Visa Electron is a debit card made available by Visa in 1985. Though nowadays banks seem to prefer issuing the Visa Debit card than Visa Electron, the Visa Electron still offers some significant advantages.
Visa Debit vs Visa Electron
So, why pick a Visa Electron over the more widely-spread Visa Debit? There are a few notable differences between the two. The main being:
- There is no overdraft with Visa Electron. When making a payment, the funds must be directly available in your account at the time of transfer.
- Because of this, you won’t be able to make payments on offline terminals, as your account must be checked for adequate funds at every payment.
These are definitely interesting characteristics for people who want to limit any overspending. As gamblers, this can provide you with a great way to monitor what you’re spending.
What Are the Advantages of Visa Electron?
- Per country – the Visa Electron is available in most of the world except Canada, Australia, Ireland and the US
- Per client profile
The Visa Electron can more easily be issued to people, who don’t quality for credit cards. This is because the card limits the client to use only their available funds. Therefore, anyone can apply for one, as there is no risk of them falling into a cycle of using their overdraft.
What’s great about this is that, unlike with credit cards, the bank won’t need to perform any credit-check to make sure you’re a trustworthy customer. With Visa Electron, only you are responsible for how much money is credited into your account, and then spent.
This can be very handy for students and young people who want tighter control over their spending. And gamblers, for the same reason.
High Approval Rate
You’ll find that some casinos accept Visa Electron more readily than credit cards.
As mentioned above, this is because the casino is assured that clients are using their own money, and that they aren’t getting into any kind of debt when depositing funds into their casino account.
Security and Encryption
As Visa Electron is owned by Visa, it goes without saying that the levels of encryption and security are extremely reliable.
Using Visa Electron at Online Casinos
Visa Electron is understandably quite popular with casinos, thanks to their policy that clients can’t spend any funds that he or she doesn’t immediately have.
It’s pretty simple to set up. All you have to do is choose “Visa Electron” as your payment option when you deposit or withdraw money from your account.
The site will prompt you to fill out the details of your Visa Electron card, so make sure you have it close at hand when making these transactions.
Deposit and Withdrawal Fees
As far as we know there are no fees to withdraw from or deposit money into your Visa Electron account. What you should look out for, however, is the deposit and withdrawal fees of the individual casinos that accept Visa Electron.