Bank cards, no matter if we’re talking about debit or credit cards, are definitely the most widely used payment method at online sports betting sites. Since bank cards were the first online payment method to offer speed, security, and flexibility, they boomed in popularity among punters and are still holding a huge share of all online betting transactions. Diners Club issued the first credit cards that could be used in various locations. This was happening in 1950 and they were soon followed by American Express in 1958. Of course, we can’t talk about any online transactions during these times. However, with the launch of more modern cards like VISA or MasterCard towards the end of the 70s, the road towards online payments was slowly but steadily paved. Want to find out more about credit and debit card transactions at online bookmakers? Or maybe you’re after some bookmakers that offer great bonuses for card payments. We covered all aspects in the following paragraphs.
Depositing with a credit or debit card will never come with any sort of restrictions when it comes to claiming the first deposit bonus. Since the cards are issued by banks after a well-established process, the bookmakers have no reason not to issue the first deposit bonus. The measure of restricting access to the first deposit bonus was designed by bookmakers for those payment options that are easy to access even without having to verify your account. The whole idea is to discourage users that try to claim the first deposit bonus several times or that are using fake details to access the bookmakers. Taking all these into consideration, it’s easy to understand why credit and debit card deposits aren’t restricted in any way.
We’re sure that the vast majority of our readers made an online purchase using a credit or debit card before. However, just in case you’ve never done a deposit at an online bookmaker, we’re going to cover this procedure. While some buttons or menus might be different from one sportsbook to another, the main steps of the process will remain pretty much the same. So, here we go:
Depending on the bank that issued your card, the funds will be instantly added to your betting account, or you will need to go through one more step – confirming the transaction. The process of confirming the transaction is different from one card type to another. Visa has “Verified by Visa” which is a password-protected authentication system, MasterCard has the 3DS tool and so on.
Once you use your bank card to make a deposit, you have the option of saving the card for easier deposits in the future. Doing so will not only make depositing a lot easier but will also facilitate the withdrawal procedure. With the card saved in the system, when you decide to cash out your winnings, all you’ll need to do is open the Withdrawal section, select the credit/debit card you used to deposit and insert the amount you want to cash out. With such a straightforward procedure to request a withdrawal, it’s easy to understand why credit and debit cards are very popular among punters. Adding the fact that there are no fees involved for depositing or withdrawing funds makes them even more appealing. However, compared to ewallets, a bank card is a bit slower when it comes to getting your winnings. In some cases, you can have the funds in a couple of hours, while the maximum waiting time is 48 hours.
When talking about signing up for a bank card, we need to address debit and credit cards separately. Debit cards are normally issued when a bank account is created. So, you don’t need to sign up for a debit card when you create an account since it will come with the card. However, when talking about credit cards, the procedure is different. Credit cards do require you to sign up first. In order to access a credit card from your bank, you will need to file some paperwork, they will first check if you are eligible to receive one and approve your request if that’s the case.
We can’t really describe the exact steps of applying for a credit card since each bank and country has a particular system. However, the main idea is to have a good credit score, a steady income, and a longstanding relationship with the bank.
Just like the bank account, you won’t need to verify your bank card before using it. It’s true that all debit and credit cards need to be activated before using them. You usually get an envelope with the card, its PIN code, and the activation code. By putting it inside an ATM, you will then activate the card by introducing the activation code. Once this step is completed, you can start using your bank card both online and offline. In some cases, credit and debit cards need to be activated for online purchases separately. You can either call your bank and ask them to do that for you, or you can take care of this from the online banking app delivered by the bank.
Even though deposits and withdrawals are free of any fees or taxes, using a bank card does come with certain fees. For example, you pay an annual administration fee to your bank for the card you are using. Also, you can expect fees to be added when you’re taking cash out at another bank’s ATM than the one that issued the card. Since each bank has its own fees and taxes, we can’t give you exact numbers on these fees. However, you can easily find out what the exact percentage or fixed amount is by consulting the website of the bank you’re about to use.
With the first cards making their way to the general public in 1950, the bank card is one of the oldest payment methods around. Like every revolutionary step, cards were received with scepticism by users that believed cash money is better. However, credit and debit cards steadily became the predominant payment method all across the globe. This was greatly influenced by the internet becoming widely available all around the globe so that online payments via card started to be seen as the standard in paying for goods and services.
Nowadays, debit and credit cards, together with other digital payment solutions, are so popular that countries like Sweden think about switching to a cashless system in the following years. And since we mentioned Sweden, you should know that the Suedes together with their Norwegian, Finnish, and Danish neighbours are among the markets with most credit and debit card users. Of course, this payment option is widely used all across the globe and other territories like Germany, the Netherlands or the UK are also ranking high when talking about bank card usage for online betting.
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