What is a prepaid credit card?
A prepaid credit card is a card supplied by a financial institution that’s protected with prepayment. This means that you’re able to preload cash onto the card and spend it as you please. The great thing about these cards is that they’re incredibly secure, which makes them perfect for those who do a lot of online shopping or play online slots with a credit card. The transactions are quick and anonymous, which means that if they’re lost, there’s no danger other than a mild inconvenience.
While prepaid cards may resemble debit or credit cards, they’re quite different. To make a purchase, you’ll need to ensure that the card has been loaded with cash. This method has become extremely popular to a point where online casinos have adopted them as one of the most common means of banking on their platforms.
Purchase and Loading Procedure
Visa Prepaid Credit cards can be obtained at your nearest land-based financial institution such as Direct Cash Bank, Peoples Trust Company, and Scotia bank. These Reloadable Prepaid cards can be topped up by either directly transferring money from your salary once you get paid, transfer money from your bank account to the card, purchasing a reload pack, or adding funds at the financial institution or retail location that offers the service.
There are a variety of ways to top up your prepaid card, it all comes down to what’s the most convenient option for you.
Banks that Offer Prepaid Cards
Prepaid cards are available at a variety of banks, below you’ll find a list of financial institutions and the prepaid cards you’ll find which may be used for travel or making small purchases.
- Peoples Trust Company: Vanilla Prepaid MasterCard
- Bank of Montreal: BMO Prepaid Travel MasterCard
- Canadian Imperial Bank of Commerce (CIBC): CIBC Smart Prepaid Visa Card
- Canada Post Corporation: Canada Post Prepaid Reloadable Visa Card
- Opt+: Opt+ Prepaid MasterCard
- Desjardins: Desjardins Prepaid Card
- Scotiabank: Scotia Reloadable Visa Prepaid Card
- DirectCash Bank: DirectCash Reloadable Visa Prepaid Card
- Vancouver City Savings and Credit Union: Enviro Reloadable Visa Card
- Vancity Community Investment Bank: VCIB Visa Prepaid Card
While the above mentioned are some good prepaid cards available on the Canadian market, there are also some of the best credit card casinos which we’ll be discussing below, all of which allow you to make quick and easy deposits.
Jackpot City Casino
One of the leading online casinos in Canada and also hosts a variety of banking methods which also includes the use of a Visa prepaid card.
Spin Palace offers you nearly all available banking methods in the Canadian market. This means that you’ll be able to play online slots with a credit card without any issues.
Ruby Fortune is an online casino that accepts prepaid MasterCard and Visa as a means of banking.
Royal Vegas provides its players with a great variety of banking options. This includes the use of an online casino credit card.
Along with having well over 3000 games, Playamo Casino is a great online casino that accepts MasterCard.
This is another well-established Canadian brand that also has a reputation for being one of the best credit card casinos.
Accepting Prepaid Cards and other Variations
If you head onto any Canadian online casino, you’re sure to find that either VISA or MasterCard (mostly both) will be available. If the casino only accepts prepaid credit cards, it will specify that, but usually, it will accept any form of VISA or MasterCard payment. This means that you’ll be able to use prepaid cards at your favorite online casino and not have to worry about security or any form of breach of privacy as your deposit will be completely anonymous.
The UK has seen its share of adversity as credit cards were banned from being used for gambling purposes. This new regulation has left a hole in the market where prepaid credit cards have taken their place in the online gaming community. Players have started to make use of disposable credit cards which leave no trace of identity and are relatively convenient to use. Luckily in Canada this is not the case and credit cards both “regular” and prepaid are fully accepted.
Making a deposit at an online casino with a prepaid card is quite easy as your first step will be to access the Cashier Page and head into the deposit section, thereafter, select your deposit method. Aside from being incredibly secure, using the prepaid credit or debit cards result in instant deposit times.
Security and Bankroll Regulation
As previously stated, prepaid debit and credit cards are incredibly secure and you’ll never need to reveal any personal data. Due to the absence of banking details and social security numbers, there’s no information to steal. Hence, if you were to lose your card or if it were to be stolen, there’s no way for anyone to use the card maliciously without your permission. So, overall, there are plenty of security benefits that are relative to the use of a prepaid card.
These cards are also great for using kids as there are limits set to them which allows them to use the cards for small purchases or even their allowance as they’re incredibly disposable and there are no dire consequences to losing the card. This is somewhat the same thing as what you’d get when going to a fancy arcade or a land-based casino.
Alternative Prepaid Cards
While Visa and MasterCard are the most popular options, there are many varieties available, such as ecoPayz, Paysafecard, Flexepin and Neosurf which have made it easier for people to bank with online casinos over time. There are plenty of advantages that go hand-in-hand with using a prepaid card and due to the variety of options that are available and how many casinos offer them, there’s no way that anyone would turn down a method that’s quick, easy-to-use, and safe.
There are a few disadvantages that come with using a prepaid card such as additional service charges when using ATMs along with a monthly fee for the use of the reload cards. One of the biggest disadvantages when using prepaid cards is the fact that you won’t be able to use them to make a fast withdrawal. This is due to them not being connected to a bank account, hence there’s nowhere for the cash to go once it’s removed from the casino wallet.
The use of pin-based systems remains quite common and can be done anywhere from your bank to your local 7Eleven. What makes these so great is that all you need is a pin and you’ll be able to transfer money directly into your online casino account without the need to use a card. Paysafecard is one of the most popular disposable prepaid cards available today and is used by many gaming fans as trusted payment method in Canada.