Technology has made it possible to do virtually anything online, including casino gambling. Before you sign up and try to win big from the comfort of your own home, it helps to understand what can happen when you give an online casino your credit card information, try other payment methods. While it could be safe, it can also be a hassle that can cost you a small fortune. Knowing the dangers may make you change your mind about the idea.
It May Be a Long Tedious Process
Online casinos are an easy target for scammers. Any legitimate online casino puts measures in place that will make it very difficult to use your credit card for the first time. This can include phone calls to verify information, and possibly even faxing or emailing copies of identification and other information to prove that you are who you say you are. In some cases, you may not be able to actually get any money off your card for several days, and if they need follow up information, it could be longer.
You Can’t Use Debit Cards
In most cases, you can use your debit card anywhere you can use your credit card. An online casino is different. Most local banks don’t want anything to do with online casinos since the fraud rate is so high, so they simply don’t allow it. Not only that, it’s also not nearly as safe to use a debit card, where you can be liable for all fraudulent charges. Credit cards offer much better fraud protection, and you’re not out money while an investigation is pending.
You’ll Likely Pay a High Fee
Whenever you use your credit card at a regular casino to get a cash advance, you are charged a cash advance fee, and an online casino isn’t much different. Not only will you be charged a cash advance fee, but the charge will also go on your credit card bill as a cash advance. You’ll pay higher interest rates, and any payments you make will be applied to charges before cash advances, meaning you’ll pay those rates longer. Online casinos don’t always warn you of this, so do your research before you go through with a transaction.
Cashing Out May Be Difficult to Impossible
In many cases, if you win, you can’t put that money back on the same credit card you took it off of. This means you’ll need another method to cash out. If you think you can simply add your checking account, think again. Many banks want nothing to do with online casinos and this includes linking your account to accept deposits. Before you do anything, look at the casinos website and verify how you are supposed to get your money if you win. You may have to set up an additional account with a third party company, which is a risk you may not want to take.
You May Go Through a Lot of Hassle For Nothing
You may go through a lot of hassle and not be able to use your card. Many credit card companies, like banks, don’t want to deal with the high fraud rate that comes with online gambling, so they don’t allow it. Problem is, they don’t tell you this until after you’ve gone through the headache of setting up an account, verifying your identity, and anything else that goes with using your card. Do yourself a favor and call your credit card company before you begin to make sure that they’ll allow these types of transactions.
Gambling in a traditional casino can cause problems, but it’s nothing like using your credit card to gamble online. While a traditional casino has federal and state laws put into place to protect you in the event of fraud, you don’t get that same protection online. Many banks and credit card companies simply don’t want to deal with the hassle online gambling brings, and because of this, it can make cashing out if you do win next to impossible. Always use extreme caution if you’re going to gamble this way.