Credit & Debit Card Casino Bank Guide for Canadians
Having a safe, reliable way to make and receive payments is, in fact, the first thing online casino players should look at before even registering at any site. Online security threats are all over the internet and one small mistake could cost a whole lot. The use of Credit & Debit card for online transactions is not only safe but reliable and fast as well. Credit and Debit cards provide the security you need to make deposits to online casinos. The most popular Credit cards include Visa, MasterCard, American Express, Discover and JCB. Most Canadian debit cards, however, work with the credit card logos only.
- One of the safest online payment methods
- Works with any currency in the world
- Ability to dispute any unauthorized transactions
Using a Credit & Debit Card for Online Casinos
Credit & Debit card usage has increased and is on an exponential as we speak, meaning more and more people are using these services to make their online payments. For this reason, most, if not all, online casinos have included the use of debit and credit cards for deposits and withdrawals. The best part is both credit and debit cards do the same exact thing, and you can use both to deposit funds into a casino of your choice instantly. Using credit and debit cards for online casinos also gives the advantage of quick withdrawals with most casinos processing your cash-out within 24 hours. There are, however, cases of delayed payments where the process could take 1-5 days.
Credit & Debit card usage may appear to have the same qualities but there are a few contrasting points. Using a debit card to make a deposit is like taking money directly from your account and depositing it directly into your online casino account. This means that you can only deposit what is in your bank account. This is advantageous since you will only use the funds you can manage. Credit cards, on the other hand, require that you pay off any accumulated credit if used to make deposits and/or purchases in online casinos. You can choose to pay off the credit immediately or pay it off over time, with a bank interest. You have to be careful, however, credit card use can spiral out of control.
Opening a Credit & Debit Card account
Opening a Credit & Debit Card account is rather easy and straightforward. For starters, most banks in Canada offer a debit card when you open up a bank account as a companion to deposit accounts. In most cases, checking accounts come with debit cards which are also known as check cards. So this means that the use of a debit is similar to the use of a check only that it comes in a small plastic card. A credit card, on the other hand, requires a rather lengthy process to acquire. You can acquire one from your bank, major credit card issuers or a retail or department. A prior relationship with any of the credit card providers will not only hasten but assure you a credit card. Remember, opening either a credit or debit card account requires that you are above 18 years of age. The same applies for any online casino account that you may want to open.
Using Credit & Debit Card in Canada
Credit & Debit Card use is the most preferred means for online transactions in Canada. The use of credit and debit cards has raised at an exponential rate over the years especially with the evolution of technology. The number of cards in circulation in Canada as of October 2016, especially Visa and Mastercard is estimated at a whopping 68.5 million. Out of this number, 85% of Canadians use either debit cards or credit cards to pay their bills or make online transactions as of October 2016. Because of this, 40% of merchants, including casinos, have opted to migrate to this paperless form of payment.
Fees and Limits
Same to all other money transacting services, banks have to set limits on Credit & Debit Card use as per the laws set by the government of Canada and of course a certain percentile as a bank fee. Canada’s largest credit card networks, Visa and Mastercard, however, recently agreed to cut the fees they collect from merchants on the transactions made. This means that the fee at your favourite online casino has likely been reduced. On top of this, the government of Canada has set specific fee percentage cuts for both credit and debit cards. One great advantage, especially of debit cards, is that the limit of the card is the amount of money that is in your bank account. Some banks may have a limit on how much you can withdraw or transact in a day, but an agreement can be made with the bank to exceed the limit. Credit cards, on the other hand, have limits set by the provider according to how good your credit score is.
Benefits and drawbacks of using Credit & Debit Card
Credit & Debit Card use does have its advantages, and drawbacks as well. One advantage the debit card will always have is the fact that you will be able to control your spending since you can only use the money that you actually have in your bank account. Another advantage is that the fees percentage that is subtracted when using a debit card is a minimal to no fees at all. Credit cards, on the other hand, offer their users rewards, in this case, casino points when you use them. Also, they give you a chance to increase your limits with good credit scores. According to the Fair Credit Billing Act, customers are allowed to dispute any unauthorised online credit card transactions or any purchases for goods that have either been lost or damaged during shipping and handling by the merchant.
The mountain does have its leeward side however and here are some of the drawbacks of Credit & Debit Card use. Debit cards do not offer as much protection as credit cards do. Although most financial institutions try to protect their clients from debit card fraud, clients could potentially be at risk of losing up to $500 on debit card fraud compared to $0 on credit cards. On the credit card front, it is important to remember that the use of a credit card is a form of borrowing that has to be repaid. Failure to pay monthly balances will result in the racking up of interest fees and fines. Another thing to watch out for is exceeding your monthly limit on your credit as there will be a charge if you do so. This payment method is convenient and fast, but you have to be careful with the way you use it, since with great power, comes great responsibility.
