Credit Cards Betting Sites in India 2021
Credit cards are one of the most efficient and secure method of making payments online today. This includes those operating on betting sites, however this can be something of a grey area for punters based in India. This page will explain exactly how credit cards work when it comes to depositing and withdrawing funds on betting sites, as well as the bookies available.
Visa & Mastercard betting sites in India
What are Credit Cards?
Credit cards are issued to holders in order to enable them to make payments both online and offline. Unlike a debit card, funds spent must be repaid at the end of each month, with the amount available depending on the issuer and your financial situation. Funds can be borrowed to make payments or as a cash advance, with any overdue repayments incurring interest and potential fees. A host of banks and other organizations now issue credit cards, which in India include American Express, Citibank, HSBC, Amazon, Axis and HDFC.
How Do Credit Cards Work?
Credit card holders can make purchases online and in person, with the relevant details being sent to the merchant’s bank. Payments must be authorized before processed, with issuers either verifying that the information is correct or declining the transaction. Upon a payment being made, available credit reduces by the exact amount spent, with a statement being issued each month in most cases, showing the minimum payment and due date. As long as the bill is paid on time, no interest charges will be incurred. However, carrying over the balance to the next month will result in a charge, which depends on the cards Annual Percentage Rate (APR).
History of Credit Cards
The history of credit cards dates back to 1949, with the first card having been issued by the Diners Club. The Bank of America quickly followed, with the Visa organisation having been established shortly after also. Competing banks helped launch Mastercard in 1966, while the first bank in India to introduce credit cards was Andhra in 1981. Initially, credit card payments were processed using an imprint of the card transferred directly to a paper receipt, before being passed on to banks. However, the introduction of a magnetic strip and more recently chips has made credit card payments far more efficient. Nowadays, some 50 million credit cards are used in India.
Credit Cards in India
Today, all major Indian banks offer credit cards. Over 30 million credit cards are now issued each year, with RBI regulations having made such payments increasingly secure and convenient. Popular credit cards include the Signature Visa Credit Card, Yatra SBI Credit Card, HDFC Regalia Credit Card and Diners Club Black Credit Card. Credit cards are not just reserved for those with large salaries, with first-time applicants and those with a lower credit rating also having a number of options.
Advantages & Disadvantages of Using Credit Cards
Using credit cards on betting sites is popular for a reason. However, if you are considering this method of payment, then it is important to consider all of the benefits and limitations of credit cards. The following are the main advantages and disadvantages of funding your betting account using a credit card:
Credit Cards in Betting 2021
While there are a host of payment methods available on betting sites today, the fact that the majority of players have a credit card registered in their name makes this an appealing option for many. However, punters in India may find it difficult to use credit cards on betting sites. While there is no specific ban on credit cards, some banks and financial institutions will block payments on betting sites. As such, punters must make sure that their chosen bookmaker accepts credit cards before signing up. Those signing up at bookies licensed and regulated by offshore authorities may be more lenient than Indian betting sites.
How to Deposit and Withdraw Using Credit Cards
As we have already mentioned, credit cards are perhaps not the most reliable payment method for punters in India. While some payments will go through successfully, others will be declined, with the success rate of credit cards being poor, especially when compared to other method of payment. However, it is still worth familiarizing yourself with the process involved with both depositing and withdrawing funds using a credit card:
- Enter your chosen betting site and log in using your account details.
- Enter the cashier page, before selecting the deposit option.
- Select credit card as your chosen method of payment.
- Enter the amount you wish to deposit.
- Enter your credit card details, including its expiry date, CVC or CVV number.
- Having confirmed the payment, funds should be transferred instantly.
- Log in to your betting account.
- Enter the cashier page and select the withdraw option.
- Enter the amount you wish to withdraw, based on your account balance.
- Select the credit card option.
- Enter your card details or select your saved credit card.
- Confirm the payment. Withdrawals are likely to take up to 3 business days to process.
Is Using Credit Cards Safe? – Credit Cards Betting
Credit cards are undoubtedly one of the safest methods of making payments at betting sites. Encryption technology is used, along with a host of other security tools, to keep payments safe, keeping hackers at bay. With betting sites often storing personal and credit card details online, operators have to ensure that they take the necessary precautions, meaning that fraud or identity theft is very rare. As with any payment method, it is important to only register with a bookie that is fully licensed and regulated, which will mean that they have passed strict testing in all areas, including security.
