MasterCard is a huge multinational corporation whose eponymous credit card is the most famous and well-used in the world.
Everyone recognises the MasterCard logo, with its interlacing red and yellow circles, and everyone is familiar with how MasterCard works. Save for a handful of real-world markets and industries that insist on cash only, there are few places or situations where you conceivably couldn’t use MasterCard.
The firm’s self-titled credit card is ideal for shopping online and for depositing funds into a casino account, a process which is usually instant.
The Company Behind the Name
MasterCard was founded way back in the 60s, then under a different name, as the creation of several major US banks. In 1979, the MasterCard name was adopted, and the rest as they say is history. In the years since, MasterCard has snapped up numerous other credit card and payment processing companies, incorporating them all under the broad umbrella that constitutes MasterCard’s financial services.
MasterCard Worldwide is the name given to the complete group of financial institutions that are partnered with the company today, a number totalling around 25,000. Banks, credit unions and stores all fall into this category.
Why the World Loves Mastercard
No payment mechanism is perfect, and MasterCard has certainly got its detractors. There’s no disputing its convenience however. With the company’s success pinned to the security of its payments, MasterCard have naturally invested a lot of time and energy in maximising the security of online transactions.
Because MasterCard provides 24-hour customer service, any time something goes wrong you can speak to a customer service operative and have the problem attended to immediately. MasterCard is highly regulated and thus highly reputable.
Types of MasterCard
The MasterCard logo pops up everywhere, but there is not one MasterCard to rule them all. Instead there are many MasterCards issued by many companies. Your supermarket, bank or retailer may issue you with a credit card bearing the MasterCard insignia for example.
All of these cards work in a similar way, but each will have a different rate of interest and different perks attached. Stores may give you loyalty points for making purchases with their branded MasterCard for example; airlines may give you air miles.
While MasterCard is synonymous with credit cards, you can also obtain a MasterCard debit card. The company has issued direct debit prepaid cards since 2008. These must be loaded with money before they can be used of course. Once that’s done, they will operate just like a credit card.
The difference, from the consumer’s perspective, is that they can’t run up debt because they can only spend what’s on the card. While credit cards also have a limit, their design encourages the user to run up debt which must then be cleared when their credit card bill comes in at the end of each month.
Mastercard and Casino Betting
MasterCard is a natural choice when it comes to depositing funds into a casino account, not least because transactions are generally instantaneous. What’s more, it’s extremely rare to find a casino that won’t accept credit card such as MasterCard. As the world’s de facto credit card, the MasterCard name could scarcely have more brand recognition or near-universal acceptance. Create a casino account and you can have funded it in seconds with MasterCard.
US players are also fond of MasterCard, as there are a number of casinos located outside of the United States that will accept deposits they make using MasterCard.
Most other methods of sending funds to a casino account take days to complete, or at least necessitate the creation of an e-wallet to begin with, complete with the lead time that this entails while your account is verified. MasterCard does away with all of that: simply enter your card details into the secure payment page at your preferred casino and your account will receive funds the moment you hit that Deposit button in most cases. When it comes to withdrawing money from a casino, there will be a wait however: it can typically take 3-5 days for credit card payments to be processed, over and above any wait time the casino may choose to apply before releasing your winnings.
The Pros and Cons of Using Mastercard
The benefits of using MasterCard at a casino are obvious: transactions are fast, there’s no fee and it enables you to start playing instantly. There’s also the fact that you scarcely need to check that the casino accepts MasterCard – it’s almost a given.
Due to its widespread acceptance, MasterCard is simply more convenient than most other payment methods. There are a few downsides to using MasterCard at a casino however. For one thing, you may be reluctant to submit your card details to a site you’re unfamiliar with.
While the likelihood of your card details being stolen are extremely low, it’s still a possibility, and in addition to the inconvenience this could cause, it may adversely affect your credit rating.
Speaking of credit ratings, not everyone can get a MasterCard in the first place of course: you require a reasonable credit rating to get one, something which many people may not have. In addition, there are certain countries where it’s hard to obtain a credit card, regardless of your status.
Finally, some people may choose not to fund their casino account with MasterCard because they value their anonymity, something which a credit card tied to their name won’t supply. It’s also worth noting that if you’re playing at a geographically far-flung casino, there’s possibility that your card issuer – i.e MasterCard – may detect the transaction as being fraudulent and incorrectly freeze your account.
Mastercard Summed Up
While there are many drawbacks to using a credit card at an online casino, there are some undoubted pluses. One of these is of course convenience. No alternative payment method can compete with MasterCard’s brand recognition or adoption. This means that you’ll struggle to find a casino, save for a few Bitcoin-only sites, that won’t accept MasterCard.
Although there’s no disputing MasterCard’s convenience, not everyone will be comfortable with sharing their card details with betting sites, be it for privacy or security reasons, and for this reason, while MasterCard will always be a popular payment option, it will not be the best option for some casino regulars.
FAQ
What is MasterCard?
MasterCard is the world’s most popular credit card and a huge multinational company.
Where can I use MasterCard?
Almost everywhere on the web including most casinos. Look out for the distinctive MasterCard logo.
Is it safe to use MasterCard?
Yes. Provided you use reputable casinos and ecommerce website that use encryption, MasterCard is safe to use. MasterCard also has measures in place to detect unauthorised or fraudulent transactions.
Are there fees for using MasterCard?
Like any credit card, a MasterCard account generally incurs interest if you don’t clear your balance in full every month. Some MasterCard credit cards also have an annual fee. There is generally no fee for depositing or withdrawing funds at a casino using MasterCard, though some casinos may apply a charge.
How many MasterCards can I use?
There is no limit on the number of MasterCards an individual may own. If you wish to change from one card to another at a casino, however, you will need to update your card details on the site to reflect this.