Credit Card Questions & Answers

What charges are made for online gambling?
About a year ago, credit card companies re-classified what was termed – and charged – as a cash transaction. The re-classification meant that transactions made for gambling where now included as a ‘cash transaction’.

Gambling transactions made with a credit card are therefore subject to the same interest rates – and sometimes, but not always – handling fees charged for any other cash transaction.

Cash (gambling) transaction interest rates tend to be much higher than the rate charged for purchases, and a handling fee is also sometimes charged, which is usually around 2% to 3% of the transaction amount.

I was charged a fee when I used my credit card for gambling – why did this happen and how can I avoid it?
Recently many credit card companies have re-classified gambling transactions from standard purchases to cash transactions – and as such, using your credit card for gambling often incurs higher rates of interest, no interest free periods and handling fees.

What types of card usage are classed as cash transactions?
Cash transactions include credit card usage such as ATM cash withdrawals, getting 'cash back' at the supermarket, buying foreign currency or traveller's cheques, money transfers to current accounts, etc.., and they can also include gambling transactions and credit card cheques.