Credit cards are one of the most popular payment methods for online gambling. All players have a card of this kind and they can use it at some casinos. Although most of the casinos in the United Kingdom restricted this payment method, there are will some NonGamStopSlots.com with credit card deposits available for British players. This makes it an appealing method. But, there are a few ways banks like this more than gamblers. They make money more when you use a credit card to fund your casino balance. Now you will see why.
Hidden Charges You Need To Know About
Many of you believe that these transactions are fast, free, and easy to use. They are fast and easy to use but they come with a lot of fees. These transactions are treated as ATM withdrawals which is never an affordable option. You will basically get the same conditions as with cash advances which means high fees. These fees are between 3% band 5% which is a lot.
Then we can see that you don’t get a grace period. It means that the interest will be applied on the next day from the time when you have used a credit card to deposit funds at an online casino. In general, this makes owning and using a credit card more expensive and you will need to pay back more money to the bank. As you can see, this can be a huge issue, especially if you use that credit card all the time for this transaction and similar ones.
Banks make even more money when you use a credit card to deposit funds at an online casino. One of those methods is foreign transactions. What this means is that you will deposit funds at a casino that is not located in your country. Here we can see much higher fees and additional ones that will be applied to your bank account. This means that you will have to pay even more when returning the money. Now, keep in mind that many casinos are not located in the same country where you live hence these fees are extremely common and can be very high.
If you are late with your payments, you will pay an additional fee. When gambling it is easy to get lost in the transactions and to use the card multiple times. This means that you can forget when you need to pay the money back. In other words, you will have to pay even more to the bank.
One of the most common ways banks make more money from gamblers who use credit cards is when a player exceeds the limit. He will use more money than he should which is a common issue. In return, he will have to pay additional fees and much higher interest which all makes more profit to the bank but decreases your own profit.
There are a few more ways banks have been making money when players use credit cards to fund their accounts at an online casino. These hidden charges include:
- GST charges
- Maintenance fees
In general, using a credit card for funding an account at an online casino is an appealing option but not one of the best. You get the convenience and you can use the card when other methods are not available, but you will have to pay for all that. Also, remember that each bank is different so the fees, surcharges and so much more will vary. Some are extremely expensive while others are not.
Some Banks Are Banning Use of Their Credit Cards In Online Casinos
You probably know that UKGC casinos do not allow you to use credit cards as a payment method. It is one of the things the UKGC has done in order to make online gambling safer and more appealing to gamblers. As a matter of fact, you can use credit cards at foreign casinos which makes fees even higher.
On the other hand, we can see that some banks are not banning the same type of transactions as well. What this means is that your bank may refuse to allow you to use a card for depositing funds at an online casino. There is no way around that. In addition, most banks are ruthless towards these transactions. They will even charge you fees that are up to 30%. They do this because they don’t see gambling as a reason to get and use credit.
Using Credit Cards For Online Gambling: Cons
You all know that the pros of using credit cards for online gambling are simple and interesting. Thousands of players choose credit cards over debit and luckily you can use the card at most casinos, it is a fast and secure method. But what about the cons of using this payment method? Well, there are a few.
The first issue here is obvious. You will have to pay much higher fees that when using a different type of payment method. For instance, using an e-wallet is far more affordable. You can also use pay-by-phone methods or others that are also more affordable. Credit cards are the least affordable method you can use for gambling.
There is no grace period either which can make you pay more in less time. We must add that this can be a huge problem for some gamblers and especially the ones who have been gambling on a regular basis.
Finally, is the fact you won’t get promotional offers or even rewards. These can be very useful when using a credit card. You can get the points that can get you a massive discount or get something for free. Your bank can give you special promotions when you use a credit card for a certain thing. If you use it for gambling, you won’t get these things.
The Final Word
Using credit cards is an appealing method and something most gamblers have used at some point. But it is also a very interesting method for banks. They can make a lot of money by charging you high fees and all sorts of interest. Consider these when you plan to use your credit card to deposit funds at an online casino the next time.