Cash Advance Charges And Betting/Gambling Transactions

bristolleedsfan

As we know some credit card companies charge cash advance fees on betting/gambling transactions. :mad:

Does anybody know whether cash advance charges are levied where the credit card account is in credit as in my mind where a credit card account is in credit a credit card company couldnt possibly claim that they have made a cash advance?

NickX

bristolleedsfan wrote: »

Does anybody know whether cash advance charges are levied where the credit card account is in credit as in my mind where a credit card account is in credit a credit card company couldnt possibly claim that they have made a cash advance?

I think they can still apply the cash advance fee when the account is in credit because it is detailed in the Terms and Conditions.

However, Egg Money is a card that is designed to allow positive balances and does not charge a fee for cash withdrawals if the balance is positive.

leicsmarkyr

Most cards will charge the fee and interest regardless whether you in credit or not in the hope you will then need to pay them more back

Biggles

NickX wrote: »

I think they can still apply the cash advance fee when the account is in credit because it is detailed in the Terms and Conditions.

However, Egg Money is a card that is designed to allow positive balances and does not charge a fee for cash withdrawals if the balance is positive.

Egg Money doesn't charge a fee for cash withdrawals at all, though you will pay interest on the amount if you aren't in credit.

NickX

leicsmarkyr wrote: »

Most cards will charge the fee and interest regardless whether you in credit or not in the hope you will then need to pay them more back

I agree that they will charge a fee even if you are in credit, but they cannot charge interest because you are not in debt to them.

bethanyrayne

bristolleedsfan wrote: »

As we know some credit card companies charge cash advance fees on betting/gambling transactions. :mad:

Does anybody know whether cash advance charges are levied where the credit card account is in credit as in my mind where a credit card account is in credit a credit card company couldnt possibly claim that they have made a cash advance?

Barclaycard, Thomas Cook, Saga to name a few don't charge fee for gambling. Capital One, Ulster Bank do. Just a couple I know of.

bristolleedsfan

bethanyrayne wrote: »

Barclaycard, Thomas Cook, Saga to name a few don't charge fee for gambling. Capital One, Ulster Bank do. Just a couple I know of.

Nationwide whom im with are another that do charge for gambling transactions. ( 3.00 min fee) :mad:

normanmark

bristolleedsfan wrote: »

As we know some credit card companies charge cash advance fees on betting/gambling transactions. :mad:

Does anybody know whether cash advance charges are levied where the credit card account is in credit as in my mind where a credit card account is in credit a credit card company couldnt possibly claim that they have made a cash advance?

Its all to do with what you're using it for. Most companies that charge it as a cash advance are doing so because you're gambling with money. Just double check terms & conditions to be safe.

bristolleedsfan

normanmark wrote: »

Its all to do with what you're using it for. Most companies that charge it as a cash advance are doing so because you're gambling with money. Just double check terms & conditions to be safe.

What is puzzling me is if im 50.00 in credit on my credit card and i deposit 10.00 onto a bingo site via my credit card what is the difference between me doing this and depositing 10.00 via my debit card the latter of which attracts no card issuer fee.

YorkshireBoy

bristolleedsfan wrote: »

What is puzzling me is if im 50.00 in credit on my credit card and i deposit 10.00 onto a bingo site via my credit card what is the difference between me doing this and depositing 10.00 via my debit card the latter of which attracts no card issuer fee.

In the main, credit cards aren't 'designed' to operate with positive balances. Therefore, their systems aren't clever enough to distinguish between withdrawals from a positive or negative balance.

Then again, maybe they are.

normanmark

bristolleedsfan wrote: »

What is puzzling me is if im 50.00 in credit on my credit card and i deposit 10.00 onto a bingo site via my credit card what is the difference between me doing this and depositing 10.00 via my debit card the latter of which attracts no card issuer fee.

I can see why you think that.

It's not actually down to the cards balance as to what they charge it as. All gambling sites would be designated as gambling transactions from the merchants to the banks. Obviously discretion is then up to the card issuer how they would process those.

So its more what the transaction is classed as, as opposed to what your balance is. With regards to the debit card, the money is actually physically yours. Whilst being £50 in credit is still technically the ownership of the card issuer until they close the account & send you what they owe you.

Best bet is to just use debit cards for anything classed as gambling.