using a credit card to transfer money on gaming websites

zoned_out31

Ok this may be a stupid question, so forgive me...

But i recently logged on to jackpot joy to take advantage of the cashback offer (which has worked for me...wow lol), and seen that you can transfer money from a credit card, and then withdraw it to a bank account.

In theory does this mean if you have a credit card with a 0% interest on new purchases for 12 months with a 2k limit, could you load £2000 to your jackpot joy account and then withdraw it to your bank account, incurring no charges? I am aware jackpot joy would ask for ID etc, but would this be illegal...or just a loophole?

onefortheroad_2

zoned_out31 wrote: »

Ok this may be a stupid question, so forgive me...

But i recently logged on to jackpot joy to take advantage of the cashback offer (which has worked for me...wow lol), and seen that you can transfer money from a credit card, and then withdraw it to a bank account.

In theory does this mean if you have a credit card with a 0% interest on new purchases for 12 months with a 2k limit, could you load £2000 to your jackpot joy account and then withdraw it to your bank account, incurring no charges? I am aware jackpot joy would ask for ID etc, but would this be illegal...or just a loophole?

no it.s wont work mate it.s like takeing money out from atm so the charges will be big

zoned_out31

Oh should have pointed out that I've used my credit card on jackpot joy and its on my statement as a purchase rather than cash advance. So what does everyone think?

dzug1

I can't see a reason for it to be illegal.

I'm surprised jackpot joy allow you to transfer money into your account from one source and then transfer it out to another without any gaming happening in between. After all it's they who are effectively paying for your 'loan' in the form of their fees to the CC company - a percentage of the transaction.

If they do knowingly allow it, then they are relying on 99.9% of their customers being hooked enough on gaming for it not to happen in reality - the cash, or much of it, will be lost before it's transferred out.

Or thay may not have thought of the loophole - if enough people exploit it rest assured they will notice and close it.

Chadsman

Most credit cards treat any sort of gambling transaction as a cash advance. The only card issuer of which I know that treats gambling transactions as a purchase is Barclaycard. Which card did you use?
:beer:

CannyJock

zoned_out31 wrote: »

Oh should have pointed out that I've used my credit card on jackpot joy and its on my statement as a purchase rather than cash advance. So what does everyone think?

Your online statement or your end of month statement?

Have you saw a monthly statement to confirm no interest charged?

zoned_out31

Chadsman wrote: »

Most credit cards treat any sort of gambling transaction as a cash advance. The only card issuer of which I know that treats gambling transactions as a purchase is Barclaycard. Which card did you use?
:beer:

a barclaycard lol, i'll check with my friend who has been using her santander zero and her capital one card and see if its charged her cards to check.