Credit Card Casinos
With such a huge choice of online casinos available to us today, we can afford to be choosy about the ones we use. While the type of game and so on is part of that choice, one of the major things to consider when picking an online casino is the payment methods they use. For both funding your account and withdrawing your winnings, one of the most straightforward and easy to use has always been to use the credit card system.Click here to Read More
The Credit Card system in Casinos
From the earliest Casinos onwards, more or less every casino in the world has accepted credit cards as a payment to fund accounts. There is good reason for this, its familiar, requires no additional accounts or requires use of a third-party website, and there is no online wallet to fund before you pay the casino. With most people having access to a credit card, they already have everything needed to deposit funds into their casino account.
Advantage of Using Credit Card Casinos
The biggest advantage for credit card payments is that they are incredibly convenient. Most of us own a credit card, many of us own a lot more than one, and it is a familiar way to pay for the things we want. There is another benefit of a credit card too, and that is security. Because all payments made by credit cards are covered by the card company’s anti-fraud policies, you are, essentially sharing the risk against fraudulent problems with the card company themselves. When paying with a card, you know that should anything happen, the anti-fraud system will reimburse your funds in the vast majority of cases. While fraud in Casinos is rare, this extra protection gives peace of mind and can be very desirable for many people.
The cost of Credit Cards
There are two things to think about when it comes to the cost of using credit cards to fund your casino account. The first is the fees charged in the transaction itself, the other is the cost of the card, as it essentially borrowing money.
Firstly, the cost to fund your casino account, and here it is a little complicated. Many casinos offer as low as 0% fee on credit card deposits, although some do charge a fee, so always check first, however that is not the end of the cost. Because a deposit to a casino is treated as a cash advance by the card company, rather than a purchase, you can often find additional costs here. This can be just a flat fee per transaction or a percentage of the amount, depending on the bank who issued the card. In some cases, cash advances incur interest charges from the moment they are taken, and this can mount up quickly until that balance is paid off. That makes it important to know just what the terms are on your card before using it for your casino deposit, to make sure that the fees are manageable.
However, to avoid those kinds of fees completely, debit cards can be used in the same way, and avoid all those excess charges.
Casino Deposits with Credit Cards
Because credit card payments have been a feature of online casinos since they first appeared, and today it would be difficult to find one that does not accept credit cards, this kind of payment has become incredibly popular. Its easy to use for both casinos and players, carries a degree of security through the banking system, and is familiar and accessible to the majority of players without needing to use online wallets and so on.
Placing deposits with a credit card is incredibly easy, it works the same way as any other credit card transaction, if you have bought something online with a card, you know the process. Enter your billing address, the long card number on the front, the expiry date, your name as it appears on the card and the 3-digit security code from the back of the card, choose the amount you wish to deposit and press the button. The money will be available instantly. It is important to note than casinos will only let you deposit money using a card in your own name and registered at the same address you provided the casino.
Withdrawing winnings with a credit card
This is as easy as paying in, you simply select the amount to withdraw and the card you wish to withdraw to. It is important to note that unlike when paying in, this is not an instant process, and can take up to 3 days for the transaction itself, plus however long the delay is between asking for the withdrawal and the casino enacting it.
This can be further delayed, particularly on the first withdrawal, where some casinos have a built in pending period that delays the withdrawal for set time, which can be as much as 5 days. This means its important to plan ahead if you want to withdraw money using a credit card.
Why do players trust Casinos that accept Credit Cards?
There are two reasons that players trust casinos with credit card payments, the first is that using any credit card gives in-built protection from fraud or other payment issues. Card issuers provide this kind of payment security as part of the entire credit card ecosystem, and it is a very effective protection for consumers under most circumstances.
In addition, to be able to accept credit card payments, casinos need to have a merchant account in good standing, even if they use a third-party payment processor, the system quickly identifies and restricts rogue companies and freezes their merchant accounts. Together, these mean that players can have a level of trust with casinos when using credit card payments that some other payment solutions perhaps cannot match.