Credit Cards – Online Casino Payment Methods

You’ve found the best online casino to play at, the game selection is awesome, and the bonuses are even better but now it’s time to deposit money into your casino account. The fastest and most convenient option is a credit card, and best of all, almost all casinos accept credit card payments.

Credit cards have been the go-to option for gamblers all over the world for more than 2 decades, and while there are plenty of other payment options like eWallets and cryptocurrencies, the humble credit card still remains the undisputed king of payments (for now).

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What is a credit card?

A credit card is essentially a credit (loan) facility provided by a financial services company, typically by banks but nowadays, there are credit card companies that are not necessarily banks. You present the card when shopping offline or you provide the credit card details when transacting online.

The merchant then charges the amount to the card and the credit card provider pays the merchant and you now owe the money to the provider. You then pay back the amount at a later stage, and there may be no fees or there can be interest payments and other charges, which all depend on the card issuer. The 3 biggest players in the credit card space are VISA, MasterCard, and American Express (AMEX).

The card issuer and the credit card provider make money from transaction fees and from currency conversions. The card issuer e.g., your bank, also makes money from the interest they charge on your balance. Credit card interest rates can typically be much higher than, for example, a short-term loan.

What is a debit card?

Closely related to credit cards are debit cards, and you have surely seen the VISA Electron or Mastercard Maestro logos. Debit cards are linked directly to your bank account and when you make a transaction, the amount is automatically debited from your account. In other words, there is no credit or loan provided.

The process of using a debit card is identical to a credit card in that you provide the card details to the merchant, and they process the payment. Debit card fees are typically lower than credit cards as the card issuer does not carry the risk of non-payment because there is no “loan” involved.

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How to Use a Credit Card at an Online Casino?

As mentioned, credit card payments are extremely convenient and the process of adding funds to your casino account is very straightforward. Here are the basic steps that are similar across all betting sites:

  1. Have your credit card details handy
  2. Log into your casino account, go to the cashier and select the deposit option
  3. Choose the credit card option
  4. Enter the card details into the online form i.e. card holder’s name, card number, expiry date, and CVV/CVC number.
  5. Choose the amount you wish to deposit and confirm all your details are correct. The majority of online casinos have a minimum deposit amount of €10-€20 (or equivalent in another currency).
  6. Submit and wait a few moments for further instructions. If you have additional security settings set up such as entering a one-time code (sent via text message), then you will have to enter this to complete the transaction. Typically credit card payments are completed within 1-2 minutes.
  7. The last step is to check that your casino account balance updates correctly to reflect the amount you deposited. If your balance doesn’t update within about 10 minutes, then contact casino support.

Credit Card Fees

As mentioned briefly, credit card companies and issuers make their money from transaction fees. In general, casinos don’t charge any fees either, however, if there are fees, it is usually around 2.5% of the transaction amount.

Not all credit cards are created equal, in other words just because the card says VISA or Mastercard on it, it doesn’t mean the fees or interest charged is the same for all cards. It is therefore really important to understand what fees and interest rates are charged by your credit card company.

Another key factor to bear in mind is the interest charged on overdue balances as this can become expensive if you take a long time to pay off your card. Many credit card companies have an interest-free payback period such as 30 days, so take advantage of this and pay the card as soon as you can.

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Casino Credit Card Withdrawals

When you’re ready to cash out from the casino, most online casinos only allow you to withdraw to the same method (credit card) that was used to deposit. However, this may vary from casino to casino and based on your country of residence. In general, the process of withdrawing from your casino account to your credit card is similar to the depositing process.

  1. Log into your casino account and make sure you have completed any bonuses or wagering requirements to be able to request a withdrawal. Some casinos will make you forfeit any bonuses or winnings from a bonus if you haven’t completed the requirements before requesting the withdrawal.
  2. Go to the cashier
  3. Select the withdrawal option
  4. Enter the amount you wish to withdraw. Take note of any withdrawal limits as many casinos these days limit the amount per day, week, and even monthly.
  5. Submit and wait for your withdrawal request to be processed. The time for the money to reach your credit card account can be anywhere from a few hours up to a few days, depending on the casino.

Safety and Security

The internet can be a great source of entertainment and good, safe fun but unfortunately, there are plenty of threats and scams too, as well as some unscrupulous casinos. Credit cards have various safety and security measures in place so you can have greater peace of mind when using your card at an online casino.

