A prepaid card is a catch-all term for any sort of debit card or credit card you purchase online that either has money on it already or you can load money onto. The big difference is that they are in no way associated with your name or bank account.
Once money is loaded onto your prepaid account (which you can do a number of different ways), you are free to use your card at any online casinos that accept prepaid cards, which are the majority of the top ones. Once you register and deposit to your new casino account, you can then use that money to play your favourite slot and table games for real money.
For both players and online casinos located in Canada and around the world, prepaid cards have brought a new level of ease and comfort to making deposits at the best casinos online
One of the biggest reasons so many online gamblers in Canada and around the world like to use prepaid bank cards is the anonymity many of them provide. To get and use a prepaid card, you don't have to provide the issuing company any personal information, nor do you need to provide any banking info to the casino online you wish to play on. This makes it perfect for Canadian players that wish to keep their normal financial accounts separate from their gambling budget.
Another reason prepaid credit card casinos and prepaid cards themselves have become so popular in 2020 is the added security that comes with them. If you lose your credit card or debit card or just have their information stolen, the offender could have access to your entire credit line and/or bank account. With the prepaid option, you don't really lose anything except the actual card itself, which is protected by the same type of security that major credit and debit cards are.
Like we mentioned above, anonymity and security are the two big reasons Canadian players like to use this payment method. But another big benefit of good prepaid card casino sites is their wide acceptability: sites that accept them can be found in almost every county where online gambling is legal, and it's perfect if you ever want to gamble in a currency besides Canadian dollars. For those Canadian players on a budget, these cards are also a great way to limit how much real money you are spending on online gambling, too.
Prepaid cards are not without their limitations, however. There are some small fees associated with making payments with or withdrawing from your prepaid card, but that applies to most online payment methods in some way or another. Where some companies really get you is by allowing you to overdraft which can result in large fees. One other small con is that it can take a little longer to deposit to a prepaid card casino compared to other methods, as the site has to verify the funds with card company first.
The first step is looking into a couple different types of prepaid cards (like Maestro, Visa, MasterCard, AmEx, ecoCard, Paysafecard, and Entropay) and deciding which one's features are best for you. Once you do, you'll follow the instructions on that company's site to register, fund, and receive your new prepaid card (it's a little different for each one). This is also something you can do at many local Canadian banks or retail stores, too.
Then, scan our recommendations for the top prepaid casinos and choose the one that has the best games, great real money bonuses, and that of course accepts your particular brand of prepaid card. Register a free account with that site, then on the cashier/banking page, select your prepaid card company (its logo should be printed on the card itself) and then enter in the card's information. Deposits for most cards and casinos go through almost instantly, and once it does you are then ready to play games for real money.
Exactly what it sounds like: a card you can purchase with money already on it, or put a desired amount of money on it yourself.
These are different from debit cards in that prepaid ones are not linked to any outside account (like a checking one) that is managed by bank. Also unlike debit and credit cards, they are not tied to your name, making them perfect for those Canadian players that wish to make anonymous transactions online.
Prepaid cards can be purchased either with money already on them (sometimes called a closed-system or merchant gift card), or signed up for and then have money loaded onto them by you.
Once you have your card and it has real money on it, you are then good to go in using those funds anywhere it's accepted. This includes prepaid card online casino sites, where you would use your card to deposit like you would any other payment method.
Yes! In fact, most top casinos online (and all the prepaid credit card casinos we recommend here) accept them as a form of payment.
Not all cards are accepted at all casinos, so before signing up always ensure your particular one is approved first.
Definitely, and their safety and anonymity are the reason so many Canadians love to use them in the first place.
Because prepaid cards aren't tied to your name or bank account, there will never be any record of you spending money at an online casino. Plus, they are protected with the same level of security that banks and credit card companies use (because that's often who is issuing them).
It can vary, but at most good sites your funds will appear in your new account as good as instantly after you make a deposit. Others might take a little bit longer to verify your funds, but it's still faster than some other deposit methods out there.
For withdrawals at sites that allow prepaid card transactions, expect your winnings to show back up into your account within a few business days, which is the standard for withdrawals across most payment types. You can then go to an ATM and withdraw those funds as real cash.
Prepaid cards are much more private and anonymous compared to credit and debit cards, however there are slightly higher costs than those methods.
Because they are often accepted at most online casinos, you can use them anywhere the corresponding credit card company is accepted (e.g., a site accepting Amex would allow you to use an Amex-backed card). This makes them one of the most widely accepted online payment methods in the world.
Every card is different, but usually the prepaid card company takes a small cut when making transfers to and from the card, or when withdrawing more than a designated amount of times from an ATM.
Additionally, some cards charge a small monthly maintenance tax and also allow for overdrafts which can result in some pretty big fees.