Play Online Casino Using Credit Cards

Many online bingo players use credit cards to fund their accounts. What they may not be aware of is that most credit card companies treat online bingo and gambling transactions the same as cash withdrawals. In addition to much higher interest rates players are usually charged a handling fee which is based on a percentage of the transaction. If the player is at a site using another currency he or she will also pay a currency exchange fee which can be quite high. Most credit card companies have strict definitions of what constitutes a gambling transaction. Gambling transactions include;

1. The purchase of scratch cards and lottery tickets.
2. Online bingo, poker, roulette or any other game of chance played online.
3. Any transaction that takes place in a casino, bingo hall bookmakers or any other gambling business. This includes food and drinks purchased at a casino.

Credit card companies will charge higher rated for these transactions and many credit card companies will not allow gambling transactions of any kind. Players planning to use a credit card at a casino should check the card's policies regarding gambling. Using a credit card to gamble is not the wisest decision. Using a credit card increases the amount of the bet and can eat away at any winnings. Paying high interest rates to gamble can easily lead to a debt spiral of borrowing more and paying less on the card's account. For thousands of players gambling with a credit card leads to some very serious debt problems that are difficult to recover from. Some experts say that borrowing money to pay for gambling is a sign of a developing gambling problem.

Gambling transactions are not the only transactions that are treated like cash advances. Other transactions with higher cash advance rates include;

1. Purchasing foreign currencies.
2. Purchasing gift cards and vouchers.
3. Bill payments.

For gamblers that use credit cards regularly the higher fees can add up to a small fortune over time. In the United States most credit card companies have a strict policy against any form of online gambling including online bingo. This is because current US law forbids banks, credit card companies and other financial institutions from processing any gambling related transactions. In the UK and Europe moist credit card companies take no moral stance on gambling as long as all purchases are within the law. Most online gaming experts recommend that online gamblers use a third party payment processors secured with SSL + HTTPS to avoid the higher rates
charged for online gaming transactions.