, the customer gets what he wants instantly and gets the money back later. According to Shift Credit Card Statistics 2021 Data, about 3 billion people around the world regularly use credit cards for payments.
Credit cards are one of the most comfortable ways to spend, both offline and online. Moreover, according to analysts, credit cards are nowadays the predominant payment method for gambling. In this article, we will take a closer look at the reasons behind this, as well as the pros and cons of using credit cards in casinos.
Gambling With Visa and MasterCard
Interbank and international payment card transactions are made by linking the credit card to a payment system, which acts as an intermediary between different financial institutions. They enable payments to be made in a matter of seconds, regardless of the type of transaction and where it takes place. In European countries, America and a number of other countries, the most common payment systems are Visa, MasterCard and, to a lesser extent, AmericaExpress (AMEX).
While the convenience of credit cards is undeniable, there are also a number of barriers to their use in gambling. Below we look at the main ones:
- Brick-and-mortar casinos and bookmakers: Land-based gambling venues generally accept credit cards as payment and thus make it easier to buy chips or place bets. But there are also a number of countries whose populations are not yet active credit or debit card users. (referring to some developing countries where cash is still prevalent).
- Local laws and restrictions: some countries, such as the UK, have restricted the ability to accept deposits and withdraw winnings from credit cards for their citizens. In this way they are combating gambling addiction.
- Online gambling: Credit and debit card payments are one of the most common cards used in online gambling due to their prevalence, convenience and accessibility.
Credit Cards Payments at Online Casinos
Credit card casino websites listed here allow you to make deposits and withdrawals via credit card. It should be noted that the casino sites listed here accept even players from the UK. For many newcomers the relevant question may be, how to make a deposit online casino account and whether it is safe.
We hasten to assure all readers that reliable and verified credit card casino sites make safe credit card payments. The algorithm of actions is as follows:
- Register your account with an online casino that accepts credit cards;
- On the page to make a deposit, select the desired method of payment: Pay by Card, may also be specified Visa/MasterCard Payments;
- After that, you will be redirected to a separate window where you will need to enter your bank card details – this page opens directly to the payment system and is protected by modern encryption.
Once you have completed these steps, you will be taken back to the casino’s page and your account will show a balance equal to the amount you paid in the payment fields.
Withdrawing your winnings is even simpler and only requires you to set up a request on the withdrawal page. Then the whole procedure is done by the online casino staff.
Advantages and Disadvantages of Using Credit Cards in Casinos
Credit cards as a way of funding a gambling account gives players a number of advantages. But at the same time, this payment method has a number of disadvantages for players. We have carefully analyzed online information, players’ personal experiences and banking data to prepare this section for you.
So, what are the benefits of credit cards for all gamblers?
- Instant payment: by paying by credit card the player does not have to wait long for the transaction to be completed and the funds credited. The transaction is processed instantly and the game becomes available. This is as true for land-based venues as it is for online casino sites.
- Achievements for card users: Many banks, especially those actively developing mobile banking, create various loyalty programs among which the so-called achievements are very popular. They can be awarded for spending in specific categories: travel, bookstores and even gambling. Typically, once a certain amount is collected, the user is given a number of special benefits or discounts by the card-issuing bank.
- Preferential terms of use: many banks offer reduced interest rates on credit cards if the user fulfils certain conditions on card turnover.
- Cashback for spending: The advent of such an option as cashback has not gone unnoticed even by the banking niche. Credit cards often offer rebates on spending. The amount of the cashback varies from 2 to 15%!
- Versatility: Crucially, the credit card can be used for any transaction, both domestic and international. Thus, UK players can deposit with a credit card at various European online casinos.
The above perks of using credit cards for gambling can really make your head spin. But before you plunge headfirst into the world of online gambling entertainment, it is advisable to examine the possible disadvantages of using credit cards in casinos.
- Ban on gambling transactions: As previously reported, there are a number of countries where banks are prohibited from making credit card transactions for payments and accepting payments related to gambling. Although alternative ways of funding have been found and are actively used by UK players.
- High interest rates on credit cards: Despite the convenience of a credit card, its main disadvantage is often the high credit interest charges for the service provided by the bank. It is fair to say that this is not just due to gambling, but to the use of credit cards in general.
- Short grace period: Most credit cards have a grace period, during which the cardholder can return the used amount of money without incurring interest. Usually this period is not more than 30 calendar days.
- Currency conversion or transfer fees: Generally the bank charges no fees for transactions between debit cards of the same bank. Unfortunately, this is not the case with credit cards. Most card transactions also incur an additional transaction fee. Gambling is no exception, and it can be anywhere from 0.5% to 5% of the amount.
No Bonus Gambling Achievements: In some cases, banks may not include fees for gambling activities in order to obtain the achievements.