American Express: The payment method of North America
American Express, often called AmEx, is an electronic payment card hugely popular across North America and Canada. The main difference between American Express and other payment cards like Visa and MasterCard is that the company themselves issue and manage the cards. Whereas Visa and MasterCard are issued by your personal bank. Transactions are issued on the American Express network. AmEx is one of the few financial institutions to both issue and process payments.
Deposit at an online casino with American Express in Canada
What is American Express
American Express, often called AmEx, is an electronic payment card hugely popular across North America and Canada. The main difference between American Express and other payment cards like Visa and MasterCard is that the company themselves issue and manage the cards. Whereas Visa and MasterCard are issued by your personal bank. Transactions are issued on the American Express network. AmEx is one of the few financial institutions to both issue and process payments. Compared to other payment cards, American Express is not frequently accepted in online casinos. One of the reasons is higher transaction fees. You would normally be charged a fee of around 3.5% with American Express, making it a less favorable option for players when they could use the card issued by their bank. Other than higher fees and that your bank won’t issue you an AmEx card, the flow of making payments is no different from that of Visa or MasterCard. On this page, we will go through everything you need to know about American Express in Canada and using it when playing in online casinos.
The advantages of using American Express in Canada
The main advantage of using American Express compared to other payment cards is the perks and rewards you get. There are several American Express cards, each better at the other for something when it comes to benefits:
American Express Cash Magnet Card: Cashback rewards
American Express Blue Cash Everyday Card: No annual fees
American Express Blue Cash Preferred Card: Bonus rewards
American Express Platinum Card: Travel rewards
Most AmEx cards also offer benefits like travel insurance and rental car insurance. Another advantage of using American Express in Canada is security. All your transactions are encrypted and safe. If something happens to your card or there are unauthorized transactions, then you can expect to be fully refunded. With AmEx, you can have peace of mind knowing that your finances are safe.
Disadvantages of using American Express
The main disadvantage of American Express in Canada is that it's not widely accepted by online casino operators. Another disadvantage is the comparatively high fees charged by American Express when you make an online transaction. Thirdly, withdrawals using MasterCard from your casino account are slow. Withdrawal times using American Express are between 3-5 banking days. Lastly, it is worth mentioning that you increase the risk of your privacy being compromised when using American Express in online casinos. When you make a transaction using your MasterCard, you need to enter personal and financial details. The casino operator then stores this information in secure databases. However, there is a small risk that cybercriminals target the casino’s databases to steal this type of information.
Online casinos in Canada that accepts American Express
How to deposit to an online casino using a credit or debit American Express
Using American Express to make a deposit in an online casino follows the same process as when you make a purchase online in a webshop or on Amazon. Typically, the payment flow for American Express is as follows:
Register and log in to the online casino
Head to the payment method section or hit a ‘Deposit’-button
Choose American Express from the list of available payment options
Enter the amount you wish to deposit
Enter your card details
Enter your personal details
Confirm the payment and authorize through any third-party verification method
Once processed, the money will arrive in your casino account instantly
Fees and withdrawal times when using American Express
We already highlighted that a disadvantage of using American Express is the slow withdrawal times. The online casino operator will typically process your withdrawal request within a few hours. But American Express as a payment processor will take up to five banking days to handle your transaction. It can take longer than five banking days in extreme cases, but usually, you only have to wait 3-4 days. American Express in Canada has relatively high fees on transactions carried out online. Typically, the charge on a transaction is between 2.5-3.5%. There is no way to get around that. The upside is that with every transaction using AmEx, you gather points used for cashback, travel rewards and other benefits.
It is essential to point out that online casinos won’t charge you any fees when using American Express when depositing or withdrawing money.
How does Lucky7Bonus choose the best online casinos that accept American Express in Canada?
The Lucky7Bonus team is made up of both gaming enthusiasts and online casino industry veterans. We know online casinos from both the player perspective and the operational perspective. We strive to have an unbiased approach when reviewing and evaluating online casinos. The editorial team will scrutinize the texts written by our reviewers. Besides our own personal experience of playing in all the different online casinos, we also back all our information up with data and research. The goal is to produce honest and independent casino reviews that give a fair presentation of the reality of different online casino sites.
Conclusion American Express in Canada
American Express is one of the oldest financial institutions in the world. The company was founded in 1850 and started offering card products all the way back in 1958. They were first in the world to offer plastic payment cards back in 1958, the type that is still in use today. From the company's inception until today, they remain one of the most widely used forms of payment in the world. More common in Canada and the United States compared to Europe and Asia. Despite its widespread popularity, there are not that many online casinos that accept American Express in Canada. This is mainly because of the mainstream preference of using Visa, MasterCard of Maestro over AmEx. Part of this preference is due to the higher transaction fees for American Express in Canada. Withdrawal times for MasterCard are slow, typically between 3-5 banking days. One of the main advantages of using American Express is peace of mind, knowing that your money and personal details are safe.
FAQ American Express in Canada
Is my private data secure when using American Express in online casinos?
Yes, your private data is secure when using American Express. Transactions are encrypted during the transaction process. Your information is safely stored in databases in relation to making transactions and only accessed when needed.
Is it safe to use American Express in online casinos?
Yes, financial security is the main concern for online casinos. Not only to protect players but also in order to adhere to licensing requirements stipulated by regulatory bodies in accordance with the law. The online casino industry is, in fact, much safer than other areas of ecommerce when it comes to security standards and procedures relating to financial transactions.
Do I have to pay any fees using American Express?
Yes, American Express will charge you between 2.5-3.5% on online transactions. Online casino operators, however, won’t charge you when depositing or withdrawing money.
Is American Express available in all online casinos in Canada?
No, compared to other electronic payment cards, American Express is not widely accepted in online casinos in Canada.
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