A method for transferring credits between gaming devices connected by a network to a host computer comprising. A player account accessible by the host computer is created. The player can access the account by inserting a card into a card reader at one of the gaming devices. A casino employee may apply credit to the account responsive to receipt of funds from the player. A predetermined amount of credit is transferred from the account to an EGM responsive to a command entered by the player at the EGM. Alternatively, the player applies a credit to the gaming device, typically by inserting bills into a bill acceptor. The credit and any awards resulting from gaming-device play are stored on a credit meter associated with the gaming device. Access to the account is terminated when the player withdraws the card from the card reader. A player initiates a request to redeem the balance stored on the credit meter by depressing a cash-out button. The balance on the credit meter is transferred to the player account if the cash-out button is pressed before the card is withdrawn, and is paid to the player via the gaming machine if the button is pressed after the card is withdrawn. All transactions are backed up on a database.