At first glance, credit cards look quite convenient, but they have their obvious disadvantages. Our team checked how safe this method is and concluded that it is not the best option. In addition to high bank repayment rates, it is possible to lose financial control and get into debt. Using credit cards requires constantly reviewing your bank account and analysing your expenses. That is why it’s worth evaluating the information about which alternatives are better for gambling.

Reasons Why Credit Cards Are not the Best Options for Betting

On the one hand, credit cards provide a breath of fresh air and access to new money, but unfortunately, these funds are a temporary illusion. After all, they must be returned with additional percentages and conditions. Besides, our team has independently tested this payment method in casinos and is ready to share the disadvantages and outcomes.

High-Interest Rates

Before starting to use the card, the bank should warn about the interest on the loans. For example, if the debt is not repaid within a month, the bank may begin charging a monthly fee of 20% annually. If the debt reaches 1000 £ and is not repaid within 6 months, the final amount of the debt could be around 1300 £ or more. This leads to potential financial problems, and late repayment of fees causes a poor credit history.

 

Credit Cards Use Prohibition

In addition to the reasons listed above why using credit cards is not the best option, an equally important fact is that in some countries, it is prohibited by law. A vivid example is that in 2020, the UK Gambling Commission banned using credit cards as a payment system in casinos. Yes, it is difficult to maintain full control in this area, and non-GamStop casinos still exist, but it is each player’s matter and personal responsibility.

 

Incorrectly Calculated Trial Period

Many banks offer trial periods to attract new clients when funds are used at zero or reduced rates. That means that no interest is charged or a symbolic 0.01% per annum is set. Typically, the grace period ranges from 25 to 62 days, rarely 90 days. It can be set for each transaction or a certain calendar period. However, the client may misunderstand all the rules and requirements, for example, that the trial period does not always apply to gambling. Also, the trial period often starts on the 1st of the month and not from the day the funds are used, which is important to remember.

The Loss of Financial Control

This problem may occur if a certain debt cycle is created when a player tries to pay off their interest but continues spending it anyway. Credit cards create a temptation to spend more money than you can afford. During gambling, it is frequently assumed that the bet is not on personal money but on borrowed funds. In addition, constant thoughts about how to pay back the loan or where to get money to play again lead to psychological pressure, stress, and anxiety. As a further consequence, credit card usage seriously impacts a user’s personal life, work, and physical and emotional health.

Good Alternatives for Gambling Transactions

Instead of credit cards, our team recommends paying attention to debit cards. After all, here, the game proceeds exclusively with the money in the account, which helps avoid debts. E-wallets are also very common and convenient in casinos. For example, Skrill, Neteller, PayPal, and many others. In addition to casino deposits, this reliable method provides additional security and safely stores all personal and financial data.

Prepaid card options, such as Paysafecard, Entropay, and others, are also worth trying. They have unique PIN codes and an additional layer of anonymity. Another popular choice is bank transfers, where sending a deposit from the bank account directly to the casino balance is possible.

Helpful Tips for Dealing with Credit Cards

Our team is not a huge fan of credit cards and believes their disadvantages far exceed their benefits. Nevertheless, according to 2020 statistics, about 60% of UK residents use these cards for various purposes, especially gambling. To better manage this, how self-exclusion would be of help becomes crucial in controlling spending and preventing financial harm. Below is a list of recommendations to help control finances and reduce the negative risks associated with using credit cards:

Understand Whether It Is a Real Need

Quite often, a bank will impose a credit card and convince users that it has no fixed fees. However, this does not guarantee fees won’t appear later. Understanding the pros and cons of using credit cards for online betting is essential, especially if the card is used solely for gambling. In such cases, it may be wise to close the card, as this often signals difficulties in managing finances responsibly.

Monitor the Account Balance

A big mistake is when the excitement takes over, even despite losses and the desire to win back all the time. It is worth constantly monitoring changes in the bank account, and it is better to set deposit limits. You can even do this in an online casino or ask technical support how to set boundaries.