With one of the most progressive economies in Africa, Nigeria is marching toward being the next big thing. And this culture has nurtured the online gambling industry beyond anyone’s imaginations. And when there is online gambling, there is credit card betting.
In this post, we will go through every aspect of credit cards and how you can effectively use them for your punting needs. A credit card from a reputed network is all you need to start betting on your favorite sports, esports, and virtual sports in Nigeria!
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What is a Credit card?
It would be almost impossible to find someone who hasn’t heard of a credit card in their life. Credit cards are one of the major methods of money transactions. You can make purchases, buy services online, pay bills, and most importantly, do sports betting.
Let us look at five things you must know about credit cards.
- Credit cards are provided by your local banks. It’s different from a debit card that already comes with your account.
- A credit card is like borrowing money from a bank or credit union.
- There is a limit to how much you can spend using a credit card every month. The limit is determined by your assets and your source of income.
- Many credit card providers offer dedicated mobile apps for conducting online transactions, keeping track of expenses, and pay bills.
- All betting sites in Nigeria are essentially credit card betting You can find different vendors like VISA, Mastercard, or American Express.
How Does a Credit Card Work?
Before you go out and use the credit card betting sites in Nigeria, you must know about how credit cards work. Not knowing what you are getting into might prove to be an expensive mistake in the long run.
A credit card is issued against your name by your bank or a credit card company. Unlike debit cards, credit cards allow you to borrow money to make your purchases or to take care of your gambling needs.
In a debit card, the money must already be present in your bank account. Otherwise, the transaction will not go through. But with credit cards, you can spend up to whatever your limit is.
When you pay the credit card company back within your deadlines, you do not pay any additional interest. And this feature makes credit cards a charm to use. But this benefit is only applicable when you buy something or pay bills or make deposits into credit card betting sites.
If you withdraw cash, say from an ATM, the credit card company will charge interest. Sometimes, it starts from the day you withdraw the money. The charges can go up to 4% over what you get. So, we always recommend that you refrain from withdrawing cash using a credit card.
There might be different tiers of credit cards offered by a credit union or your bank. For the best ones with major perks and rewards are saved for people with an impeccable credit score. If you’re just starting, going for a lower-tier card might be your best choice.
The first mention of credit cards dates back to 1887. An American author by the name of Edward Bellamy mentioned credit cards in his Utopian novel ‘Looking Backward’. It was described to be a payment card that gets fueled by dividends. If you think deeply, it was more like a debit card that we know now.
You’ll be astonished to know that Charge-Plate might be the earliest form of a credit card. It had a 64 mm length and 32 mm width, making it more likely to be a credit card. It was manufactured exclusively by Farrington Manufacturing Co. and was distributed largely by department stores in the US.
Then the Air Travel Card was introduced by American Airlines to identify their customers and offer them hefty rewards. It followed the ‘buy now, pay later’ policy to bring in more customers to the mix.
BankAmericard and Interbank were undoubtedly the forefathers of modern credit cards. And you know them as VISA and Mastercard for your credit card betting in Nigeria now. BankAmericard is the pioneer in popularizing the revolving credit financial system.
At that time, merchants did not want to accept a credit card that fewer people used and people did not want to use a credit card that fewer merchants accepted. BankAmericard has slapped a solution to this cycle by sending 60,000 credit cards to users at once!
Later, BankAmericard became Visa Inc. and Master Charge became Mastercard as we know it.
Credit Cards in Nigeria
Now that you have a pretty good idea about how credit cards work and how they came about, we can move forward to understand the legacy of credit cards in Nigeria. You will be very happy to know that you get access to all the major credit card companies for your betting needs.
VISA
When it comes to credit cards, the name VISA comes to the top. With the most number of users in the world, VISA is a top contender for your credit card betting in Nigeria. Just like around the world, VISA has a huge operation in the country as well.
Most local banks that you can find around you will hook you up with a VISA credit card. You get access to the entire array of features with your card.
Mastercard
Previously known as Interbank and Master Charge, Mastercard is the 2nd largest financial services provider in the world. It’s an electronic payment gateway that you can easily find at any credit card betting site in Nigeria.
Mastercard offers state of the art security and individual solutions for all kinds of users. Whether you are just starting out or have a full-fledged business, you’ll find a card for you.
American Express
It might not be as big as VISA or Mastercard, but it still has a substantial presence in Nigeria. In terms of perks and benefits you can enjoy from a credit card provider, Amex has its own place. The security standard for this credit card company is off the charts!
However, the exposure is pretty minimal when compared to the big names like VISA or Mastercard. So, you might face a little difficulty finding a credit card betting site that offers Amex in Nigeria.
Advantages of Using Credit Cards
Sports betting is all about using your intuition and research to your advantage. And you can increase your advantage by opting for a credit card betting site. All you are going to need is a credit card and enough limit to start your venture with betting sites.
