Free money from cashback card?

Rob_K

Hi all!

Please forgive me if I am being ignorant here but could anyone tell me if this would work.. (Lets face it, it probably doesn't, but there's no harm in wondering..)

I understand there are websites such as online gambling sites where you have to buy a certain amount of credit with which to play on the sites. Would it be possible to buy this credit with your cashback card, then transfer the money out to a debit card without doing any gambling, and then use the debit card to pay off the credit card? Then you'd earn your 4% cashback and not be out of pocket? Repeat, ad infinitum.

I don't expect this will work as it's never possible to get something for nothing, but does anyone have any thoughts?

Thanks

speedy_gonzales

Rob

You will find most if not all gaming sites will only refund to the same method of deposit. Therefore if you deposit on CC they will refund to CC only. Plus many of them will charge a fee for CC deposits and some CC providers treat gaming deposits as a cash advance so even more fees

regards

YorkshireBoy

Most credit cards treat gambling deposits as cash advances, meaning a 2-3% cash advance fee and interest from date debited to date settled.

The (Capital One?) 4% cashback you refer to only runs for a few months then reverts to 1%.

Rob_K

Ah. I thought there would be a catch! Thanks for your replies!

dzug

And to round off the picture you don't get cashback on cash advances.

I have a feeling it is illegal, or at least frowned on, for UK credit cards to be used for gambling. The way round this is for them to treat such purchases as cash advances.

But I could have the strory slightly twisted.

dealer_wins

I called Halifax re my recent fees on gambling transactions and was told that they have starting charging as the new Gaming Act make it illegal for them not to charge a cash advance fee. Dont know if thats a load of bull though.