Bank cards have become one of the most preferred methods of payment in the world. They can be used at nearly every store that we can visit, as well as on the Internet where they are the primary way to pay. The best part about them is that they offer the consumer a certain type of convenience that was not available prior to their creation. Paying everything in cash can be cumbersome and impractical, even more so when we are depositing to an online casino. Credit and debit cards have been a valid payment option when moving money between your bank account and your online casino balance. It is the preferred deposit method for many gamblers around the world, as it allows for easy and convenient deposits and withdrawals. In this article, we will go over all of the aspects of using a bank card for gambling purposes.
Advantages and Disadvantages
There are several very important advantages and disadvantages associated with making credit and debit card payments. Below you will find the inherent pros and cons of both debit and credit cards.
The advantages of debit cards are the opportunity to make instant transactions at the click of a button. The main advantage of a debit card is the fact that you cannot spend more than you actually have in your bank account. This way you can always allocate as much funds as you need to the debit card and use only those funds. This is a way for problem gamblers to keep their addiction in check. In a sense, debit cards behave much more like prepaid vouchers, with the exception that they are rechargeable.
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While they provide us with a lot of benefits, debit cards are not without shortcomings. For starters, you will always be limited to the amount of money that you have in your bank account and unlike credit cards, you will not be able to borrow some from the bank. This could be especially frustrating in the event that you cannot cover the minimum deposit or qualify for a bonus.
More Advantages and DisadvantagesCredit cards are different than debit cards since the money you are spending is not technically yours. When you make a credit card transaction, the bank extends credit to you which you use to cover the cost of the payment. Essentially, the bank is loaning you money which you will have to repay at a later date. This practice comes with its own advantages and disadvantages.
An advantage that credit cards have over other methods of payment, is that you always know how much credit you can have extended to you at any point in the month regardless of your actual means. This will allow you to cover charges that you may normally not have the money to. Furthermore, credit cards are a common method of payment and you can use them just about everywhere. Additionally, since every purchase and payment is documented on your bank statement, you can easily keep track of what you are spending money on.
In spite of the convenience they provide, credit cards can have quite significant disadvantages. Since the money you actually spend with a credit card is not yours, to begin with, you will have to pay it back. If you are not careful this could lead to you piling on a lot of debt, along with the interest. Since most banks allow you to only pay a fraction of your debt each month, a lot of consumers just do that and ignore the rest. Rollover debt is a very serious problem in today’s world since it keeps on growing. The reason the situation is so drastic is that with each rollover the already incurred debt is subject to interest and so with each passing month it becomes ever larger.
Furthermore, there is also the possibility of going into overdraft. This is when you receive more credit than you were initially assigned. This will result in even more fees and is overall not pleasant. Also worth keeping in mind is that not every person will be eligible to receive a credit card. Banks do an overview of the credit history of each applicant and if you do not have a good track record, then you will most likely be denied.
An aspect sometimes overlooked is that credit card companies are not always fond of online casinos. MasterCard, for instance, has taken a stance against the online casino industry and effectively disallowed the withdrawals of winnings to cards issued by them. Deposits are still possible but receiving your winnings is not. MasterCard holders are forced to utilize another service if they ever want to cash in their money.
Some users may be anxious in handing over their bank card data to just anyone. Unfortunately for them, whenever you make a payment with the card directly you are required to enter the full details of your credit or debit card. While this is very unlikely to result in any actual problems, a good number of consumers are still reluctant to give that information.
The final argument against credit cards is that not all are treated equally. There are five major credit card brands that are accepted at online casinos – Visa, MasterCard, American Express, Discover Card and JCB. Out of those five only Visa and MasterCard can be used freely at most, if not all, online casinos. The others can be used on a case by case basis. Casinos that accept American Express and Discover Card can be found, though they are not as common as the previous two. JCB support, on the other hand, is almost non-existent. JCB Co., Ltd. is a Japanese company and despite having some market presence in North America, its primary user base is located in Asia. Due to this reason any online casino mainly targeted at Europeans, with the exception of the largest brands, will most likely not accept this card. In this state of the market, Visa and MasterCard seem to be your best options, even if you cannot withdraw to your MasterCard card.
Using Credit and Debit Cards for Gambling Transactions
The use of credit and debit cards at an online casino is just a simple as doing it at any online store such as Amazon or eBay. At every online casino, there is a cashier page where you can manage your money. There you will find the deposit feature. Clicking on it will bring up all of the possible payment options. Selecting the credit/debit card option will allow you to see all of the accepted bank cards. Following that you will be required to enter your card information, this includes the name on the card, its number, the expiration date and the CVV code on the back. Once that is done and you have confirmed the transaction, the money will be taken from your account and added to your casino balance.
Fees for Gambling Transactions
When it comes to making transactions with an online casino the fees for depositing and withdrawing are not so different from any other online purchase. The company that provides the bank card transaction service will impose their charges on each transaction. What has to be considered in this scenario is who will bear the cost of the transaction. In most cases, it is the casino itself that pays the service charge. This is a very consumer-friendly way to do business but not all websites follow this logic. Some casinos will impose a commission on bank card deposits, so it is the user that takes on the cost of the transaction. This fee usually revolves around the 2.5% – 5% region, not really a substantial amount unless you are depositing large amounts of money. This is done on both deposits and withdrawals and it makes the players more considerate about how much they are willing to withdrawal and deposit each time.
This service charge imposed by the credit card companies is what makes bank card deposits undesirable by online casinos. You will often find that other payment services are much more consumer friendly in terms of fees, commissions and transaction wait times.
