A credit card is a smart instrument for online financial transactions. But there are numerous doubts if online casinos accepting credit cards. The answer depends on your geographical location. Most states permit you to fund casino bankroll through a credit card. Online wagering has become almost mainstream entertainment in the UK; most citizens believe it is like watching a movie or going to the bowling alley. But players prefer to log onto virtual casinos funding through debit/credit cards than visiting brick-and-mortar casinos. Paying through a credit card is seamless and convenient if you pay the bank dues within the stipulated time. Moreover, you can win cash back or other rewards from the service provider.
Excellent for online shopping
Credit cards are an excellent option for spending in virtual crypto gambling casinos. You are more protected of your personal details if a credit card is stolen than the theft of a debit card. Accepting a credit card is a sign that the casino is safe and legitimate. In many countries, there are regulations that limit or exclude liability if the card is stolen and used in the questioning activity. For instance, the Fair Credit Limit Act of the US bound the liability value to $50 in the above-mentioned case, and most credit card provider does not bill the sum.
Liability restricted
In the UK also, the liability is restricted to $50 if there is no gross laxity on your part. The credit card provider also becomes a party if there is a dispute arises when you buy a product or service above Pound 100. But there is a flip side to using credit cards for casino payments, as most bankers treat it as a cash advance. This feature of credit cards attracts immediate interest, and the rate is high; moreover, a one-time fee is charged on it. Unfortunately, many players do not gamble responsibly. They squander the credit card limit and fall into a lethal debt trap. Many governments assume these people are vulnerable and need protection.
UKGC bans
The United Kingdom Gambling Commission (UKGC) prohibited the use of credit cards in casinos, both virtual and land-based operative in the UK from April 2020. You cannot even swap a credit card for buying a lottery ticket unless the store sells mostly non-gambling products. This is the prime reason why UK-based casinos do not accept credit cards. UKGC presumes vulnerability to problem gamblers is more significant than the mere connivance a credit card holder gets to play casino games. The objective is to stop gambling with money that the player does not own.
Plunge problem gamblers
A study exhibits that 22% of players using credit cards in crypto gambling casinos are compulsive gamblers. The credit line pushes them further into problem gambling. Out of 800,000 online players in 2018,176,000 problem gamblers have been restricted from using credit cards since the resolution by the UKGC. The credit line available to gamblers is hazardous if they win; there is no harm. If they lose, most often, they get trapped in the quicksand of debt. There are instances players amassed a debt of million as they wagered heavily because of a credit card. Howsoever as it is deemed to be a cash advance, it attracts immediate interest; the borrower needs to pay significantly more than the on loan amount.
