Credit Card Online Casinos
Credit card online casinos, as you might expect, allow their clients to fund their virtual accounts with leading cards such as Visa and American Express. This can be accomplished with relative ease in large portions of the world, although certain nations have enacted laws that prohibit such transactions.
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In this article, we’ll look at the leading credit card companies and discuss which ones offer their services to online casinos. We’ll also look at the basics of the credit industry, including applying for a card and using it to transfer money into an Internet account.
Credit Card Companies and Networks
Most people use the term “credit card company,” but there’s a distinct difference between companies and networks. Companies issue the cards and make a profit off of payment processing fees, account fees, and interest charges. Networks, meanwhile, handle the actual processing of transactions and make money from companies who pay for the privilege of being affiliated with their brand.
Leading Credit Card Networks
There are 4 major credit card networks on the planet, and they serve as a portal between merchants and credit card companies. Not only do they authorize and process transactions, but they also help set terms such as liability for fraud and the fee charged to merchants when customers pay with credit. This section looks at the “Big Four,” detailing their success within the marketplace.
Visa – This credit giant accounts for over 50% of the market share, and they’re accepted in over 200 countries (with over 8 million merchants in the United States alone). Founded in 1958 and publically traded on the New York Stock Exchange, the company is known as an all-around solid option for anyone seeking to obtain a credit card.
MasterCard – This company has just over 31% of the market share, and they’re accepted by 8 million merchants in the United States. Their global reach includes over 210 countries, a number that has steadily grown since their 1966 debut as Master Charge: The Interbank Card. Over 25,000 financial institutions issue their brand.
Discover – With just over 8% of the market, Discover is accepted in about 50 nations. The number of U.S. merchants accepting the card numbers around 7 million and the company is recognized for offering excellent fraud protection to its customers. Founded in 1985, they’re best known for offering cash back to their clients on each purchase made with a Discover card.
American Express – Also known as Amex, this company debuted in 1850 and has become one of the most admired and trusted brands in the world. Their credit cards are accepted in over 160 countries, and around 4.5 million merchants in the United States do business with them. While their customer base is smaller, they are known for offering high-quality service to a more exclusive clientele. And unlike many credit cards, clients must pay a yearly membership fee.
Top 5 Credit Card Companies
The term “credit card company” is usually attributed to credit unions and banks, as they are the ones who actually issue cards to the general public and help them manage their accounts. The following are some of the largest companies currently in operation:
- Chase – In 2000, Chase Manhattan Bank merged with JPMorgan to become JP Morgan Chase. They currently do business in over 100 nations, and their products are often aimed at those with solid credit histories.
- Bank of America – Founded in 1904 as Bank of Italy, this financial giant employs hundreds of thousands of people and has annual revenue of over $100 billion.
- Wells Fargo – One of the largest banks in the United States, Wells Fargo was founded in 1852. In addition to issuing credit and debit cards, they also offer home mortgages, business loans, banking deposits, and much more. Available in over 35 nations, they have a global customer base of over 70 million.
- U.S. Bank – With over $403 billion in assets, this is the fifth largest bank in the United States. Over 15 million individuals use their services on a yearly basis, although U.S. Bank received over $6 billion from the American government as part of the 2008 financial bailout.
- Citibank – The fourth largest bank in the United States, their consumer banking division was founded in 1812. They do business in 36 different countries, with an emphasis on North America, Latin America, and Asia.
Applying for a Card
No matter which credit card you apply for, the company requires an application to be filled out. Some are more discerning about their clients than others, however, which is why American Express has a smaller client base that Visa or MasterCard. In the case of the latter two companies, it often seems like they’re willing to issue a card to anyone with the ability to fill out a one-page application.
Using Your Credit Card at a Casino
Funding your online account is meant to be a simple process, as casinos want there to be no obstacles between them and your money. Once you’ve signed up at an establishment, you just need to enter your credit card number and the amount you want to deposit. Within seconds, the desired funds should be transferred.
Credit Card Companies Accepting Online Gaming
Visa and MasterCard are default options for customers who want to use a credit card at online gaming establishments. The major exception is in the United States, where the 2006 passage of the Unlawful Internet Gambling Enforcement Act prohibited financial institutions from knowingly processing transactions for the purposes of online gaming.
Finding casinos that accept Discover or American Express is far less common, as both companies tend to shy away from such transactions. In fact, a lengthy search turned up no casinos that accepted Discover, while Amex was present at a much lower rate than the “Big Two.”
Credit card online casinos offer a quick and efficient method for funding your virtual gaming session. While not all companies are keen on being associated with Internet gambling, Visa and MasterCard are more than willing to take part. And since they’re the two largest names in the industry, you’ll find plenty of options available to you.
