Having been around for over half a century now, it perhaps comes as little surprise that credit cards are one of the most popular payment methods when it comes to casino sites. While those in Canada will have once found it difficult to use credit cards to fund their accounts, changes mean that all iGaming sites now offer this method of depositing and withdrawing money, with this page outlining everything in which players must know. Let’s start by taking a closer look at just which casino sites currently offer credit cards as a method of payment.
Best Credit Card Casino Sites 2023
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What is a Credit Card? A Brief History
The first credit card was developed back in the 1950’s, with Ralph Schneider and Frank McNamara having established Diners Club. Credit cards have changed considerably over the years, with magnetic strips and EMV chips having both been introduced, while organizations including American Express and Bank of America got in on the act. Meanwhile, the Mastercard brand came into prominence in 1979, before the Discover Card was launched in 1986. A number of different laws have been introduced surrounding the use of credit cards too, especially when it comes to lending and debt.
Credit Cards in Canada
Credit cards were first introduced in Canada back in 1968, known initially as Chargex. This brand was replaced by Visa in 1979, helping to attract over 6 million customers in just a decade. Mastercarge, now commonly recognized as Mastercard was first developed by the Bank of Montreal in 1973. There are now over 30 million Visa card holders in Canada, with only slightly fewer being Mastercard users. In total, there are around 200 different credit cards available to Canadian residents today, with the country undoubtedly having one of the strictest financial services industries in the world today. Establishments including MBNA Canada, TD Canada Trust and RBC Royal Bank are just some of those distributing credit cards, with the government providing a useful platform to potential users, offering information surrounding the different available options.
Pros and Cons of Using Credit Cards as a Payment Method
The following are the main pros and cons discovered by the testing of credit cards as a payment method at casino sites:
- Players using credit cards on casino sites are likely to be in a position to both deposit and withdraw larger amounts of money, perfect for high rollers and those lucky enough to win big.
- Deposits made using a credit card are likely to qualify players for any potential welcome bonus offered by casino sites, which can provide an excellent platform to build upon online.
- Credit card payments are both fast and convenient, while they all transactions are processed securely.
- Credit cards are accepted by all casino sites today, which cannot always be said of ewallet or prepaid card alternatives.
- With some types of credit card, only deposits are available, with those looking to withdraw winnings having to look for an alternative method.
- Players must store their credit card details online, which is something in which some users will wish to avoid.
- It is easy to get carried away when spending money on credit, potentially leading to irresponsible gambling.
How Do Credit Cards Work?
Credit cards allow users to spend money “on credit”, effectively meaning that they are being loaned a particular amount in which they wish to spend. Credit card users are generally allowed to spend up to a pre-set limit, which will be decided based on the credit history of customers and how confident providers are that they will receive their money back. Those who pay their bill at the end of each month will not have to pay any interest, however those who fail to do so will be charged. Credit cards can be used in order to make purchases both in stores and online, including on casino sites. Credit cards also often bring with them a range of bonuses and benefits, however they should generally only be used by those with a consistent income.
How to Set Up a Credit Card
Credit cards are readily available to those who have a good credit history, with banks, supermarkets and other outlets issuing them on a regular basis. For those who are unable to receive a credit card, due to previous discrepancies, debit cards are a good alternative.
Types of Credit Card
There are a number of different types of credit card available to players today, with the following being the most common:
Visa – Undoubtedly the most common form of credit card is Visa, with almost 100% of casino sites today accepting this form of payment. The American company was founded back in 1958, while they have built an excellent reputation when it comes to security and reliability.
Mastercard – Another well-known brand is Mastercard, which is perhaps the greatest competitor to Visa. Mastercard offers another safe and convenient form of credit card, with the company having been founded in 1966.
Diner’s Club – While not all casino sites will accept this type of credit card, Diner’s Club is another of the best-known options available to customers in Canada today. For those that are able to use their Diner’s Club card with an online casino, you may well be in for some special benefits along the way.
Prepaid – Prepaid credit cards are also available to some, which enable players to load a predetermined amount of money onto them. Some players prefer this form of card, as they deliver another layer of security, due to the fact that no bank details must be provided.
Do Credit Cards Charge Any Fees?
Those using a credit card when operating on casino sites must be aware of the potential fees in which they may incur, with those who fail to clear their balance each and every month normally being made to pay interest. Elsewhere, penalties can be issued for going over the agreed credit limit, while small fees can also be incurred when withdrawing winnings on casino sites, with this amount ranging between companies.
Credit Card Alternatives
For those who are not 100% convinced by the information surrounding credit cards in which you have read on this page, it may be worth considering some of the other payment platforms available to Canadian players today, with the following being among the best options:
Debit Cards – As previously mentioned, debit cards are a good alternative for those unable to obtain a credit card, as they mean that players only spend within their means. Debit cards can be obtained at all major banks, as well as other outlets.
PayPal – PayPal is perhaps the best-known e-wallet platform on the web, with the American organization supporting online money transfers internationally, as well as offering an alternative to the traditional forms of payment.
Interac – Interac helps to facilitate e-commerce transactions, with a Canadian bank account being required in order for customers to utilize this option. Interac has been around since 1984, with those based in Canada likely to be familiar with what they have to offer.
Casino Bonus Connected to Credit Card Deposits
A large number of casino sites today offer bonuses in an attempt to attract new players and keep existing customer satisfied, with deposits made using credit cards almost certainly meaning that users will qualify for such offers. The likes of Mansion, Mr Play, Karamba and Dream Vegas are just a handful of the casinos worth checking out in this area, with welcome bonuses regularly providing an excellent platform to build upon, whether you have a small budget or are something of a high roller.
Tips and Tricks for Using Credit Cards
For those considering using credit cards, there are certain tips and tricks that will help to ensure that you make the most out of this particular payment method, including the following:
– Be sure to pay off your credit card as early as possible, with doing so meaning that players will receive any potential rewards on offer.
– Shop around when searching for a new credit cards, with interest rates and limits likely to differ between banks.
– Set up a direct debit with your bank, ensuring that payments are never made late.
FAQ
Yes, almost all casino sites enable withdrawals to be processed using credit cards, however be sure to check this out beforehand.
99% of online casinos now deliver credit cards as a payment method, with our reviews outlining exactly which platforms players can use them on.
Withdrawals processed using credit cards will take anywhere up to 5 business days to complete in most cases, however this can be significantly quicker.
Final Words on Credit Card Casino Sites
Credit cards have long been used at online outlets, with this form of payment now being hugely popular for casino players, due to its convenience, speed and substantial limits. While there are certainly negatives when it comes to potential fees and actually obtaining a
credit card in the first place, the pros certainly outweigh the cons, meaning that more and more players are adding their card details with their chosen casino.
