What is a Credit Card?
At this point, the concept is so old that it would redundant if we started explaining what credit cards are. Instead, let’s do a quick overview.
- You can get credit cards through your local banks and credit unions.
- The cards are branded by international networks such as Visa, Mastercard, and American Express.
- Most credit cards have limits on the credit and it depends on what income documents you disclose to the financial institution.
- You can use the cards to shop online, offline, pay bills, send and receive money, and even get loans.
Most importantly, you can use them at betting sites that accept credit cards.
How Does a Credit Card Work?
Before we jump into the details of how credit card betting sites work, you should know how the payments work in the first place.
Credit cards let you borrow credits from the financial institution that provides you the card. If it’s a bank, you’re essentially using the bank’s money to buy things or to pay for services. Later, you pay the bank what we call a credit card bill.
Just like any other bill, you have a deadline to pay it. If you miss it, you’ll need to pay additional charges in interest and/or fines.
Unlike debit cards, you get rewards for your purchase with credit cards. In most cases, these are reward points that you can later redeem at partner merchants. A hefty discount at a fancy restaurant, perhaps.
History of Credit card
If we absolutely have to dig out the earliest history of credit cards, we’d have to jump back to 1887. “Looking backward” was a Utopian novel at that time by author Edward Bellamy. Although fictional, it’s believed to have laid the primary foundation of the concept.
Charga-Plate by Farrington Manufacturing Co. is believed to be the first “real” credit card. Departmental stores at that time offered it to the customers for regular purchases. Another great example of early credit cards is the Air Travel Card by American Airlines. It utilized the “buy now pay later” motto which is essentially the business model credit cards follow today.
The credit cards we know now were first offered as BankAmericard from the Bank of America. It’s the first rendition of Visa credit cards we have today. A few years later BankAmericard came out, Interbank decided to throw some competition. And yes, it later rebranded itself as Mastercard.
Both of these scenarios took place during the 1950s and 1960s.
- Over 50,000 events per month
- Flexible payment modes
- Easy navigation
- VIP program
Credit Cards in India
Sure, punters of India take credit cards for granted now. As one of the world’s most booming economies, it’s normal for India to have mass amounts of credit cards now. But did you know it wasn’t until 1980 that Indians could get credit cards?
The Central Bank of India is credited to be the first issuer of credit cards in the country, in 1980. Soon after, Andhra Bank decided to follow the footsteps of the Central Bank. Both cards were Visa-branded and both came out in the same year.
For Mastercard, it took an additional 8 years to penetrate India. Vijaya Bank offered it for the very first time.
Fast forward to today, you can get them at pretty much any bank you can imagine. Thousands if not millions of merchants now offer credit payments in India, including credit card betting sites.
Benefits You May Get Credit Card Betting Sites
You might be thinking about the convenience of betting sites that accept credit cards. However, there are plenty of other advantages to these little things that fit perfectly in your wallet. In this section, we plan to shed light on them.
It’s the most obvious benefit of credit card betting sites. And it’s the primary appeal of credit cards too. You get to buy the things you need or pay bills using the credit assigned to your card. You don’t need readily available cash or funds in your bank account.
As credit cards are directly offered from banks or credit unions, you get state-of-the-art security for the payments. It’s because banks are regulated by the government and they must offer a certain level of protection for the consumers to operate legally.
Along with the bank’s security, you get the network’s security too. For example, both Visa and Mastercard have their own security protocols such as 3-D Secure and top-notch encryption.
The bottom line is, it’s quite hard to intercept a credit card transaction for hackers. You can rest assured that your funds will go through to your credit card betting sites account.
As we already said, most credit cards offer a reward system that enables users to enjoy extra perks. All they have to do is use the card a certain number of times in a month or in a year. You can expect vouchers, discount codes, access to exclusive lounges, waived interests on your credits, and lots of other things.
Finally, the reason you should be signing up at credit card betting sites in India. They’re literally everywhere. Any betting site you can think of, whether local or international, you can expect the operator to offer credit cards for both deposits and withdrawals.
