Whether you are new to the world of online gambling or are something of an old hat, Mastercard is likely to be a payment method in which you are familiar with. The popular payment system has grown rapidly over the years, having gained a reputation for their reliability and convenience, meaning that it comes as little surprise that a large proportion of casinos sites allow deposits and withdrawals to be made in this way. This page will take a detailed look at just how Mastercard works, including its pros and cons, perfect for casino players looking for a new way to transfer their money. Let’s kick things off by looking at the Canadian casino sites currently offering Mastercard as a payment method.
Best Mastercard Casino Sites 2023
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What is Mastercard? A Brief History
Mastercard was founded back in 1966, with the American financial services organization having initially been known as Interbank. The Mastercard headquarters are based in New York, with several bankcard associations having merged together back in 1966 in order to form the Interbank Card Association. Interbank was renamed as Mastercard in 1979, while they took over the Access Card in 1997. Mastercard has broadened its international business over the years too, namely in Europe, the Middle East and Australia, while they have ensured that they keep up with the latest technology, as demonstrated by their arrangement with Apple in 2014. With annual revenues of over $12 billion and over 13,000 employees, it is clear to see that Mastercard is one of the biggest financial service companies in the world today.
Mastercard in Canada
Canada was actually one of the first countries to introduce Mastercard, with the Interbank Card System coming to fruition in the late 1960’s initially. Banks including the Bank of Montreal and the Provincial Bank chose to use Mastercard as their choice of credit card soon after, with over 8 million Canadian residents holding such a card by 1977. Fast forward to 2014, when 72 million Canadians used Mastercard credit cards, helping to facilitate payments worth $369 billion. Provinces including British Columbia, Quebec and Ontario online casinos are all legalized, with many of such platforms offering Mastercard as a payment method.
Pros and Cons of Using Mastercard as a Payment Method
The following are the main pros and cons discovered by the testing of Mastercard as a payment method at casino sites:
- Players using Mastercard are able to process both deposits and withdrawals easily, something which cannot be said of all online payment methods today.
- Deposits made using Mastercard also allow players to qualify for any potential welcome bonus that is on offer at casino sites, which can be hugely rewarding and lucrative.
- The limits available to players using Mastercard on casino sites are also significant, catering for high rollers in the process.
- Casino sites that offer Mastercard as a payment method often have the best payout percentages, something which is hugely important in the industry today.
- Unlike those using ewallets or prepaid cards, Mastercard credit and debit cards must be added to casino site accounts in order for players to use them.
- Fees are sometimes incurred by player using Mastercard online, which can be up to 15% when it comes to making payments or processing withdrawals. The specific amount will range between casinos.
- Withdrawals also take time to process, with most transactions in this area taking more than 72 hours to complete in total.
How Does Mastercard Work?
Mastercard is a company which helps to process payments made by either credit, debit or prepaid cards. They will check with card providers if payments should be accepted or not beforehand, before confirming with retailers that transactions have gone through. With that in mind, let’s take a closer look at the Mastercard options available to players today:
Mastercard Credit Cards – Mastercard offers a variety of different credit cards, which are distributed to those who have a good credit history. Credit limits, interest rates and potential reward will differ between customers, with players having to apply for such cards through banks and other outlets. There is no best option in terms of Mastercard credit cards, with users receiving what they are offered.
Mastercard Debit Cards – Mastercard debit cards, known as Maestro, are also accepted at most casino sites, with this being where players only spend what they have in their account, rather than effectively borrowing funds. This is a good alternative for those who do not qualify for, or do not wish to have a credit card.
Prepaid Mastercard – Similarly to debit cards, Mastercard offers prepaid cards, which can be used to deposit specific amounts online. A bank account is not required for this type of card, while it is also a good option for those who do not wish to have their details saved online.
How to Set Up Mastercard
Before getting your hands on a Mastercard, players must contact a local card issuing bank, who will help you in deciding just which is most suitable for your needs and wants. Those with bad credit are unlikely to be offered the chance to open a credit card account, meaning that a debit card is the better option.
Does Mastercard Charge Any Fees?
Those using a Mastercard credit card are likely to incur some fees when looking to withdraw winnings on casino sites, however those using both debit and prepaid cards are unlikely to be charged for any transactions. The final amount charged to players will vary between casinos, so be sure to look into this before signing up.
Mastercard Alternatives
For those who are not 100% convinced by the information surrounding Mastercard 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:
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 Mastercard Deposits
With Mastercard being one of the most popular payment methods at casino sites today, it will come as little surprise that deposits made in this way will make players eligible to take advantage of any potential welcome bonus that is on offer. Whether it be a matched deposit bonus or free spins, such promotions can provide an excellent platform for players to build upon, no matter whether you are a beginner of experienced gambler. Those based in Canada may also be in a position to earn additional rewards when playing online, such as VIP tickets or exclusive casino tournaments.
Tips and Tricks for Using Mastercard
For those considering using Mastercard, 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:
– Never send your bank details to anyone online, with casino site support agents never asking for such information, even when they are assisting players with problems.
– Only use Mastercard products on trusted casinos, such as the sites reviewed on our platform.
FAQ
Yes, those using credit and debit cards from Mastercard should be able to both deposit and withdraw funds, however this will potentially differ between casino sites.
All of the casino sites discussed on our site accept Mastercard as a payment method, which comes as little surprise given just how popular it is in Canada today.
Withdrawals made using Mastercard cards are generally processed in 72 hours, however this can be quicker.
Final Words on Mastercard Casino Sites
With Mastercard being one of the leading methods of making payments across the globe today, it will come as little surprise that casino sites have been quick to get in on the act, with almost all now catering for players wishing to deposit and withdraw cash in this way. Payments using Mastercard are secure, convenient and quick in general, with the company having an excellent reputation for their work over the years. Almost all players will be able to get their hands on some form of Mastercard, making it an even more attractive option.
