What is a Credit Card?
For those who are not already familiar with what a credit card actually is, the following points are among the most important to know and understand:
- Payment cards issued to customers by banks in order to allow them to process transactions.
- Users are able to borrow money for payments or receive a cash advance.
- Credit cards allow users to build a continuing balance of debt, with interest potentially being charged.
- Visa and Mastercard are among the biggest credit card providers today.
- Those applying for credit cards will have to pass what is known as a “credit check”, which effectively asks questions surrounding a potential users finances.
How Do Credit Cards Work?
Credit cards allow users to spend money on credit, with issuers effectively loaning the amount in which is spent. Card holders are able to make payments up to a set limit, whether it be hundreds or thousands of pounds, based on how confident providers are in that they will receive their funds back. Those who pay back their bill in time will not have to pay any interest on what they have borrowed, with only cash withdrawals coming with interest in general.
History of Credit Card
Credit cards date back until around the 1920’s in the US, with organisations having issued cards for payments made at company outlets. Meanwhile, the first universal credit card was developed by Diners’ Club, before American Express got in on the act in the 1950’s.
The bank credit card system was introduced later on, where bills were delivered at the end of a particular period of time. In the Credit cards then became available to sue outside of the area in which they were issued, allowing holders to make payments nationally, and eventually internationally. The likes of Mastercard, Barclaycard and JCB are now among the leading credit card providers in the world.
Advantages of Using Credit Cards
Those using credit cards in order to fund their bookmaker account can look forward to taking advantage of a number of advantages, with the first being the fact that they are now very accessible, with all high street banks offering this service.
Credit cards can also be used on a huge number of websites, including an ever increasing amount of betting platforms. Meanwhile, deposits made through credit cards are processed instantly, meaning that funds are available to wager with immediately. Elsewhere, there are no fees to worry about when depositing using a credit card, making both deposits and withdrawals free. Finally, credit cards are extremely safe when operating online, with most providers having significant safety measures in place.
Credit Cards in Betting
Whether it be Visa, Mastercard or from another provider, credit cards are hugely efficient when it comes to sports betting sites. Providing an easy way of depositing and withdrawing cash over the internet, almost all bookies now accept this form of payment, providing excellent opportunities for punters.
Meanwhile, with a large majority of betting sites offering welcome bonuses in an attempt to entice punters into registering, deposits made via credit cards will qualify for such funds. All in all, credit cards offer fast and secure transactions on betting sites.
How to Deposit and Withdraw Using Credit Cards
Both deposits and withdrawals are made easy thanks to credit cards, with the following steps having to be taken by punters in order to complete such transactions:
Deposits – In order to deposit funds using a credit card, the first step is for punters to access the cashier page of their preferred betting site. Having done so, select credit card as the preferred method of banking, before entering the relevant details, including card number, name and expiry date. Customers can then also choose to save their information, making future deposits quicker and easier. The next step of the process is to enter the amount in which you wish to deposit, taking into account any limits in which you may have set when registering. Confirm your wish to deposit using the relevant tab, with deposits being processed immediately.
Withdrawals – Meanwhile, withdrawals can be processed using a credit card in a similar manner to deposits, as long as your bookmaker accepts this form of taking home winnings. Log in to your betting site account and access the cashier or banking section of your account. Select the withdraw option and enter the amount in which you wish to take home. Scroll through the available withdrawal methods, before selecting a saved credit card or enter the details for the first time. Withdrawals using credit cards generally take between 2-5 days to complete.
How Secure are Credit Cards in Betting?
Betting using credit cards is one of the safest options available to punters today, with all transactions being secure thanks to the latest encryption technology and a range of other protocols that have been put in place to keep away the threat of fraud or hackers.
How to Get a Credit Card
Getting your hands on a credit card is a relatively straightforward process, however providers are required to carry out a credit check before distributing cards, meaning that some punters may not be eligible. Potential card holders can apply for a credit card through their local bank, along with a range of other providers, including supermarkets, taking into account the potential risks beforehand. Those who are accepted for a credit card, based on their financial activity, will be able to start using it in just a matter of days after the application process, with a limit being set in most cases.
Credit Card Fees
The lack of fees surrounding credit card transactions on betting sites is one of the majora advantages of using them, with bookies generally being happy to pick up any fee that may be incurred through the provider. As a result, punters can look forward to wagering with 100% of the money in which they deposited, as well as spending all of their winnings. Be sure to check out the terms and conditions of your betting site before processing transactions via a credit card.
Alternatives to Credit Cards
Those who are not convinced that credit cards offer the best method of depositing and withdrawing funds on betting sites do have a number of alternative options to consider, offering similar benefits. Debit cards are certainly an option worth considering, with such cards being easier to get hold of, with punters not having to rely on credit, due to the fact that their own money is being used instead. Elsewhere, e-wallet platforms including PayPal and Skrill are also accepted by the majority of bookies, with such options being quick and secure.
Betting Using Credit Cards FAQ
The following are questions and answers surrounding some of the most talked about topics when it comes to the use of credit cards and online betting, offering readers a better insight into how they work.
Yes! Credit card providers ensure that their cards are secure at all times, while betting sites also have a number of safety features in place.
Those looking to use credit cards with their bookmaker must verify their account upon registering, before entering their card details.
There are generally no fees when it comes to depositing and withdrawing using a credit card, however be sure to check this out beforehand.
Deposits made using credit cards are processed instantly.
Withdrawals using credit cards generally take between 2-5 working days to complete.