From what we’ve seen, Visa and Mastercard are the most commonly offered cards. It’s primarily because the user base of American Express is pretty niche in the country.
Can You Use Credit Cards for Betting?
The question you might be asking is “should I use betting sites that accept credit cards?”. The answer is, of course. You already know how secure they are and how commonly they’re offered at online sportsbooks. So, why shouldn’t you use them?
Moreover, there are no charges when you use credit cards for betting. At least, for most operators. Even if some do impose a charge, it’s going to be very minimal. Considering the overall features and appeal of the payment method, you should definitely go for credit card sportsbooks.
How to Deposit and Withdraw Using Credit Cards?
If you’re proficient in paying merchants online, paying the betting sites that accept credit cards should be a walk in the park for you. Just to be safe, here are the general steps of depositing into your sportsbook account.
- Choose a credit card betting site from our list first. These are all operators who offer the safest passage for online transactions. If you don’t have an account, open one.
- Navigate to the banking/cashier page of the sportsbook. You may find a broader “credit cards” category or direct distinction between Visa and Mastercard. Choose the operator based on what you have.
- Enter the card number, the expiry date, the CVC code (3 digits printed on the back of your card), and the name Engraved on the card. Make sure the name on the card and your name on the sportsbook are the same. Otherwise, the payment will be declined.
- Enter the amount you want to deposit, follow the SMS/email verification. And you’re done!
How to Withdraw from Credit Card Betting Sites
One of the advantages of using well-known methods like credit cards is that you can withdraw using the same card. Here’s what the steps may look like.
- Log into your sportsbook account and navigate to the withdrawal page. It might be part of the cashier page or a dedicated page.
- Select the credit card network. If you’ve deposited using your Visa or Mastercard already, the card should be saved.
- Enter the amount you want to withdraw. Comply with any verification requirements the bookmaker may have put in place.
- Now, you wait for the payment to be processed. Once the bookmaker is done, you’ll have to wait an additional 3-5 days because the bank needs to process the withdrawal too.
How Secure is it to Use Credit Cards in betting?
It’s as safe as it can get. You already know that credit cards offer top-notch security for your online payments. The same features are carried over into the credit card betting sites too.
Moreover, when you choose a brand from our recommended list, you can rest assured that the operators are properly licensed. Our team of experts has gone through the brands to check their reliability, fairness, and odds projection before recommending them to you.
How to Get a Credit Card?
The thing with credit cards in India or any other country is that you can’t sign up for them online. At least, they don’t work like e-wallets where you can open an account online, verify it, and fund it directly.
So, let’s try to cover what it might be like to get a credit card from your local bank or credit union.
- The first order of business is to walk into a bank of your choice. You can ask around for recommendations because each bank is different and they might excel at different services.
- Talk to a customer service representative to know about the minimum requirements for a card. You’ll need to show a minimum income with legitimate sources before anything else to qualify for a credit card.
- If you are qualified, you can ask for a form and submit it later attached with necessary documents. The fleet of documents may include your bank statement, salary certificate, utility bills, and so on.
- Once the processing is done, you may have to wait for a few days at least before you get the card. The bank will let you know as soon as it’s ready for collection.
Fees
The good news for credit card betting sites is that they don’t usually charge anything for deposits or withdrawals. The slim portion of operators who do usually impose a tiny fee and that too, for withdrawals only.
So, it’s safe to say that spending time at betting sites that accept credit cards is relatively economical in terms of additional fees.
However, your bank may impose annual fees or interests on the credits you borrow. Every bank is different in this regard and they all have their policies. It’s best if you talk to the customer service representative during the application to know all about the fees.
Alternatives to Credit Card Betting Sites
Although credit cards are extremely secure and are offered by pretty much all online bookmakers, they’re not invincible. For example, you may have run out of credits for the month. Or, the server of your bank may be down.
Whatever the circumstance is, you might want to keep a few alternatives handy. Thankfully, betting sites that accept credit cards also generally accept other payment methods. Let’s take a look at what they may be.
