Credit cards are one of the most popular forms of banking for a lot of online players. The availability of the product means that the majority of us have one, and the added layer of security means they are as reliable a payment source as you are going to find.
The credit card has been around since 1966 when Barclays first introduced their now infamous, Barclaycard. There are now dozens of banks and building societies that offer this product, each with varying rates and limits of money in which you can borrow.
What is a credit card and how does it work for online gambling?
A credit card is a bit like getting a loan from a bank. After you have been granted your credit card, it will come with a limit of funds to use, issued by the bank. You can use these funds as you wish and you can pay back the money that you have used over an extended period time. They work particularly well to make one off purchases or deposits with a repayment plan set up to cover the amount you owe.
Most online gambling sites will use the credit card as a form of payment. The majority will cover both Visa and MasterCard, which are the two biggest brands of credit cards. The card will work in much the same way your debit card does, as in you deposit funds and it’s then removed from your credit balance and into your gambling sites balance.
Depositing will require you to enter your card details, which will include the long number on the card along with details such as name and expiry date of the card. As an added layer of security, you will likely be asked to enter your CCV code, which is a 3-digit number found on the back of your credit card.
Benefits of using a credit card
Security is one of the main reasons why a lot of people use credit cards online. Verified by Visa and MasterCard Secure Code are just two processes that mean you need to enter a section of a password for the card to make any online payments. This means that should your card get in the wrong hands, it’s likely they wont know the password as well to use it online.
Most credit card companies are also very proactive when it comes to spotting any type of fraud on an account. Unusual activity will flag with the company and they will put any transactions on hold until the cardholder has confirmed it.
One thing you will find is that a huge range of gambling sites all accepts credit cards as a payment source. This means that you will be able to use the same card on multiple sites with the least amount of fuss. It works out particularly well if you find that you use your credit card to make regular deposits or even as your main source of bankroll.