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IF you use your credit card for online gambling you can expect to be charged a much higher rate of interest than you would be for purchases.
You may also bit hit with a cash handling fee, which will add to the cost of your spending.
This is because online gambling is now classed as a cash transaction, and as such comes with increased fees and interest charges.
It’s also important to remember that what credit card companies classify as 'gambling' includes not just actual gambling transactions, but also any purchase made at a gambling establishment – even food and drinks.
Using your credit card to gamble online
Over recent years online gambling has really taken off in the UK, with many people going online to do everything from put bets on and play poker to playing bingo and indulging in online slot machines.
Many people that go online to gamble use their credit cards to fund their payments.
It is important to remember that online gambling is now classed as a cash transaction, and this means that you may be hit with increased interest charges and additional fees for using your credit card in this way.
Cash transactions such as online gambling come with a higher rate of interest, which is way more than the purchase rate of interest. Also because there is no interest free period as there is with purchases, you will still be charged interest even if you pay off your credit card balance in full at the end of the month.
In addition to being charged a higher rate of interest for gambling online with your credit card, you may also be hit with an additional fee by way of a cash handling fee, which will further bump up the cost of using your credit card to gamble online.
Before you use your credit card to gamble online make sure that you find out what sort of interest rate and fees you will be charged, as this can vary from one provider to another.
Also, look at alternative ways to fund your online gambling that will work out cheaper, such as using a debit card or going through an online payment/transaction service.
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