Credit card betting is a contentious subject as some territories have banned it. Other countries allow betting with credit cards and see no issues when compared to different payment methods. Nevertheless, this topic stirs up a great debate among punters and other members of society. With that in mind, we’re going to dive into the key pros and cons of credit card betting. 

We’ve looked at many betting sites that accept UK credit cards and various alternative payments. We compared how credit card payments stacked up against others and noted the core issues and benefits. Overall, this is what we noticed: 

Credit Card Betting Pros

Using a credit card to deposit money at an online bookmaker has a series of advantages. Punters will be able to do all of the following: 

• Plan Ahead For Losses – Betting with your credit card gives you time to plan ahead for losses. If you lose a bet, you pay for it when your credit card bill is due. This could be in a month, meaning you have time to adjust your budget and cover the losses. It can reduce the chances of a bad bet leading to significant financial problems. 

• Protect Your Payments – Credit card payments are protected under Section 75 of the Consumer Credit Act. You can reclaim money spent on a credit card under specific circumstances. For example, if the goods are faulty or the company goes out of business. So, if the betting site you’re using suddenly goes under or tries to steal your money, you can claim it back through this legislation. 

•  Build Your Credit Score – Gambling doesn’t have an impact on your credit score. You’re not judged by what you spend your money on. However, if you bet with your credit card, this could help you build a better credit score. Meet your monthly credit card payments and you slowly show that you can borrow money and pay it all back. 

Credit Card Betting Cons

Why has credit card betting been banned in the UK and other countries? There must be reasons for this; something that makes this payment method riskier than all others. 

During our research, we came across a few blatant disadvantages of using credit cards on betting sites: 

• You Bet Money You Don’t Have – Credit cards are financial tools that help you borrow money to pay for things. When you use your card, you’re technically not spending your money. As such, it’s easy to keep wagering and placing bets without having the money to cover them when the time comes. If you’re not careful, this can lead to serious debt. 

• Withdrawals Are More Complicated – It’s far more complex to withdraw money to a credit card than any other payment method. If you use a debit card or cryptocurrency, the money goes straight to your bank account or crypto wallet. Credit cards are difficult because you’re technically putting more money back onto your card than what you used. This usually goes towards paying off your current balance, so you don’t properly see your winnings. 

Fundamentally, the first point is the main problem. People worry that vulnerable punters will be at risk of losing more money if they gamble with a credit card. It makes sense; if you only have £100 in your bank account, you’ll only ever lose that amount. With a credit card, you could have thousands of pounds to bet with – but it’s not your money. 

Tips For Safe Credit Card Betting

Just because something has disadvantages, that shouldn’t mean it deserves to be avoided. Betting with a credit card can be very safe and convenient when done correctly. Every gambler should follow these safety tips before wagering with credit cards: 

• Only Gamble What You Can Afford To Lose – It doesn’t matter how much credit is on your card, you should only ever gamble what you can afford to lose. As long as you’re able to pay your credit card bill at the end of the month, you’ll be fine. 

• Set Credit Card Betting Limits – Choose an online bookie that lets you set credit card betting limits. This restricts how much money you can deposit every day, week or month. Thus, you’ll never gamble more than you can afford to lose! 

• Never Max Out Your Credit Card – Maxing out your credit card means you’ve utilised all the credit afforded to you. This is never a good idea as it can impact your credit score. Aim to keep your credit utilisation as low as possible or it’ll be harder to borrow money in the future. 

If you gamble responsibly, you can wipe out the concerns relating to credit card betting. It doesn’t have to be dangerous; you just need to know how to mitigate the risks.