Credit card companies like VISA and MasterCard are constantly implementing new and innovative security measures, for example, some years ago they implemented 2-factor authentication, where you receive a pin or code via an app or text message that you have to enter when using your card. This code can only be used once and usually expires within a few minutes.

Other security measures are real-time notifications, so you know exactly when your card is being charged and if you see a transaction you don’t know, you can immediately report it to your credit card issuer.

Tips to keep your credit card details secure:

    • Only enter your card details into a secure, online form. Next to the URL in your browser, you should always check that the connection is using HTTPS and that the site is using a valid SSL certificate. If you get a message in your browser that a site is not secure, do not enter your credit card details.
    • Never disclose your full credit card number to a casino representative or support agent. Only input your details into the online form. When submitting a copy of your card for KYC, make sure to mask/hide the middle 8 digits. A support agent may ask you to confirm the last 4 digits of the card, but that is about it.
    • Activate 2FA authentication. While it adds an extra step to the payment process, it is well worth it and helps prevent fraudulent transactions.
    • Set up real-time notifications so that you know when transactions take place.
    • Do not allow other people to use your card ever. While you might be diligent in keeping your card details secure and keeping track of what you spend, they may not be.
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Advantages of Casino Credit Card Payments

There are always pros and cons of using credit cards for your casino payments and withdrawals. Let’s explore these in a little more detail:

Advantages

  • Credit cards from VISA and MasterCard are widely accepted across the globe
  • Fast and convenient with only a few details needed to complete a transaction
  • Secure and insured payments. All transactions are encrypted and if you have any unauthorized payments, you can get reimbursed. Also, if you hit snags with a casino operator and cannot resolve it with them, you have the option of charging back the amount by contacting your credit card company.
  • Low transaction costs. Just bear in mind that interest rates on credit card debt can be very high, so be sure to settle your account as soon as possible.

Disadvantages of Casino Credit Card Payments

  • Withdrawal times until the money reaches you can be a few days up to a week, whereas eWallets and crypto payments are often near instant.
  • You have to share all your card and personal information with the merchant.
  • There are limitations in certain jurisdictions when it comes to using a credit card for gambling or casino. A prime example is the US where there are a lot of “grey” areas when it comes to gambling online, especially if it is not a US-regulated casino.
  • Interest rates on overdue balances can be very high.
  • Unfavorable exchange rates may be charged by the credit card company when depositing a currency that is different from your credit card’s default currency. While the ROE costs may be insignificant for small transactions, if you are a big depositor, you could be losing out on large transactions.
  • Gambling on credit can be very risky for some people. It is vital to keep track of your spending and only gamble what you can afford to lose. Do not rely on winning to pay your credit card debt.
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Summary

Credit cards are a fast, secure, and convenient way to transact with online casinos. VISA and MasterCard remain the most popular and supported credit cards when it comes to gambling online. The process of depositing and withdrawing is very straightforward. While credit cards are the go-to for most gamblers, there are other payment options like eWallets, prepaid cards, bank transfers, eCash, and crypto payments that are also very popular and offer various benefits over credit cards.

Casino Credit Card FAQs

Do online casino casinos accept AMEX credit cards?

American Express credit cards are accepted at some online casinos, however not as widely supported as VISA and MasterCard. There may also be some limitations with AMEX depending on where you live.

Are credit cards better to use than an eWallet?

eWallets certainly have their advantages such as enhanced security as you do not have to share any credit card details with the casino. eWallets are just as easy to transact with as credit cards. The major benefit of eWallets over credit cards is that with most casinos these days, withdrawals to an eWallet are instant, whereas credit card withdrawals can take a few days until you receive the money.

Are there fees charged for using a credit card?

In general, casinos do not charge customers any fees. However, there may be additional fees charged by your credit card company for currency conversions. Also, you should bear in mind any interest charges, especially if you don’t settle your balance within a specified period.

What are the deposit and withdrawal limits with credit cards?

This all depends on the casino. In general, the minimum deposit amount is €10-€20. In terms of withdrawal limits, this can be anywhere from a few thousand euros up to tens of thousands and will also depend on your credit card company. Make sure to take note of the withdrawal limits of the casino, especially if you are a high-roller, or you may only receive your withdrawals in installments.