A&L credit card - Quidco-Betfair

kazzymac_2

Hello - just a quick question. After looking
through Quidco I joined the many and opened up a Betfair account with £10 to bet on the Grand National to get £50 cash back. I paid the £10 using a debit card and then it said that my age needed to be verified so if I topped up by £2 this would verify my age (over 18) & they wouldn't charge me transaction fee (1.5%). Looked online today and my credit card has been debited the £2 plus a £3 cash advance fee. Can anybody enlighten me as to why this is classed as a cash transaction before I call A&L? Is it because it is a gambling site? Just a bit confused as to why - any ideas? Many thanks.

TheExpert

All credit card transactions related to gambling are classed as cash advances. This is the case across the credit card business and has obvious reasoning linked to dissuading people from using provided credit to gamble. In the future, use a debit card to perform these kinds of transfers to avoid incurring a fee AND having to pay higher interest on the said money.

Remember: Cash advances incur a higher interest as well as not usually having any interest-free days unlike purchases. Therefore you will incur interest on that £2 every dayand will only be able to pay off this £2 AFTER you have cleared all purchase and balance transfer debts on the card in question.

Hope this helps,

TheExpert

adaze

Don't think Barclaycard charge at the cash rate for gambling deposits, others do, evidentally A&L, sorry! Should have used a debit card!

kazzymac_2

Thanks for the replies. I am kicking myself now as I did use a debit card for the £10. I only used the credit card for the £2 to verify my age as requested from Betfair.:o Luckily enough the A&L card is paid off in full each month but I will now know in future- I hope other people didnt get collared with this too. Thanks everyone for your quick responses.

Trembling_Turnip

MNBA Virgin did the same to me, charging £3.

I think that the £2 had to be spent with a credit card to verify age. The other option would have been to send age verification documents as I did when I signed up with Victor Chandler.

Oh well, I'm still up £127 on the grand national

kazzymac_2

Well done! All things considered the money has tracked though Quidco so hopefully I wont be out of pocket but I had no idea that that was the case with gambling sites and wanted to understand the reason why.

Trembling_Turnip

Yeah, it baffled me when I looked at my online statement, but I just put it down to MBNA using some smallprint to charge for gambling sites. They do Alliance & Leicester too so maybe it's just all MBNA cards?

We won't fall for that one next year

kazzymac_2

Def not! I hope I win next year too!:D

Mickey_Monk

If you transfer some of your winnings back to your MBNA card they will credit the £3

Trembling_Turnip

Really? That's interesting.

Trembling_Turnip

Can I pay £10 in to Betfair and withdraw it onto the MBNA card without placing a bet?

Sorry, I know I probably seem lazy asking.....