In terms of making deposits, there are few other types of banking method quite as popular as the credit card. This applies to all sectors of the gambling industry, from online casino games to sports betting, the credit card remains a favourite among many.
While it is not always advised to use a credit card for gambling purposes, there is no denying the benefits provided by the cards, and they can allow bettors to participate in betting opportunities that would otherwise be impossible.
Types of Credit Card
There are dozens of different credit companies that offer their cards for bettors to use, but most online betting site will only accept a few of these. The two more popular for online betting are Visa and MasterCard. Visa is by far the most popular, with millions of bettors from around the world using Visa cards to deposit funds into betting accounts daily. Visa cards are almost universally accepted, and are the one type of credit card that is almost always accepted.
The second most popular card is the MasterCard, and while not as widely used as Visa, MasterCard cards are accepted by the majority of online betting sites internationally. While there are other cards available, such as American Express, bettors prefer to stick with Visa and MasterCard to avoid transaction negation as well as lack of speed and efficiency which is perfect for live betting AFL matches.
Credit Card Fails
In many countries around the world, credit companies are forced by law to block transactions when they learn that one of their cards is used for transferring funds to and from a betting site. This all depends on the laws of the country, and is often the cause of deposit declines at a lot of sites. It is advised that if a bettor has trouble getting a card accepted, they should simply wait a few hours and try again. If this does not work, then alternate forms of banking may be required.
Deposits With Credit Cards
Depositing funds into a betting account with a credit card is usually a simple and quick affair. Deposits are completed instantly, and no fees are added to the charge for depositing money. One of the disadvantages of using a credit card to make deposits is that often there is a hidden charge known as a cash advance. This can be as high as 5% of the amount deposited.
Withdrawals With Credit Cards
While not a common way for bettors to withdraw money from a site, credit cards can still be used. This is usually to personal credit cards, where the site will charge a large free before processing the funds into the card account. This process can take up to a week to complete.
More and more, betting sites are sending their bettors special debit cards that they can use to withdraw directly from the betting account. Owning these cards usually requires a monthly fee, as well as small fee for activation.
Credit cards will always remain a popular form of depositing money online, and if one smartly and within certain limits, it can be a painless and quick process overall.