Credit Card advantages
Everything on Loan
Undoubtedly the biggest adventure of using credit cards. Unlike debit cards, you don’t need your bank account to have funds for making purchases. The credit card allows you to ‘borrow’ goods and services on credit.
If you are a salaried individual or a businessman who gets their money on a regular interval, a credit card might offer great benefits for you. You can make your purchases throughout the month using your credit card without having any money available to you. You can even withdraw cash from an ATM if you want.
All you have to do is stay under your limit to obtain a perfect credit score. However, it’s nothing major if you miss a payment or go over your limit. The provider will charge a little extra on interest when you give the money back.
Rewards
Another great advantage of using credit card betting sites in Nigeria. You not only get a convenient payment method but you also enjoy rewards on your purchase!
Most credit cards offer some kind of reward. It might be cash backs on your purchases, discounts at specific shops or petrol stations, discounts at gourmet restaurants, or exclusive deals on airline tickets!
Security
Another area where credit cards excel over any other payment gateway is security. As credit is a borrowed loan, providers are extra careful about your transactions. It means a state of the art fraud detection and industry standard data security standard.
Mastercard, for example, offers a feature called SecureCode. It utilizes the proprietary 3D Secure technology to identify the cardholder via a 3-step authentication process while credit card betting.
Convenience
If you didn’t realize it already, credit cards play a huge role in convenience. We can confidently say that you have a credit card in your wallet right now. And it doesn’t matter which bank you got it from. The wide availability of credit cards makes it a great choice for credit card betting sites.
You don’t need to open any extra accounts or download any extra software on your phone or computer to use credit cards. The card number and your unique PIN are enough. It makes the betting process very quick and easy to handle.
Credit Cards in Betting
Now, this is undoubtedly going to be the most interesting section for you. This is what you’ve been waiting for, haven’t you? Credit cards are the most common form of payment method used in betting.
The sheer availability of credit cards, the spectacular security, the opportunity to claim rewards, and the facility to not have instant money in the account make credit card betting sites the ultimate choice in Nigeria.
Understandably, operators will focus more on what the consumers want. And credit card users are by far the largest in quantity. So, naturally, the operators have included credit cards in betting sites.
Whether you have a card under the VISA network, the Mastercard network, or even American Express, chances are you would find a credit card betting site on your first go. All you need to do is enable online transactions by contacting your credit card provider, be it a bank or a credit union.
Credit Cards in Betting
How to Deposit and Withdraw Using Credit Cards?
If you’re acquainted with shopping with your credit card, depositing the credit card betting sites in Nigeria would be no different for you. The entire process is almost the same, plus a few added steps in the beginning.
- First of all, you need to choose your preferred betting site and open an account so that you can start betting.
- The next step is to navigate to the payments page where you can select your deposit options.
- When you make an account at any reputed operators in Nigeria, you’ll find all the popular banking options listed there.
- Choose your credit card network. It can be VISA, Mastercard, or American Express.
- You can then choose the amount you want to deposit and authenticate the transaction by following the steps.
Just like deposits, withdrawals are also fairly easy and a quick process at credit card betting sites in Nigeria. Except for Mastercard, all other credit unions offer seamless withdrawal anytime you like. It’s not like you won’t be able to withdraw with your Mastercard credit card, but it would be very rare to find an operator that still supports it.
Let’s take a look at the steps for withdrawal.
- Log into your sportsbook account and navigate to the banking page. Select withdrawal. And don’t forget to read the withdrawal policy of the operator beforehand.
- Input all the required details to proceed with your withdrawal. If you’re using the same credit card for deposits and withdrawals, you might not need to provide the card number again.
- Enter the amount you want to withdraw and submit the request. Keep in mind that there might be a verification process of your identity at the operator.
- Once everything checks out, you can expect the payment from your credit card betting within the rated period from your bank or credit card company.
How Secure is it to Use Credit Cards in betting?
You’ll be glad to know that credit cards are one of the safest payment options on the planet. As you’re borrowing the money from the bank instead of using your own money, they are more careful than ever with credit card transactions.
All of your transactions must go through the security protocols each credit company has in place. If there is a hint of fraudulent activities, chances are your transaction request won’t go through. So, you can stay assured that your safety is the priority in credit card betting.
How to Get a Credit Card?
Unlike many online services, you cannot get a credit card on your own. You need to go through your local banks to obtain a credit card. Also, you must be eligible for the card. Think of it as security for the credit card provider that you have the capabilities to return the money.
The process of obtaining a credit card would be different from bank to bank. The limits would be different as well. But let’s chalk out the basic steps of getting a credit card.
