Confused about charges for gaming transactions

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It appears I'll be charged 2.99% fee for any online gambling transaction (I want to place a £10 bet) should I use my barclaycard. I'm trying to use my debit card but it's not working for some reason.

It also says the transaction will be charged as a cash transaction, interest would be payable. However, I've no idea what this really means and what the charge would be. I think it means I don't get the usual period to pay it with, however does this affect my entire monthly credit card balance? What kind of charges/fees would I incur for a £10 transaction?

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    The fee is £2.99 because your card has a £2.99 minimum.

    The interest will accrue at (approx.) £12.99 x yearly cash interest rate % / 365 per day until cleared.

    So if your cash interest rate is their normal 27.9% APR that's around a penny a day!
  • chattychappy
    chattychappy Posts: 7,302 Forumite
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    Yes,
    sturgeon wrote: »
    I think it means I don't get the usual period to pay it with, however does this affect my entire monthly credit card balance?

    and it won't affect the usual interest free period on your purchases.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Actually it may not be quite as much as that as the OP says the fee is 2.99%, so a £10 bet would result in a £10.30 charge (although it may be that the OP was mistaken and it is in fact a £2.99 fee).

    OP, if you monitor you credit card transactions online and make a payment as soon as the gambling transaction hits your account you can minimise the amount of interest paid.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    agrinnall wrote: »
    Actually it may not be quite as much as that as the OP says the fee is 2.99%, so a £10 bet would result in a £10.30 charge (although it may be that the OP was mistaken and it is in fact a £2.99 fee).
    I'd checked out 3 or 4 Barclaycard summary boxes before replying in post #2, and they all said...
    Cash fee: 2.99%, minimum £2.99 on sterling transactions only
    agrinnall wrote:
    OP, if you monitor you credit card transactions online and make a payment as soon as the gambling transaction hits your account you can minimise the amount of interest paid.
    Possibly not. OP needs to check their T&Cs, because some providers apply payments to statemented balances before unstatemented balances meaning, if Barclaycard operate this way, the OP may not be able to "minimise" the interest without clearing the full balance on the card.
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