American Express, though still used by many Canadians, is experiencing a slow decline in uptake due to several factors. None more so than due to the innovative Buy Now Pay Later purchase method, and the financial awareness of users regarding high interest rate margins when using a credit card.
It’s even more evident when analyzing the card usage of Amex when gambling at Canadian online casinos. Amex is faced against other payment options which are quicker and more efficient, just as safe and secure, and have lower transaction fees. In this day and age, the competition is fierce, and therefore Amex is falling behind.
Having said that, we understand that there are still players who are wanting to make a deposit with their Amex Card at Canadian Online Casinos.
We have therefore listed the Top Amex Canadian Casino Sites for you.
Why Use Amex
No Annual Fee – Amex is a credit card that users will usually need to pay an annual fee. However Amex’s strategy targets white collar works, such as Bankers, Lawyers, Accountants, Financial Advisors, Actuaries and Executives. Through their professional memberships, Amex provides free or discounted annual fees and cross sells with other products, such as general and life insurance. It’s therefore actually quite inexpensive for some Amex users, since there is no annual fee that they need to pay.
Reward Points – Using Amex also provides credit card holders with loyalty or reward points. The more the card is used, the more points is given to the credit card holder. Once enough points have been accumulated, the credit card holder can use the points to purchase various goods and services.
Therefore using Amex makes sense, especially if your company is paying for your annual Amex fee or if you have no annual membership fee. You can make a deposit and play a few games without any comparative added expense. And, as long as you remember to make the repayments on time, there would be no interest charged. On top of that, you can accumulate reward points and use them to your benefit.
Limited Casinos to Choose – On the flip side, there aren’t many online casinos that accept Amex. Amex is not widely used, hence from the perspective of the online casino, it is expensive to support and offer to players. And online casino must pay Amex a fee for offering Amex to players as a deposit method. These fees are called Merchant ID fees, charged by Amex to the online casino, and they are NOT cheap. It’s not worth it for an online casino to incur the Amex Merchant Fees if only a small number of players use it.
Using Credit to Gamble is not prudent – Using credit to play at online casinos also isn’t a wise idea. Missed and delayed credit card payments will invoke high interest charges, and using credit to finance gambling activities is a big “no no” – i.e. it can lead to financial stress.
So, just be careful when using credit to finance gambling activities.
How to make a deposit using Amex
Making a deposit at an online casino is relatively seamless.
Follow the below steps:
- Select an online casino that supports Amex
- Create a players account
- Go to the Banking / Deposit page of the online casino
- Click on Amex as the deposit option
- Enter your deposit amount
- Enter your Amex card details along with the back of the card PIN.
- Press confirm
Waiting time varies, but normally in a few minutes your players balance should be topped up at the online casino.
Comparing Amex with Interac
Amex is up against several payment providers. None more well known than Interac.
Interac is the most used digital payment method in Canada. Developed by Canadians and integrated into the Canadian banking network, it offers seamless, quick and efficient processing, plus it is safe and secure. The transaction fees are also very low, at a fixed flat cost and will only gradually become more cheaper as more transactions flow through Interac.
There’s a reason why Interac Casinos has become a searched keyword. Online casinos now accept Interac. Through the Gigadat gateway, players are finding it simple to make a deposit direct from their bank account. There isn’t a need to use credit, and there’s no need to top up interim or other accounts (like digital e-wallets).
Interac behaves a lot like cash. It is a debit facility with extremely clever controls embedded in the process. And recently, Interac has launched a Recall feature which allows users to clawback money if they have made a mistake after sending the money.
Interac has a substantial Canadian market share, it has expanded its product range to include Interac e-Transfer, Online, Debit and Flash.
The preferred payment method for making an online casino deposit. It is fast, safe and secure, and is connected via a debit card to the players bank account. Unfortunately, not all banks support Interac Online.
Interac e Transfer
The most used payment method in Canada. Commonly supported by banks and credit unions, users love the ease of use, the reliability and the speed of transfer. Literally only a few minutes and money can be deposited just like cash.
Behaves like the use of a credit card. I.e. there is a debit card number and PIN. However, this facility as the name suggests, is debit only.
The most recent of products released by Interac. Great features for mobile devices, that assists with storing debit card details.
Using Amex to play at online casinos isn’t as popular as other payment methods in Canada. You will be hard pressed to find many online casinos that support Amex, but we have listed a few of them for you.
Remember, that playing with credit can be dangerous. Missing a payment can lead to high interest rate charges, and could start the snowball of being in debt.
On the other hand, if managed well, an Amex credit card holder may have no or discounted annual fees and will earn reward points for using it.