There isn’t a bank out there which does not offer at least one credit card option to its users, so it comes as no surprise that credit cards have found their way into all areas of life. From your local grocer to the world’s top online casinos, credit cards are a symbol of efficiency and security; therefore, punters, among many others, have been using them for years.
If you are looking for a payment method that is accepted in almost all online casinos in the world, and in the UK in particular, look no further — credit cards should undoubtedly be your go-to choice. This guide will tell you all you need to know about credit cards and teach you how to use them to make payments when playing.
About Credit Cards
Credit cards are payment cards issued by banks which allow you to make purchases of all sorts and defer payments over a designated period. This form of payment emerged in the 50s, and its influence and usage have only increased. In fact, credit cards have become a weapon of choice for all kinds of buyers due to their security and unprecedented coverage.
The two most potent card companies which create credit cards, among many other types of cards, are Visa and Mastercard. Both of these companies emerged in the late ’50s and they still hold the most significant share of the market.
It is a common misconception that these companies are the ones issuing cards to respective cardholders; in reality, it is the banks that own and issue cards to their clients, whereas card companies are the ones in charge of processing financial requests and ensuring that your transactions are timely and secure.
Furthermore, the biggest strength of credit cards lies in their form. You are allowed to borrow money from a bank on the condition that you pay it back, usually in monthly instalments. That means that you can always rely on having cash on your account, whenever you need it.
Just a glimpse at official financial data will show the magnitude and the scope of payment cards. Amongst these two biggest card companies, you will be looking at more than 300 billion dollars of market value, around 10 trillion dollars in transactions per year, and more than 3 billion cards in circulation. With such impressive data behind them, it is a no brainer why billions of people around the world use credit cards on a daily basis.
Advantages of Credit Cards
One of the biggest benefits of using credit cards is their versatility and prevalence. There almost isn’t a merchant out there, not to mention online casinos, that won’t accept credit cards from Visa and/or Mastercard. Online casinos have primarily benefited from credit cards, and so have the players.
First, the majority of players in the world, and especially those in the UK, already hold one of the credit cards for their daily life activities, so it was only natural for online casinos to include them in their offer. Secondly, there is the question of deposits. With credit cards, the amount of money you can deposit into your online casino account is enormous and it tops other forms of depositing, such as cryptocurrencies, eWallets, and others.
Furthermore, credit cards are the fastest depositing method available — your funds are transferred to your playing account almost instantaneously, which means that you are only a click on the “Deposit” button away from playing your favourite games. Besides, the withdrawal process is equally as simple, although not as fast as it takes time for requests to be processed, mainly due to security measures performed by online casinos and financial institutions involved.
Credit cards made by the companies we mentioned earlier can pride themselves on being one of the cheapest payment methods on the market as well since the majority of transactions are either free or with minimal fees. Of course, the cherry on top of this cake would be the unprecedented security credit cards offer. With millions of successful transactions performed yearly, you can rely on them without a shred of doubt.
How Does Credit Card Work?
As mentioned before, credit card companies do not issue cards. In order to get a card, you need to visit your bank’s local office and request one. Therefore, there is no need for an online registration anywhere — a simple visit to the bank will suffice.
After your request has been completed and your financial activities have been verified, your bank will issue either a Visa or a Mastercard card, depending on the contract they had signed with the card providers. The credit card will allow you to have access to a credit limit that you can cover with your monthly earnings and determine how and when you can pay the money back.
The card itself contains 16 digits which are connected to your bank account, as well as a 3-digit CVC/CVC code that is a security number you need to use when authorising a payment. Therefore, it is of utmost importance not to reveal the code to anyone.
How to Create a Credit Card Account?
As previously stated, creating a credit card account has everything to do with your bank and no place else. Since credit cards are different than debit cards, which are only connected to the balance on your account, you need to bear these couple of essential points in mind.
First, credit cards are usually given to people who are employed and have regular cash flow in their accounts. That way, banks are sure that you will have the means to repay your debts. Apart from that, other forms of collateral might be requested, too.
Secondly, your credit rating needs to be satisfactory, which means that the bank might refuse to issue a card if you have repeatedly failed to pay for utilities and other bills on time.
Finally, it usually takes from one to two weeks for the card to be ready, so due patience is required as well.
How to Deposit Using a Credit Card?
The depositing process in an online casino is simple — there are only a couple of steps you need to complete before you can wager on desired games. Below you will find step-by-step instructions. Read on!
- Choose online casinos which have enlisted credit cards as a form of payment.
- Head to the “Register/Sign Up” section on the page.
- Fill in the necessary details and open an account.
- Select a type of credit card as your deposit method.
- Choose the amount you want to deposit.
