Transferring bet money into Vanquis Credit Card

MrSweet1991

[Deleted User] wrote:

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.

Hi 611,

What exactly am I doing when I ask for a refund of my winnings? I have phoned Vanquis and they said they'll leave a note on the system to say I'll have £289.08p deposited into Vanquis But I'm breaching their policy.. I wasn't quite sure why though, i thought if anything its good as they're guaranteed to recoup money.

Also, as for paying the next balance in full can I not just leave say.. £270 in Vanquis (£250 limit plus £20 buffer for any interest) and be rid of the interest?

I did try to ask why it is with cash advances that you have to do something for two months for the interest to stop but to be quite honest I never understood any of her explanation.

Thanks for your help as well

MrSweet1991

Just wanted to bump up my post

micky2phones

Hi, a friend of mine did the same as you, i said to him have a bet with your debit card and withdrawn winnings from credit card to the debit card.

He did but they sent him an email saying winnings would be back on to credit card and debit card

grumbler

CC is a PITA if used for gambling. Cash advance fees and interest are just for starters.

CC companies don't like the account being put in credit and usually stipulate this in the T&C. They don't like sending cheques or making transfers to current accounts. They like to insist that you have to spend the balance.

However, I don't see this in Vanquis T&C. So, I have no idea what they mean by "breaching their policy".

Ask them to transfer the in-credit balance to your current account or send you a cheque for this amount (without any fees, not like a cash advance). If they try to give you runaround quote them their T&C:

11.13
If you ask us to send a Cash Transaction or any other payment from your Account (for
example, where your Account is in credit and you ask us to refund you the credit
balance) to your bank account, the payment will arrive no later than the next working
day. If your request is received after 3pm and before midnight or on a Saturday or
Sunday or a bank holiday, we will treat the request as received on the following
working day and timescales for receipt of the payment into your bank account will be
adjusted accordingly. If you request the refund of a credit balance, we may need to
delay the payment to investigate why your Account is in credit. If, for any reason, we
are unable to transfer the payment in these timescales we may offer you alternative
ways of transferring your payment.

And stop using your CC for gambling !!!!!!. Use a debit card instead.

MrSweet1991

grumbler wrote: »

CC is a PITA if used for gambling. Cash advance fees and interest are just for starters.

CC companies don't like the account being put in credit and usually stipulate this in the T&C. They don't like sending cheques or making transfers to current accounts. They like to insist that you have to spend the balance.

However, I don't see this in Vanquis T&C. So, I have no idea what they mean by "breaching their policy".

Ask them to transfer the in-credit balance to your current account or send you a cheque for this amount (without any fees, not like a cash advance). If they try to give you runaround quote them their T&C:
And stop using your CC for gambling !!!!!!. Use a debit card instead.

Hi mate,

Thanks very much for all the information given, I see what you mean about the Terms and Conditions. I can see that they have treated the additional money separate and its stored as credit (as everyone did say it would) now.. I'm not actually concerned about keeping the credit on Vanquis to keep it as a buffer for any interest (if possible) I'm still confused about the cash advanced fee as as far as I've been told to completely get out of the interest or something I have clear the balance in full but also make no more cash advances in 2 months..

Therefore because I've used a cash advance and the bet money was paid in a few days later I'm assuming a very small interest fee will be added which is why I wouldn't have minded Vanquis just keeping the £50 on the card so I've got the initial £250 repaid and an extra £50 for any interest where applicable.

Is it as simple as this? Can I just leave the £50 the way it is and Vanquis will dip into the £50 if any interest is deducted from the £250 balance? Or do I specifically have to request where to out the credit money?

Also, I had no idea bet money would be classed as a cash advance I just assumed I'd incur daily/monthly interest not to mention I used the CC because I didn't have any money on my debit card.. Quite funny when I look at my Vanquis statement and I transfered money bloody 4 times at a £3 charge plus interest I guess I've learned the hard way

grumbler

MrSweet1991 wrote: »

Therefore because I've used a cash advance and the bet money was paid in a few days later I'm assuming a very small interest fee will be added which is why I wouldn't have minded Vanquis just keeping the £50 on the card so I've got the initial £250 repaid and an extra £50 for any interest where applicable.

Sounds like a good plan, although I don't quite understand what "initial £250" is.

What is the current in-credit balance?

Or do I specifically have to request where to out the credit money?

Yes, you have. Normally it's either a cheque from the CC company written on your name ore bank transfer to a bank account. If you make payments by a DD, normally it's the same account they take payments from.

Also, I had no idea bet money would be classed as a cash advance

>> Can I withdraw cash on my Vanquis Visa Card?

zerog

Can't speak for bet365 but I thought most sites had a policy of only withdrawing your initial wager back to the same funding source, but then you could have the remainder of your winnings in any other form they offered? That would make more sense and still prevent people from getting cash for free (if one used a card with no cash advance fee)