Among the plethora of ways to transfer money from one account to another, credit cards and debit cards are without doubt the most popular; they are quick, easy, usually free and available to anyone with a bank account. In the article below we’ll expand a little on each and point the relative advantages and disadvantages.
The United States was at the forefront of credit card technology and after a few false starts the first widely-used one was in 1958 in California. It was issued by the Bank of America and called the BankAmericard. It still wasn’t easy to purchase things in those days before automation as the shopkeeper would have to call the bank who would in turn call the credit card company – they would check the paper records for each customer.
Fortunately it’s a lot easier now and one has only to tap a few numbers onto the computer screen, select the required amount of money and the transaction is complete. Online gaming owes a lot to existence of the credit card – it’s possible to transfer your money in other ways but there are very few which equal the speed and convenience.
Credit card companies may also help you reclaim money if a problem has occurred but this will depend of the nature of the issue and the region in which you reside.
Surely there must be some disadvantages though? Well of course using a credit card is essentially borrowing money from somebody else who will then charge you interest for that loan. Avoid those charges by paying off your credit card balance at the end of every month – at the very least pay off the minimum amount to keep everyone happy.
Not all online gaming sites allow players to withdraw their winnings back to a credit card so this may be worth checking if you have limited withdrawal options, however there should always be a suitable method for all players.
While it may look exactly like a credit card, a debit card is a little different because it does not allow you to borrow money, just to quickly access whatever funds you have in your bank account. This is a better option for those more cautious among us and it’s ideal for limiting your expenditure.
It’s technically possible to go overdrawn using a debit card but that will only be with the prior agreement of your bank; your transactions are also usually insured against any fraudulent activity so you can transfer money with confidence.