How to Get a Credit Card
Rather than creating an account, as is the case with e-wallets, punters must acquire a credit card in order to start using it on betting sites. Credit cards are issued by banks and other financial institutions, with the process involving the following steps:
- Visit your bank in person or enter their website.
- Open a bank account or apply to do so.
- Access the relevant credit card registration form.
- Complete the necessary information, including your address and income.
- After a credit check and other inspections have been carried out by your bank, a credit card will either be issued or not.
- Check out the amount of credit on offer and other terms and conditions.
- Start using your credit card to fund your betting activity.
Credit Card Fees
Aside from the Annual Percentage Rate (APR)involved with credit cards, where banks or institutions charge for overdue balances, some additional fees can arise when using this method of payment at betting sites. Such fees will differ between bookies, with the most appealing covering any charge themselves. Some bookies will charge up to 5% for deposits, however this is rare, with most deposits being processed instantly, for free. However, withdrawals at betting sites using credit cards may well incur a fee, which are likely to sit at around 2%.
Alternatives to Credit Cards
While credit cards have long been a popular payment method for betting customers, they will not suit everyone. Luckily, there are a number of appealing alternatives available to punters in India today, with the following being among the platforms we recommend:
Bank Transfer – Also known as a wire transfer, a bank transfer works by filling out a form with your bank account details, including your IBAN number. Bank transfers take significantly longer than other payments, however their security is the major selling point. However, an opening deposit using a bank transfer is unlikely to qualify for a potential welcome bonus.
E-Wallets – Whether it be PayPal or Skrill, the security, speed and convenience of e-wallets make them another good option for customers at betting sites. Meanwhile, the fact that customers are not required to upload their bank card details to their bookie account adds another layer of security.
Paysafecard – This prepaid card is also accepted at an increasing number of betting sites available to bettors in India. A Paysafecard card can be purchased in the following amounts: ₹5000, ₹2000, ₹1000, ₹500, ₹200 and ₹100. Paysafecard is a leading name in terms of online prepaid payments, with payments in other currencies being available too.
FAQ – Credit Cards Betting Sites
Yes. Credit cards are one of the safest payment methods available at betting sites today. Your card details remain secure at all times, with third parties never gaining access to such information. Bookies have a number of security measures in place to ensure that this remains the case.
Payments made using credit cards may have to be verified before they can be processed. This can include uploading a valid form of identification, whether it be a passport, utility bill or proof of residence. Meanwhile, punters may have to enter their online banking details in some cases.
Potentially, yes. However, the fees involved will vary between bookmakers, with some covering any charges that are incurred. Be sure to take any potential fees into account beforehand.
For betting customers in India, it is likely that credit card payments will be declined from time to time. This is due to the specific financial institution and laws in India, so be sure to contact both your betting site and credit card provider in this instance.
Deposits at betting sites processed using a credit card are likely to be instant. This means that funds will be available to use as soon as a deposit has been processed.
Withdrawals using credit cards will likely take somewhere between 1-5 working days to process, however this will again depend on the provider, as well as the specific betting site.
Tips for Using Credit Cards in betting
When using a credit card on betting sites, there are some useful factors to keep in mind. So, in order to make the mots out of this method of payment, the following tips have been put in place:
- Be sure to look into any potential legal limitations surrounding betting with a credit card before signing up online or contacting a provider.
- If an appealing bookie does not accept credit cards directly, consider using it to add funds to an e-wallet account instead, whether it be Skrill, PayPal or Neteller. While there may be fees involved, it will mean that you can still use your credit card indirectly.
- Look into any reward scheme or VIP program that may be in operation at betting sites. Depositing and withdrawing using a credit card could well see points won or rewards delivered.
- Aim to use the same method for both depositing and withdrawing funds at betting sites. This will ensure that payments are processed as quickly as possible.
- Consider storing your credit card details on your betting account. As long as you are registered with a reputable bookie, such information will be completely safe. Doing so will mean that you do not have to enter your card details each and every time you make a payment.
Bottom Line on Credit Cards Betting Sites in India 2021
Using credit cards at betting sites has long been regarded as one of the most convenient, safe and fastest method of payment for punters in India. Whether it be a Mastercard or Visa option, such payments are accepted by an increasing number of bookies. There is still something of a cloud surrounding the use of credit cards for Indian customers operating on foreign platforms, with many having experienced payments being declined or blocked. So, be sure to look into the rules of your specific bookie before adding your credit card to your betting account. Where available, credit cards are well worth taking advantage of.