- Provide the required card information, such as the expiration date, card number, and CVV/CVC code.
If you have followed all instructions to the letter, your funds have already been deposited and are ready to use — that’s how fast credit cards work.
How to Withdraw Using a Credit Card?
The withdrawal process is pretty straightforward as well, although it takes a while longer for requests to be processed. Follow these simple steps and you will be good to go:
- Navigate to the “Cashier” section — it is usually indicated by an image of a shopper.
- Click on the “Withdrawal” button.
- Choose “Credit Card” as the preferred method.
- Type in the amount you wish to withdraw.
- Confirm the amount and provide any additional security info from the card.
Credit Card Fees
Another brilliant thing about credit cards is that they usually come with no fees, so you can make deposits and withdrawals without restrictions. However, if there are any fees, those are typically charged by the online casino operator and/or your bank.
When it comes to Mastercard, absolutely no fees are charged in the majority of casinos on our list, regardless of the amount you wish to deposit or withdraw. The situation with Visa is a bit different as there are instances where small fees that do not exceed 2 – 3% will apply, which is still nothing too alarming — your balance sheet won’t be affected by that.
Credit Card Casino Bonuses
Casino bonuses come in various shapes and sizes. Operators aim to attract new players with lucrative welcome bonuses and retain existing ones with VIP and loyalty programs. When it comes to gambling service, these bonuses kick it up a notch.
All of these bonuses and programs are accessible to players who use credit cards as a payment method. Although there are rarely special bonuses for players who only use credit cards, these are known to have happened. You never know when your online casino may come up with a welcome offer like that.
Alternative Payment Methods to Credit Cards
Since most notable credit card companies such as Visa, Mastercard, and Amex are key representatives of this payment method, you need to turn to either eWallets, wire transfer, e-cheques, etc. as alternative payment methods.
eWallets have become an increasingly popular way of making deposits and withdrawals as they are convenient, fast, and offer more privacy to the user. Wire transfer, on the other hand, is also a standard way of depositing money into your account. To make the most of it, you need to visit one of the local offices of, let’s say, Western Union or any other financial institution, open an account, and direct funds to your online casino account.
Last but not least, there are e-cheques. E-cheques and their paper counterparts function similarly, with the difference of e-cheques being in a digital form. Also, it is prudent to check if casinos accept those, as they are deemed less common and not as safe as some other methods.
Credit Card Security
No other payment method is more secure and safe than that of paying cards — credit cards in particular. Banks and financial institutions have elaborate protection systems that will block any activity deemed suspicious, thus nipping all attempts of fraud in the bud.
Also, the unique CVV/CVC number on the back of your card is the initial security measure which ensures that you are the only one who can use the card. In case you lose your card or it gets stolen, you can contact your bank and deactivate the card and cancel all ongoing activities in a matter of minutes.
Credit Card Casino FAQ
Who can use a credit card?
All employed individuals who have passed all financial checks are eligible to hold and use a credit card issued by their respective banks.
Why should I use a credit card?
You should use a credit card because it is the single most prominent payment method that allows you to buy goods and services instantly while paying for them in instalments, which can do wonders for your budget.
Is credit card safe?
Credit cards are the safest payment method available. They are protected with various levels of security and safety protocols that make them invulnerable to fraud.
Can I use a credit card in an online casino?
Yes, you can use a credit card in an online casino for both deposits and withdrawals.
How long does it take to deposit and withdraw from my casino account using a credit card?
Depositing via credit card is almost instant for all types of credit cards. The withdrawal, on the other hand, might take from 2 to 5 business days, depending on the speed of the online casino processing your transaction.
How much does a credit card cost?
Getting a credit card is usually free of charge while using one can cost up to 2 – 3% per transaction, depending on the credit card you use. Also, there is an annual fee that banks charge, but that fee is so low that it usually goes unnoticed.
Summing up the whole thing, it goes without saying that credit cards are probably the best payment method you can resort to for various reasons.
First of all, they give you significantly higher financial security and stability since you know that there are funds you can use and then repay at a reasonable cost and over a long period.
Secondly, the majority, if not all, online casinos out there accept credit cards, which means that you won’t have to dig deep to find an online casino that operates using credit cards.
Furthermore, security measures and protocols that credit cards entail are first-class, and other payment methods will probably never be on a par with that. Also, there is a good choice of card companies and banks you can choose from, which gives you valuable options as no two banks offer the same conditions.
To conclude, it must be pointed out that punters around the world have resorted to credit cards whenever they wished for a stress-free, reliable, safe, and cheap way of making deposits and withdrawals. If you want to be one of them, you should definitely opt for credit cards and make the most of this payment method.