MasterCard Online Casinos
MasterCard is one of the best options to handle payments to and from online casinos in Canada. Debit, credit and prepaid cards of this popular payment system are issued by almost every Canadian bank and are accepted in the majority of online casinos. More and more Canadians begin to use MasterCard for their everyday gambling operations because this is a very fast and secure solution enabling one to see the money on the casino balance in mere minutes.
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Pros and cons to online casinos with MasterCard
Regardless of being absolutely reliable and globally recognized payment option, MasterCard still has a few drawbacks that every online casino player should be aware of. To begin with, here are a few pros:
- Almost every online casino in Canada includes MasterCard to the accepted deposit options
- Ease of access: you can get a MasterCard in almost every financial institution in your location (territory, city)
- Very low transaction fees
- Additional layers of security such as ID Check (a one-time passcode sent to the player via SMS or email), 3-D Secure technology, etc.
Alongside this, MasterCard transactions with online casinos have a few cons:
- Some banks in Canada reject to process the amounts received from gambling entities (online casinos) and send the money back. To avoid this, you need to consult your bank managers to find out whether they have any gambling restrictions
- Withdrawals can take a few days (though this occurs rarely).
Types of MasterCard products
The world-famous brand is available in a few types of solution, all featuring lightning-fast efficiency and can be used for gambling:
- Credit Card: a player can use the money borrowed from the bank. To avoid falling into overspending, a player may set their own spending limit
- Debit Card (aka Maestro): a player transfers only his own funds from the personal bank account
- Prepaid Card: the same as a debit card but a customer has to load it up with a certain amount from his bank account
- Gift Cards (contactless): one can use them at MasterCard ATMs without entering a pin code.
MasterCard deposit and withdrawal
Online casinos that accept MasterCard allow for easy, secure and hassle-free transactions to and from the casino account. To deposit funds to the real money casino balance, a player needs to enter the cashier, choose the MasterCard option and fill in a few details such as:
- Card number
- Expiration date
- Card security Code (CVV, located at the card back)
The withdrawal process is very similar to the above and it suggests a registered player should prove his identity and location. For this purpose, a player needs to complete verification successfully. After this, a MasterCard withdrawal is processed and sent to the issuing bank of the player.
MasterCard online banking fees
MasterCard always charges a 1% fee irrespective of the type of card used. Some online casinos take extra charges on withdrawal but this happens rarely.
Transaction limits in online casinos that use MasterCard
Banks and credit unions issuing MasterCard in Canada may place certain daily limits on online purchase but most financial institutions will increase card limits temporarily (for one transaction only) or permanently if you ask. Online casinos themselves fix limits on MasterCard deposit and withdrawal as well, with typical min/max limits being CA$10/CA$4000 per transaction, respectively – yet these figures may vary widely.
Credit Card Verification in online casinos
Whenever a user tries to make a withdrawal using a MasterCard debit or credit card, he must complete a special document known as the Credit Card Verification Form & Agreement. This is obligatory as part of the anti-money laundering policy implemented by each legal online casino.
Each involved player must provide photos of the front and back of the credit card, a government-issued ID (driver’s license, passport) and also put his signature at the bottom of this CCVF document. This step cannot be skipped or bypassed if you want to make a MasterCard withdrawal from the online casino.