- Go into a local bank and talk to the relevant person. They will ask you questions and suggest which tier of credit cards would be the best for you. You can obtain detailed information from an employee
- If you are eligible for a credit card, the customer representative will provide you with an application form. Fill in the details and submit the necessary documents. Most banks will ask for your bank statement, your identity documents, and proof of residency.
- Depending on your bank, it might take several days to get your hands on your credit card. They’ll notify you once it’s ready for pick up.
- Your credit card will come with detailed instructions on how to use it, how you can maximize your perks, how not to fall for extra charges and so on. Read them carefully before diving into the credit card betting sites in Nigeria.
Fees
Credit card betting sites usually don’t have any fees on deposits. But The credit card company or the bank might have charges included in the package. You need to look through the terms and conditions of both your card provider and the sportsbook to make sure you know about the fees.
Also, there might be annual fees associated with your credit cards. All of them have it. It varies from bank to bank. You will know about it when you first obtain your credit card.
The last thing where you might come across fees is a currency conversion. If the sportsbook operator of your choice doesn’t support the currency of your credit card, there might be a small fee for converting the money.
Alternatives to Credit Card Betting
Credit cards are undoubtedly the most commonly used payment method for bookmakers in Nigeria. But you might not have a credit card. It’s not very uncommon for banks to reject your credit card application due to a lack of security.
So, what do you do? Do you surrender your dream to become a punter? Of course not. That’s why we’ve compiled some of the best alternatives to credit cards that you can use at credit card betting sites in Nigeria.
Debit Cards
Unlike credit cards, debit cards don’t require you to borrow money from the bank. A debit card uses the money you already have in your account. And you can spend it as you want. The operators that accept credit cards usually also accept debit cards.
One major drawback of debit cards is that the security is not as good as credit cards. Also, you must have money available in your account if you want to enjoy the amazing world of credit card betting in Nigeria.
Pre-loaded Cards and Vouchers
If you don’t have a debit card either, there’s no need to worry. There are pre-loaded cards like the Paysafe cards. You can buy them directly from any store. It comes with a 16-digit unique code. It also eliminates the need for you to share sensitive information like your credit card details or bank details with the sportsbook.
Neosurf is a good example of vouchers. Similar to Paysafe cards, you can buy Neosurf vouchers from a designated store and use the PIN to make deposits. The drawback here is that you cannot withdraw in vouchers.
E-Wallets
Last but not least, you can effortlessly use e-wallets for your betting needs in Nigeria. E-wallets have changed how we perceive payment methods forever. These are online wallets where you can store and withdraw your money without the intervention of any banks.
The first e-wallet we’re going to talk about is Neteller. It has a huge customer base around the world for its top-class security and ease of use. Neteller is also widely accepted in credit card betting sites in Nigeria.
Another popular e-wallet is Skrill. You’ll be wondered to know that both Skrill and Neteller are owned by the same company, the Paysafe Group. Skrill started its journey as Moneybookers. In 2015, Paysafe Group took over and renamed it Skrill.
Both Neteller and Skrill operate similarly. And they both offer top-notch security for your money and data. And both are accepted across the bookmakers in Nigeria.
Tips
It doesn’t take any exclusive knowledge to bet on the best credit card betting sites in Nigeria. Then again, when did some tips hurt anyone? Read on below some of our expert tips that you can use while using your credit cards at Nigerian sportsbooks.
Take Your Time
Don’t forget to select the perfect credit card network for your betting needs. You might feel biased to any network like the VISA or Mastercard, but it’s important to align your needs and their offerings.
So, take your time and decide which credit cards you want to go for. For example, if you want both deposits and withdrawals out of your credit card, going with Mastercard is not ideal.
Figure Out the Fees
If there is a slim chance that you might be charged fees, wouldn’t it be better if you knew about them beforehand? We know it would.
So, you should always know about all the fees there might be. If it’s an annual charge, the credit card provider will let you know. If it’s a change on deposits or withdrawals, you’ll find the details on the terms and conditions page of the operator.
Ensure Availability
You might have a particular credit card but all of the sportsbooks in Nigeria might not support it. So, it’s always recommended to check out for the specific credit card you want to use. For example, if you have an American Express credit card, it’s not a commonly found payment gateway in Nigerian sportsbooks.
Opting for a VISA or Mastercard would be a wiser choice for credit card betting in Nigeria.
Know Your Limits
All sportsbooks and credit card providers have a limit on transactions. It might be a daily limit or a weekly limit. Whatever it is, you should know about it before you start making deposits.
Credit cards Betting Sites – Summary
Being the most common form of payment option around the world, you should always opt for a credit card when you have the chance. Credit card betting sites offer top of the line security features along with benefits found in no other banking options.
Check out the list of bookmakers we’ve researched for you. It’s a great way to start your journey with sports betting in Nigeria.