Nowadays, people are using all kinds of different methods of payment when utilizing online services like e-commerce, trading, and even in the entertainment and gaming industry, particularly online casinos. In this article we will go through some of the most popular payment methods amongst the iGaming industry and in what ways they differ from each other in order to see which method of payment could be the most ideal for upcoming players looking to properly set themselves up for their initial online casino experience.
It’s no secret that different payment methods each have their own sets of advantages and disadvantages, as well as particularities which can either be a nuisance or a benefit to your overall gambling experience.
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Debit Card vs. Prepaid Card vs. Credit Card: Which is better?
Online casinos accept a wide variety of payment options, the most frequent of which being credit cards, debit cards, and prepaid cards. To help you decide which of these is ideal for you, we’re going to go into greater detail about how each of them works.
Deposits using a credit card
The basis for a credit card is a bank account with a credit limit, and according to Basketball Insiders, who have a complete guide on finding the best credit card online casinos, Credit cards are one of the most popular and most common forms of banking for online casinos. There’s not a black or white answer as to which is the best as it all depends on what you have access to. Also, when you borrow money from a bank, they grant you a line of credit, and you must pay it back in full or pay a reduced amount of interest. Those who may be a bit short on cash or those who are trying to rack up reward points with a credit card may find these cards excellent.
Deposits made using debit cards
When you use a debit card, your bank account is connected to the card. Deposits may only be made with money in the account; if there is none, you will be unable to do so.
With this method, you won’t be charged interest on your deposits. The drawback is that the bank has little recourse if anything goes wrong and you lose your money.
Deposits to a Prepaid Card
In order to use a prepaid card, you must use a debit or credit card to load funds onto it. It’s like having a separate bank account, and although some cards may be used again, others are only good for a single transaction.
Paying for your purchases using a prepaid card means you’ll be able to keep track of precisely how much money you’ve spent. One-time use cards, in particular, are impervious to fraud since they are rendered worthless as soon as the deposit is made.
A more direct comparison between the payment methods using pros & cons.
|PRO – Always keep your eyes on what you’re spending thanks to being linked to your bank
|PRO – Credit cards are amongst the most popularly used payment methods
|PRO – Allowing people to bank without inputting their personal information
|PRO – No need to pay interest on incurred balance
|PRO – Just in case anything goes wrong, you’re always guaranteed to have an extra safety feature with credit cards
|PRO – Wide variety of options when it comes to prepaid card providers
|CON – Less secure than credit cards
|PRO – Some credit cards have point schemes that give you gifts the more you spend with them
|PRO – Generally have no extra fees
|CON – Fees are commonly included
|PRO – High availability and ease of use
|CON – Can only be used for deposits, not withdrawals
|CON – Generally carry higher minimum deposits
|PRO – Generally carry the lowest fees out of all payment methods
|CON – Not as widely accepted as the other options
Terms and Conditions for US Online Casinos Accepting Credit Cards
When you open an account at a credit card casino, you’ll have to conform to a set of rules and regulations. There isn’t a huge variety, and it varies from casino to casino, but the ones we’ve included are the most common.
The person’s age is the first thing that stands out. Almost many American credit card casinos will only allow players who are at least 21 years old in their country of residence. Online gambling is permitted in several US states for those above the age of 18, but the laws of each casino, not simply the state’s legal gambling age, determine whether or not this is possible.
Depending on the payment method that you use, you may be unable to claim some promotional offers. If you want to use a banker’s check to collect a welcome bonus, most casinos won’t let you. Additionally, you will only be able to take advantage of one new user offer per account. If they suspect that you’re using many aliases, this might affect a whole household.