Processing Times (for Gaming Transactions)
The movement of money to and from an online casino usually takes time. The vast majority of online payment services used to deposit money an online casino usually allow the user to have immediate access to their money so that they can start playing at once. This means that as soon as the transaction is made the player can start a game. However, this is only the case when deposits are concerned. When the user wants to withdraw their winnings, they will have to wait between 1 to 5 business days for the transaction to clear. This is because the money is put on hold and information needs to be exchanged between all relevant parties. Such is the case when making any card transaction, regardless of where it is. At this point, some people may put forward the question ‘Why is it that the casino can take my money instantly, but when I withdraw it, I have to wait?’. This is a valid question that may raise concerns among some groups. The reality of the situation is that the casinos do not receive your money immediately. They are subject to the same wait times as the player is. However, instead of inconveniencing the user by forcing them to wait for the transaction to clear, the casinos simply allow them to play with that balance.
A thing that should be taken into consideration is that almost every casino reviews each withdrawal request prior to sending the transactions. This pending process usually takes up to 48 hours and only after the review is done will the payment be sent. This can further increase the wait time from when you request a withdrawal and the moment the money appears in your account.
In present day, mobile devices play a huge role in our lives. We use them incessantly and online casinos have noticed this. As a result, we now have the option of playing our favorite casino games on our smartphones and tablets. This also begs the question how is the deposit and withdrawal procedure different on mobile. In truth, there is absolutely no difference whether you are paying with your card on your desktop PC or on your mobile device. The mobile version of an online casino will still feature the same payment options and the process of making a deposit is still the same. You will be required to enter your card information, if you have not done so previously, put in the amount you wish to deposit and confirm the transaction. The processing time will still be the same, instant on deposits, and 1 to 5 business days on withdrawals.
Security at Online Casinos
When we spend money online it is only natural to think about the security of our personal information. This includes names, addresses, date of birth, emails, payment information, etc. Identity and credit card theft is a real issue currently and it is completely reasonable to worry about how accessible that sensitive information actually is. To alleviate those concerns online casinos implement cutting edge security systems to safeguard all of your personal data. Using state-of-the-art encryption technology all personal and banking information is encoded in such a way to make it unreadable in the event that any data is stolen. Even the most simple 64-bit encryption requires four to five years to be broken and that technology is considered obsolete by today’s standards. Most online websites use 128-bit or 256-bit encryptions, which require centuries to be decrypted using brute force with today’s technology. To put it in plain terms, your information is completely safe and in the event that any data is stolen it will be utterly unreadable.
If you are concerned about a particular online casino abusing your information you should put your mind at ease. All countries have laws that protect personal data and ensure its safety. These laws are enforced by government agencies and you can rest assured that your personal information will be safe. Of course, you should not completely rely on that and you have to do your due diligence before choosing an online casino. Ideally, you are looking for a reputable casino with a good track record.
Credit and Debit Cards Casinos FAQ
Will the casino keep my information safe?
It is in the casino’s best interest to keep all of your information from getting in the wrong hands. Online casinos normally use SSL – Secure Layer Socket – protocols which encrypt all information sent between you and the casino. This includes all of your banking and personal data. This encryption is nearly impossible to break within a human lifespan so you can rest assured that any information you send to the casino will be safe.
Why was my transaction declined?
This could be due to a number of reasons. The most likely of which is insufficient funds or an exceeded credit limit. Another possibility is that you have entered your card information wrong. You have to enter the card information exactly as it is on the card. The last possibility is that your card issuer has banned transactions to and from online casino. This is very unlikely but is it not unknown to happen.
Will I be charged something for the transaction?
That depends entirely on the casino and the card type in question. As explained above, some casinos bear the cost of the transaction, but some have the user pay for them. Additionally, some banks may charge you for depositing to online casinos, but those are few and far between.
What is Verified by Visa?
Verified by Visa is an added security option to Visa cards. It is supported by a good number of online casinos. Whenever you attempt to make a payment with a Visa card that has this extra security feature, you will see a personal message that you entered prior to this and you will have to enter your password. This makes it impossible for anyone else to use your bank card to make transactions without knowing your password.
What is MasterCard SecureCode?
Similar to Verified by Visa, MasterCard SecureCode is an extra security feature that protects your bank card from being misused. Disclosing your bank card information is no longer enough for third parties to abuse your funds. With MasterCard SecureCode, you can rest assured that your money is safe.
Can an online casino refuse to pay me my winnings to my credit card?
If an online casino refuses to pay you your winnings, it must be able to legally prove before its particular regulatory institution that during your play sessions you have breached the terms and conditions of the casino or are otherwise involved in illegal activities related to you playing at the casino. However, there are some instances where online casinos are unable to pay winnings to a particular credit card. Such is the case with credit cards issued by MasterCard. As we have mentioned above, the MasterCard corporation has adopted a policy against online casinos and according to it will not allow users to withdraw winnings to their cards. This is not something that online casinos can go around and must comply with it.
Can I chargeback my card in case of fraudulent activity?
If someone uses your credit card to deposit money to an online casino without your consent there are consumer protection laws that are meant to protect your funds in such an event. If your personal credit card is misused, the bank will most likely return your funds. However, there is also the possibility that that particular online casino may refuse to take payments from your card ever again. The reason behind this is that chargeback fraud is very common in the online gambling industry and an online casino may straight up refuse to do business with any person that is suspected of engaging in such activities.
My bank does not permit me to make payments to online casinos. What can I do?
In this scenario your options are limited. You could try to pay with a card issued by a different bank or utilize another payment service. When the bank itself refuses to make the payment, there is no going around that. You will have to find another way to deposit.