- Quick and convenient method for making online deposits and withdrawals
- Highly secure and reduces the risk of losing money
- Hidden costs that you may not know about
- Does not offer real time information on your finances
Credit & Debit Card Review in a Nutshell
Credit & Debit Card use is arguably the most widely used form of paperless payment worldwide. The Credit & Debit Card payment method is extremely secure, fast and convenient. Credit or debit card fraud is on the low, and in a case of theft, cancellation can happen at any time, wherever you are. This payment method can be transacted in an instant and no time is wasted with the purchase or payment of either goods or services. The best part is, providers such as Visa and Mastercard provide their services all over the world and wherever you may be in the world, you can make a transaction.
Credit & Debit Card FAQ
How do I add a new user to my cards?
Adding a new user to an account is a common occurrence especially if the third party is either a minor or is not eligible for either card. To add a new user to your account, all you need to do is complete the Authorised User Form and submit it to your bank branch or credit card provider. If the identification of the third party is required, then you will be notified.
What costs are associated with this form of payment?
The costs that are associated with this kind of payment really differ and depend on either the bank or the provider you may prefer. Debit cards tend to have little to no fees but this all depends on your resident bank. Credit cards, on the other hand, have higher costs because of the interest rates that mainly come along with the card.
What happens if I lose either my debit or credit card?
If you accidentally lose either your credit or debit card, contact your bank or credit card provider immediately so as to cancel the card, rendering it useless to anyone who may have the malicious intent of stealing from your card. The bank or the credit card provider cancels any card that is reported lost or stolen immediately.
Can I use this form of payment for casino transactions?
Debit or credit cards support all forms of payments as long as the merchant accepts or authorises this form of payment. Most online casinos support most if not all forms of online payments including debit and credit cards. So before you decided to register at a certain casino, find out first if they support the use of credit or debit cards.
Will I get charged if I use this form of payment in a foreign country?
This also depends heavily on your bank or provider. Most banks charge a 2% International Transaction Fee because they also need to exchange currency and foreign exchange rates are always fluctuating. Sometimes, however, the fee that is charged on debit or credit cards for international transactions is barely noticeable to the customer.
All You Need to Know About Casinoguides.ca
Based in Canada, casinoguides.ca is a platform that provides its users with information mainly on casinos. On the site, you can find information on online casinos, online casino games among others. They give detailed information on the services offered by the different casinos and the kind of slots they offer. The information they provide is not only reliable and detailed but easy to understand and comprehend as well.
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Introduction to Casino Payments
One of the very important features of any online casino is the payment and withdrawal options that it offers to its players. The number of options available can confuse a newbie, so to help you choose the best deposit or withdrawal method for you, we have reviewed some most popular casino payment/withdrawal methods. A payment guide for online casinos will always give a wire transfer as a payment method among others. A wire transfer is fast and easy, simple to perform and most casinos accept these.
The best online casinos are always exciting and they try and accommodate their different customers by providing a host of payment options. A payment guide will also tell you that Prepaid cards are another payment system used by online casinos. These cards include Ecocard, Neteller, Mastercard VISA and others. These cards are a popular choice because you can use them for other things such as shopping besides gambling online. Making a deposit to your online casino account with these cards comes with the benefits of any credit card and deposits will happen instantly. Because these cards are in cahoots with Visa or Mastercard, they can be used anywhere.
Different Deposit and Payment Methods
With an online casino payment guide, you will notice that payment methods such as Echeck and Ecopayz are used as well. They are a safe way to make online payments. With a payment method such as Echeck Ecopayz, you will notice that there are also other benefits such as registration being free when opening your account. You do not need to have a bank account and transaction fees are also low with funds being transferred into your ecoPayz account immediately. These payment methods are similar to bank accounts and are completely safe.
Entropay is licensed for operations with e-wallets for their online casino customers and a casino payment guide will reveal Entropay is well used by online casinos. Fortunately, there are many casinos accepting this payment method. This payment option was introduced in the year 2003 as a prepaid virtual Visa card. It is well known and accepted in more than 170 countries of the world. Apart from gambling online, you can make online purchases and also perform transactions without having to disclose information about bank and card details, thus being completely sure of your information remaining private.
