Transferring bet money into Vanquis Credit Card

MrSweet1991

Hi All,

Just won a bet on Bet365 which had pretty high odds, because I deposited money into Bet365 using my Vanquis credit card I can only withdraw the winnings into that same credit card. I'm just curious as to whether this is possible and how it would work as I won more than my credit limit so I'm not sure how this would work.

Any help would be appreciated

jimmy*c

Withdraw it to the credit card then request a refund of the amount you're in credit. They only allow withdrawals to the depositing card to stop you effectively using the gambling site as a way to get cash from your credit card for free.

MrSweet1991

Hi Jimmy,

So for simplicity on my behalf my vanquis credit limit is £250 assuming I spent £200 leaving £50 available and I then withdrawn £250 to the card I'd have £50 in credit? (£300 vs £250 credit limit) then I'd ask Vanquis to refund the £50 to me?

Sorry if I'm making it sound complicated I'm a newb when it comes to credit cards I've only had it a week so I'm not familiar with how it works.

Cheers,
Dan.

jimmy*c

That's pretty much it, but I'm not sure about using a credit card to fund gambling - that card will cost you a cash advance fee every time you deposit with it.

MrSweet1991

Hi again,

I've read that I get charged a whopping £3 per transaction, but I was wondering about the interest? I've read on MSE of someone who mentions she had a cash advanced fee but Vanquis told her despite paying the balance in full she would still get charged interest for two months and advised not to use the card for two months.. Quite baffles tbh

Reference:

https://forums.moneysavingexpert.com/discussion/2719793

Voltaire7

withdraw it to Paypal

jimmy*c

You'll get charged interest on the value of, and from the date of the transaction, yes.

MrSweet1991

Voltaire7 wrote: »

withdraw it to Paypal

Hi mate,

A few hours ago I phoned bet365 and as a security measure the funds can only be withdrawn back to the same card and in the event that it cannot be done (credit card not having the ability to have funds put into it) they will offer a bank wire. Apart from that, in don't have the ability to choose anything including PayPal as an alternative method.

I did hear from a friend that a few months back you could withdraw the winnings to any card stored on your account so I'm assuming it may be a new security measure?

MrSweet1991

jimmy*c wrote: »

You'll get charged interest on the value of, and from the date of the transaction, yes.

OK so if I'm not mistaken, I deposited funds 4 times resulting in a cash advance fee of £12 plus any interest added on a daily Bassi's until it has cleared. So.. If I leave £270 in there (£250 limit plus £20 from my winnings) will that solve the 2 months issue the other person had that I sent the link to?

Thanks again for your help

jimmy*c

I'm not keen on maths funnily enough but I'm sure someone smart enough will be along soon.

[Deleted User]

When you phone Vanquis for the refund of your winnings it will reset your balance to zero which will stop any further interest from accruing. Just pay your next statement balance in full (i.e. the interest) and you are sorted.

Also be aware that your credit report will show these as cash advances which might not look good to any other lenders you may be applying to in the future.

Quick tip for anyone who uses credit cards on gambling sites - NatWest and HSBC cards don't charge the 3% cash fee on these transactions (but they do treat them as cash for interest purposes).

Congrats on the win.