Debit Cards
Think of debit cards as the opposite of credit cards. You get a similar level of security and acceptance. The fundamental difference here is that you need to have the funds already in your account. Because debit cards “debit” money from your bank account.
Another thing to note here is that if the bank’s server is down, the debit cards won’t work as well. So, it’s best to have credit cards and debit cards from 2 different banks to avoid a total financial blackout.
Prepaid/Vouchers
One of the most comfortable methods of online bookmaker deposits is prepaid methods. You can pretty much buy them off of any retailer or order them online. You don’t have to disclose any banking information to the iGaming operators as well. Keeping a few vouchers can come in handy when you can’t use your credit cards.
The primary drawback of prepaid methods is that you can’t withdraw using them. Because withdrawal requires a financial account registered in your name. A prepaid method doesn’t have one.
E-Wallets
E-wallets are great no matter how you look at them. They’ve pretty much redefined the online payments space by bringing so much innovation. Names like Skrill, Neteller, PayPal, EcoPayz, etc. have been in circulation in the iGaming industry for as long as we can remember.
The best part is, you can use these methods in India to pay for your betting site account! The only drawback of using these is that you have to pay a fixed fee every time you top up the e-wallet account as well as every time you withdraw money to your bank accounts.
Frequently Asked Questions
Are credit card betting sites safe? They’re safe as long as you stick to licensed operators. The best way to approach it is to stick to the sportsbooks we’ve recommended on this page.
Which methods can I use when I bet at credit card sportsbooks? You’ll most likely find Visa and Mastercard at most of the bookmaker websites. A few of the selected sites may also offer American Express.
Is there a verification process for credit card betting? All bookmakers have a verification process in place to identify punters. If you’re referring to the credit card verifications, there are none because you’ve got the card after verification by the bank.
Are there fees at credit card betting sites? The answer is no for the most part. Some operators do impose a small fee. And there are annual charges for the card itself.
What is the course of action if my deposit or withdrawal is declined? The first thing you can do is contact your bank to check if there’s anything wrong at their end. Banks sometimes turn off servers for maintenance. If that’s the case, you’ve nothing to worry about. If there’s nothing wrong with the bank, contact the bookmaker’s support.
How long do deposits at credit card betting sites take? Deposits are instant, no matter what payment method you’re using. And that includes credit cards.
How long will the withdrawal take from betting sites that accept credit cards? After the sportsbook’s processing is done, you have to wait an additional 3-5 days for the card issuer bank to process the payment.
Tips for Using Credit Card Betting Sites
Before we part ways, let us share some insights that may come in handy at bookmakers. You may already know some of them. Let’s get right into it.
- Do Everything Slowly
If life has taught us anything, it’s the more you rush, the more likely it is for things to go wrong. So, don’t rush when you’re depositing at credit card betting sites. Sometimes, an extra zero can cost you a lot of money. It’s especially true for deposits because they’re instantly processed. You get a buffer for withdrawals to cancel the request. - Ask About the Fees
If it’s bookmaker fees you’re concerned about, you should find all necessary information on the Terms and Conditions page of the website. Or, you can ask for customer support. If it’s the bank’s fees, the bank should notify you about any fees before deducting them. But it’s best if you ask a representative before you start using credit cards. - Make Sure the Operator Offers Credit Cards
It’s very unlikely to come across operators that don’t offer credit cards, but it can certainly happen. To avoid such possibilities at all costs, you should double-check the operator of your choice before signing up.
Because you don’t want to go through the great lengths of getting a credit card and later find out that your operator doesn’t offer any. On the bright side, you can always switch bookmakers to those that offer your cards. - Figure Out the Limits
Both the sportsbook and the cards themselves will have limits on your transactions. It’s not a big deal if you don’t know the limits because the transaction will be declined anyways. But it’s good practice to know about them beforehand to avoid any technical difficulties.
Summary: Credit Card betting
There are a plethora of Credit card betting sites in India. It’s all that better for Indian punters because there are over 67 million credit cards in circulation in the country! It means a huge chunk of the punters has access to the cards.
If you happen to have one ready to roll, why don’t you pick an operator from our list and get to betting?