online casinos and credit card cashback?

Doh

just had a thought, whats to stop me depositing £1000 in my jackpotjoy account and then withdrawing it to my bank account straight away?

this would earn me £10 cashback on my circle card.. ive already got a balance of £11.80 so i would be able to with draw the full £1000

i could then pay the £1000 credit off with the cash in my bank account and once thats cleared i could deposit another £1000 for another £10 so on and so on....

obviously the disadvantages are that i'd have to wait till Jan 05 before i get my cashback.

??? 8) ;D

plokij_uhyg

Doh! You would be advised to check that the transaction is not considered as a cash withdrawal.

Some online gaming sites take the monies from a CC as a cash transaction, in which case, a charge of upto 2.5% of the amount withdrawn would be applied by your CC.

Seen the above done before!!!!

Galstonian

There are two possible complications:

1. because the casino won't let you
2. because the credit card issuer won't let you

I think Mastercard prohibits withdrawls back to the card and I'm sure several casinos will not allow such activity without some gambling in between.

A third and possibly less likely problem might be if you are flagged as a money launderer.

dennyp_3

This can be done although I would make sure that there are no hidden terms and conditions.

What you could do is if you used a cashback card that pays you monthly (not sure which ones do if any) is deposit say £1000 and then bet say half the cashback on blackjack and if you win then you are making even more money and it does not look that suspicous.

Best Idea is to play for real i.e play a couple of rounds of blackjack at £1 a go and see how you get on.

try and stick to visa although I have noticed most cashback cards are mastercard, even with a mastercard though you can get a check or bank transfer usually.

Thanks
dp


Unsecured Credit Cards UK

Doh

okay so it sounds like it might be possible, i'll check some T&C's.

obviously if you do it a few times someones gonna wise up, most likely the casino as if you had a large enough limit say £10k you could do it ten times before having to pay it off, i'm sure the CC company wouldn't bat a eyelid. afterall there making 10k's worth of transaction money.

just to clear a few points jackpointjoy in my example actualy charges the card as a transaction, so i will be recieving the cashback on my £11 deposit. So no worries there.

The withdrawal can be made to your bankaccount, i would assume via a bacs transfer. so theres no worry with mastercard chargeback.

this would just mean paying back the 10k via a normal cc payment.

so really the only hurdle is depositing the £1000's in the casino fund. obviously they get charged a percentage of that in cc charges which they fund coz in my case i got the £11 in my account that i deposited. This must be why they will only let you deposit a maximum of £1000 at a time.

dennyp_3

there are some casinos/betting sites that will actually credit your credit card just like you have paid by standing order or cash.

Which means you won't have to make the payments etc.

thanks
dp

UK Credit Cards

Joe_Bloggs

If you are into betting with credit cards and general financial transactions with bookies then the following forum is of use:-
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=GamblingIntroOffers

Those arbitrage players have to minimise those transaction costs to make betting on both sides of an outcome pay.
J_B.

Tim_L

Chances are someone at the casino (often a much smaller and less automated operation than you might think) will spot this transaction, and you are likely to get your cash stuck while you (1) explain, and (2) send reams of photocopied credit card fronts and backs, utility bills, passports, and other ID to satisfy money laundering regs.

I wouldn't risk it personally.

Incidentally one bookie in particular has just sent an e-mail circular saying they intend to charge users who deposit and withdraw without betting.

Daytona_nev

Doh,

Online casino transactions are treated like cash but not as cash.

Basically, they are not subject to earning rewards because you are treating the card as if you had cash.

They do not however attract cash advance fees.

This will not vary between different cards because it is card scheme stipulation that they are not treated as cash. Both Visa & MasterCard treat them as unique types of transaction which your credit card issuer recognises as casino & similar type transactions.

johnllew

Online casino transactions are treated like cash but not as cash.

Basically, they are not subject to earning rewards because you are treating the card as if you had cash.

They do not however attract cash advance fees.

This will not vary between different cards because it is card scheme stipulation that they are not treated as cash. Both Visa & MasterCard treat them as unique types of transaction which your credit card issuer recognises as casino & similar type transactions.

That is not always true in my experience - of all my cards used for casinos, I can only recall Morgan Stanley & Marbles treating them that way. I have earned rewards for casino deposits on Capital One, Nationwide Visa & Goldfish M/C amongst others.