Plastic cards are a type of online casino payment method that you can find literally almost in any online casino, maybe except the pure cryptocurrency platforms. Visa, Mastercard, Maestro, and American Express are offered for deposits and sometimes for withdrawals because they are safe and trusted.
In this post, we discuss potential issues and provide tips about what to double-check before one starts gambling with real money using their bank cards.
Five Key Tips To Keep in Mind
Many online casino gamblers look for online casinos that accept Visa cards or other plastic cards for payments. Bank cards are handy to use, safe and secure, and even offer some bonuses for regular users.
However, they also have certain drawbacks that can impact the user experience when gambling online, and these drawbacks should be carefully considered.
1. Possible Withdrawal Issues
One of the main catches for online casino gamblers is that many online casinos prefer making payouts to the same source that was previously used by the player for making a deposit. The casino either pays the whole sum to this source, or returns the amount that was deposited from this source, and the rest is paid to a different card or wallet.
However, the risk still exists that the player will choose their plastic card as a payment method for both deposit and withdrawal, but will not be able to withdraw because some local banks can actually prohibit accepting payments from merchants that look like online casinos.
This rule exists to prevent money laundering and other illegal financial operations. The key takeaway here is that the unaware gambler may deposit using their card but will not be able to withdraw. They will have to either add another payment method that is available to them in their location – and this may be another issue – or look for other ways to cash their winnings out.
2. Minimum and Maximum Transaction Limits
In most cases, plastic cards, be they Visa, Mastercard, Amex, or others, have very flexible minimum and maximum transaction limits. Therefore, most gamblers will not have any issues.
The only real nuance is withdrawals because some lucky players may want to cash out more money in one transaction than their card allows them. Therefore, it is important to double-check not only the smallest amount it makes sense to send and pay a commission for it but also the biggest possible amount the card allows per transaction, to avoid the money being stuck.
3. Transaction Fees and Commissions
Bank cards, in contrast to many e-wallets or bank-based online payment systems, do take commissions for every transaction. Bank card commissions, as a rule, are percentages of the sum of transactions, so the bigger the transaction the more you pay for it.
For this reason, using plastic cards for deposits and withdrawals may be not the best idea. Small transactions will still cause sensible commissions, and for low-deposit casinos, making a minimum deposit is not that advantageous for the player anymore. Big transactions, on the other hand, cause bigger commissions. Therefore, double-checking the fees makes sense before the player starts depositing and betting.
4. Long Withdrawal Waiting Time
Because plastic cards are issued by local banks they make payments really safe and protected. However, this safety and protection come with a drawback of these local banks checking the payments for several days.
Thus, after the casino confirms a withdrawal, it usually takes an average e-wallet to receive the winnings within one business day. Plastic cards can take up to 7 business days to ensure that the payment is clean and cannot be associated with any type of fraud.
If the bank decides that the payment is suspicious it can suspend the transaction and the customer will have a hard time getting their money eventually.
5. Limited Options for Paying with Credit Cards
One of the important nuances that few beginner-level online gamblers are aware of is that many banks that issue Visa and Mastercard cards do not allow using credit cards for payments to and from online casinos. The customers can only use their debit cards that contain funds that belong to the payer and the payer can afford to spend them on whatever they like.
Credit cards, on the other hand, have funds that are owned by the bank and the payer basically borrows from the bank. Most banks prohibit borrowing money for online casino gambling even if it is regulated and legal in the country.
Are Visa Cards Good for Online Gambling in Canada?
Using a Visa card for online gambling in Canada can be an excellent way to fund your gaming accounts. Visa cards are accepted by almost all Canadian online casinos, and they offer several advantages over other payment methods.
They allow you to deposit funds quickly and securely, with no need to enter long bank account numbers or wait days for the transaction to process. Additionally, most Canadian banks issue Visa cards with low-interest rates and generous cash-back rewards programs that make using them even more attractive.
Furthermore, many online casinos accept Visa cards as a form of withdrawal too so you don’t have to worry about how you’re going to get your winnings out when the time comes!
Popular Types of Visa Cards in Canada
There are a variety of popular Visa Cards available in Canada, each offering different features and benefits.
Popular debit cards include the TD Access Card, which offers free access to over 80,000 ATMs across Canada; the BMO Debit Card, which allows you to make purchases with Interac Flash technology; and the RBC Avion Visa Infinite card for those looking for premium rewards. Popular credit cards include the Scotiabank Momentum Visa Infinite card which provides cash back on everyday purchases; the MBNA Rewards Platinum Plus Mastercard for travel rewards; and the American Express Cobalt Credit Card which lets you earn points on your spending.
Each of these cards offers its own unique advantages so it’s important to compare them in order to find one that best suits your needs.
From the points we discussed, it is fair to say that using a Visa card for online gambling in Canada is a good idea. The pros seem to outweigh any cons and as long as you are cautious with your spending, you should be able to use your Visa card without any problems.