It is not a secret that credit cards have been used for gambling on a regular basis. But how do players do this and what are the pros and cons of using this payment method? Well, there are a lot of things you need to know and today we will reveal all of them. Keep in mind that around 3 billion people own a credit card and many of them have been using these cards for online gambling.
Factors That Determine the Use Of Credit Cards In Online Gambling
You may believe that every person can use any credit card for online gambling at any given point. This is not the case. As a matter of fact, there are a lot of things you need to know before. In other words, there are a few factors that will determine all of this and you will want to memorize them. Yes, we will explain all of them below.
- Not all banks will give you a credit card. There are even fewer banks that will allow you to use one for online gambling. This is a huge issue and many people have encountered it over time.
- There are not a lot of online casinos that accept credit cards. Obviously, lots of players are looking for casinos that accept credit card deposits and there are some available, but those sites are limited. Debit cards on the other hand are widely used. Credit cards are not and only a handful of casinos will accept them.
- Some countries do not allow the use of credit cards in the online industry. The best example is the UK where the UKGC banned the use of credit cards for this purpose. According to the law, all UKGC casinos must not accept this payment method.
- It is important to add that credit cards are not accepted in brick-and-mortar They were very common in online casinos but this is changing as we speak.
Advantages Players Get When Using Credit Cards For Online Gambling
As we have mentioned already credit cards have been very common and very popular in the online gambling industry. This is due to a reason or better said due to reasons. Here we have a few advantages that these players will get.
Cash Back
With a bit of luck, you will have a credit card from a bank that will give you between 2 and 5% money you have spent back. This doesn’t sound much but in time it can accumulate which means one thing. You can get even more money to use on gambling.
Very Common
Credit cards are still a very common method in online gambling. Most casinos will accept these right now and even new casinos are still supporting deposits via credit cards. In the past credit cards was one of the most commonly used methods for funding your casino account.
Instant
Using credit cards for this purpose is beneficial because all transactions are instant. You will deposit funds and they will become available in your casino account within a second. This is something all players like and need.
Reward Points Are Possible
Using a credit card for this purpose will still get you the points you will want to get. It is highly profitable for many banks and they create special programs using which customers gain special points and rewards. These points can help you win more and get all sorts of perks and things you will like.
Free Bonuses
Credit cards are commonly paired with bonuses at online casinos. What this means is that you can get up to a 200% welcome match deposit bonus which is impressive.
Downsides Players Get When Using Credit Cards For Online Gambling
There are some issues or downsides when it comes to the use of credit cards in the online industry. We will cover all of these below.
Problematic For Certain Gamblers
You can gamble with the money you don’t own which is a big problem for players who have had a gambling addiction. For banks, it is a simple task to beat problem gambling if they are just given the ability to block gambling transactions. As such, credit cards may be a problematic method if you are one of these players.
High Fees
These transactions are considered ATM withdrawals which come with 3-5% fees. These are very high fees you need to know about and they apply to each transaction. This is one of the reasons why so many people have been avoiding credit cards as well.
No Grace Period
The grace period means that you will have to pay back the money you spent after a few weeks. When using a credit card to fund a casino account there is no grace period. What this means is that you will have to pay back the money as soon as you made the transaction.
High-Interest Rate
Using a credit card for this purpose is also linked with high-interest rates. These make all of this more expensive to use and there are a lot of things you will want to avoid.
The Final Word
Credit cards have been more than just commonly used for online gaming and gambling. It is an extremely popular payment method and there are a lot of casinos that still accept this payment method and a lot of gamblers who use it on a daily basis. But, if you want to try it, know all about the pros and cons of this payment method first. All payment methods have good and not-so-good sides but in the case of credit cards, things are extreme.