Credit cards are one of the most popular payment methods at online casinos according to any payment guide and a quality payment guide will tell you that you can use them to make safe, fast payments at online casinos. When you look at iDebit, for instance – it is a secure online payment method and lets you make payments directly from your online banking account. You simply sign up with your credit card, log into your bank with the same online banking user-name and password and you’re ready to go.You can also use Maestro to make purchases securely. Maestro makes use of the latest card security technology. It is quick and easy – you just insert your card, enter your pin and you are ready to go and you can even use your card when you’re abroad.
A payment guide will tell you that Skrill started as Moneybookers electronic wallet in 2001. The name changed to Skrill and was acquired by Paysafe. Skrill is authorised by the Financial Conduct Authority, operating in no less than 200 countries. Open an account with Skrill and receive your login particulars to fund your account.
Gamblers love the live casinos offer and casinos have responded by ensuring that they offer all the different casino payments as suggested in a reputable casino payment guide. Once you’ve found a fantastic online casino, it goes without saying that the next step is to find the best online casino payment options to transfer your funds. These payment guides will tell you which payment options are acceptable according to your personal banking needs. You never have to be wary of transferring funds online because these guides have done all the research for you and recommend casino payment options that are as safe as houses to use.
A payment guide will tell you that while most of the online casinos are completely safe and enormously fun, there are always those bad apples that spoil it for everyone. Rogue gambling sites do happen and they’re to be avoided at all costs. If you’re wondering how, then these guides for payment options will list casinos who have issues with paying players what is rightfully theirs. It is up to players to do research with any casino and their payment options before signing up with them. Skrill is one of the safe options and it can be used for deposits and withdrawals at online casinos.
PayPal is a hugely popular payment method and a payment guide always lists PayPal for use at online casinos because it is a secure way to send and receive money online. With a solid track record, PayPal is a leading online e-wallet solution, working with no less than 25 different currencies and also in more than 180 countries worldwide.
A casino payment guide will tell you that you can trust PayPal as it is selective, dealing only with online casinos that have a gambling licence in the country where you want to play. It is just one of the signs that you’re dealing with a reputable online casino. Opening a PayPal account is also simply straightforward and all you basically need to get going is a valid email address. Always do research because there are things such as minimum deposits where you’ll be asked to deposit a minimum amount of anything between $10-$25.
All the best, most reliable, registered, regulated and reputable online casinos accept PayPal for withdrawals and deposits. A payment guide will tell you to always check the small print before signing up with any casino and going ahead with their payment options. An important aspect with any payment option is speed and convenience, and with PayPal it is one of the faster payment alternatives. Some of the largest online casinos where you’ll find PayPal are Casino Tropez, Paddy Power and Betfair among others and with a casino such as Betfair, cashouts are within 24 hours.
Neteller is an excellent banking option according to any online casino payment guide. It is trustworthy and respected, and as an electronic banking method, it is also fast and easy. It was created in Canada in 1999 and is registered with the British Financial Services Authority, abiding by their legislation. It means that Neteller keeps the funds of customers in trust accounts, providing casino players with an excellent sense of security.
With a casino payment guide, you’ll discover how to use any payment options to make a casino deposit. When choosing any one of these many banking methods, there are always some things that you need to take into consideration such as the particular method you choose for your casino deposits, the reliability of the method including how easy the method is to use. The best casinos make use of special encryption methods to ensure the safety of your personal information.
A payment guide for online casinos will guide you on the right way to ensure that all your personal, as well as financial information, is always safe and confidential and that your payment methods can’t be tampered with. Credit cards, e-wallets, debit cards, pre-paid cards, bank transfers, wire transfers – you name it – the most important thing is to ensure that you choose a registered, regulated online casino in the first place.
A payment guide will always mention a bank transfer allowing customers with Amex and Mastercard to pay for online purchases using their Internet banking facility. Customers will initiate a bank transfer through online banking or tele-banking as examples. This type of payment is made at the initiative of the customers and payment is sent to the bank account of the seller. Bank transfers are safe and have no reversal risk and banks are allowing customers to initiate bank transfers online.
There are many options for gamblers all over the world to make safe banking methods. A payment guide is full of useful information on online casino payment methods regarding the Paysafecard, PayPal, Neteller and other payment methods, and a casino bank guide is important because it ensures that your monetary journey with any reputable online casino is fast, easy, convenient, accurate and safe. There is always a casino with the payment option you want to use and the payment guide, when chosen carefully, can be all you need to know precisely what currency to use, how to use it and what bonuses exist so that you can always be sure that your carefree, fun gambling experience remains exactly like that year after year.