Although technology is the way of the future – There are still many gamblers who are reluctant to play at an Online Casino for various reasons. The main reason we have come across is that people are unsure of how their money is handled and they seem to feel that it is going into a black hole somewhere on the internet. The ironic thing is that these same people are quite happy to use internet banking to transfer funds to other accounts and to do shopping online, yet are scared to allow a casino to debit their credit card.
For this very reason I decided to write this article to dispel some of the myths around gambling online, and more specifically the banking, depositing side of things. I am referring specifically to credit card transactions, however most e-wallets like Neteller, Moneybookers, Eco Card etc. operate on the same basis.
The most important thing to remember is that all credit card transactions performed over the internet are done via a SSL encrypted channel. SSL stands for secure socket layer, which simply means that it is processed over a secure connection via a 3rd party processor directly linked to your bank. The casino does not see the actual credit card account number or data, so it is actually safer than paying for a meal at your local restaurant with a credit card!
You are also protected from potential fraudsters using your card as most online casinos have very stringent security procedures to the point of being quite irritating if truth be told. i.e When you request a cashout of your winnings, the casino will often insist that you send a copy of your credit card and identification document so that they can prove that you are the legal owner of the card. This is only for the 1st withdrawal, subsequent withdrawals are processed with ease once they have done the initial verification.
The beauty of using credit cards is that it takes less than 5 minutes to process and the money is available in your casino account immediately. There is also an added feature which many people do not know exist, and this is called a chargeback. Unfortunately some gamblers use this facility when they have exceeded their bank roll and have gambler remorse, so they simply chargeback the funds by telling their bank that the transaction is fraudulent or unauthorised. Please note that this is not recommended and will get you banned by the online casino in question!
However, if you genuinely discover that someone ( like a family member ) has used your credit card without your knowledge, then you can request a chargeback from your bank and they will then retract the funds from the casino in question.
Unfortunately some banks ( especially in the USA ) have a policy that they do not process gambling transactions, and in these instances your credit card will be declined, regardless of whether there is funds in the account or not. There is not much you can do about this asides from changing banks or using another deposit method.
In short – it is safe to use your credit card on the internet at online casinos.