The credit card is the oldest method of entirely electronic payment. It continues to be widely accepted, in brick and mortar shops, also online, and by all online bookmakers. The most universally accepted credit card brands accepted by UK online bookies are Visa and MasterCard. When choosing an online bookmaking site to suit your credit card payment preferences, you must examine the minimum deposit and withdrawal limits, the fees charged, and the time it takes for withdrawals to reach your account. Please note that typically online bookies do not charge fees when you use your credit card to implement your payments. Below the question of fees will be discussed in greater detail.
Types of credit cards
These cards are issued in the name of a business, and come with rewards with respect to travel, office supplies, shipping. They come with high requirements regarding credit score, and applying for them is more difficult. Business credit cards comprise Visa, MasterCard, American Express.
These cards are secured via he deposit account which belongs to the holder. They help to establish your positive credit history.
These credit cards provide money stored by the holder, by a parent, employer, etc. They are issued by Visa, MasterCard, Discover, American Express. To use them, you do not need a PIN, if your payments are processed using the chip and PIN technology.
These are in fact virtual cards which can be used for online payments.
How the bank provides funds for you via your credit card
With your credit card, you have a certain sum which is credited to you, by the bank which issued your card. The bank will lend you money as credit, which is interest free, to make payments using the card, within the limits of the credit granted to you. At the month end, or early in the following month, you will receive a statement listing your purchases, what amount of credit you used, and within what term you must repay it. That is an interest free grace period within which you can repay your amount due, without interest on it. Afterwards, if you did not manage to pay the entire amount, you will be charged for that non payment via an interest. Nowadays you receive your monthly credit card statements predominantly via email, and you can arrange to get SMS informing you of the amount that you have accumulated as due, for that month, and the term within which that non paid amount must be paid.
If you cannot repay the whole amount due for the month, there is a minimum amount you must repay to maintain your credit score. But as for the remainder that has not been paid, an interest will be applied on it.
The different credit card brands and their acceptance by online bookmakers
As was mentioned above, Visa and MasterCard credit cards are universally accepted on online gambling sites. Other brands, for example Diner's Club or Discover, are not so widely accepted, but you can look for bookies which will accept these brands for payments via them on their sites.
Just like merchants, online bookmakers will show which brands of credit cards they accept by showing their logos among the payment methods.
The way to use a credit card to deposit on an online betting site
When you open your account with an online bookmaker, you can make your payment. For the payment, you must enter the relevant details. First, the information to enter comprises your name, which should be spelt in the exactly same way as it is spelt on your card. Furthermore, you must register the number on the card front, usually comprising 16 digits. Next enter the date of expiry, and the CCV code. That code comprises 3 digits and you can see it on the card's rear. Another detail you must provide is the email address you used to register your credit card.
When you have completed entering the pieces of information mentioned above, the transaction will be implemented. Nowadays electronic verification systems are used to check if the card used is valid, and the credit for the holder is sufficient to cover the amount he wishes to deposit.
Withdrawing via credit card on online gambling sites
You must note that if you have deposited using your credit card, then withdrawing will be difficult, because the cash will go not to your bank account. The cash will be transferred to your credit card. Online bookmakers explain such peculiarities in their Withdrawals section, so you should consult that section prior to entering the details of the withdrawal method.
You must have in mind that Visa credit card holders cannot implement withdrawals if they reside in certain countries, so you must check the conditions with the online bookie and with your credit card company. For Visa credit card holders living in Europe and in the UK, withdrawing of certain amounts of wins is possible; however, there is a requirement: that sum must be equal to, or larger than, the amount deposited.
The security of payments via credit cards on online gambling sites
You should be assured of the high security of your payments via credit card on online bookies sites. Companies issuing credit cards have their stringent security measures.
Visa and MasterCard have their special verification programs. The program used by Visa is called Verified by Visa. The program used by MasterCard is called MasterCard Secure Code. These two verification programs are very similar. With them, you need to set a PIN number, and every time at checkout with a merchant, or with an online gambling site, you must enter that PIN number. The merchant does not participate in that verification process, so this means the security is very high.
On their part, online bookmakers take stringent measures to provide security for payments, via SSL encryption, which ensures that the credit card data you enter will only be seen by you and by the authorised website. You can understand if a site uses SSL encryption, if its URL, or online address, starts with the letters “https”.
The fees charged on credit cards
You will see that online bookmakers do not charge fees on credit cards used on their sites.
You must have in mind the interest charges on the credit card you have, if you do not repay the credit fully each month. Then you will get an interest, for the amount you did not manage to pay. The interest rates vary with different cards, so you must check about them by asking the issuer if