Bank Charges charged on Gamblers

Gamblers are compelled for paying elevated charges as Britain’s biggest banks have introduced new rules for penalizing gambling fanatics. As you will use your credit card for gambling transactions, you will be in fact getting cash in advance, as some of the clever bankers state it. Therefore, those banks are scheduling to amplify the interest that has to be paid by the gamblers and the charges will be charged in line with that of other cash advance transaction. It really depicts cunning deeds of the banks.

Britain’s biggest banks, which includes ‘The Royal Bank of Scotland’ and the online credit card company ‘Egg’ have made some of the latest changes to the way as they delineate the “wagering transactions”. These new rules are made for the ones who will use their credit card to lay bets on internet and will be charged a higher rate of interest than the rules and sometimes will be charged a supplementary fee too.

It’s really surprising that last year, in UK £53 million was spent on wagering including the national lottery and a million of people in UK frequently wager online at one or the other 1,700 estimated online gaming sites.

A representative from Mint, which is a component of the Royal Bank of Scotland group said, “The step ahead which has been taken by RBS is a progressive step taking place across the entire credit card industry to examine the forms of transactions that people are making in their accounts. The betting transactions are to be treated as ‘more advance ones’, as they are much more accurate that means of reflecting a gambling transaction is in fact a cash equivalent swap.” We being more pessimistic, including those of may too feel that this is purely a strategy by the banks to make even more money from the UK’s clients.

Most of the credit card companies consider transactions related to online gaming as purchases. Therefore, low rate of dividend is applied and it is free of cost. Cash advances, such as withdrawing of money from the cash machines using a credit card are subjected to as higher rates of dividend in addition to a usage fee of 2 to 3%.

Citibank already have forbidden their UK clients from using their credit cards to wager online. As per the changes that are proclaimed by the RBS Mint card customers for using their credit cards for online gaming will be charged 17.9%, up from just 14.9%. Clients of Egg who opt to lay bet with their credit cards will be charged 2.5% fee and a dividend in advance rate of 15.9%. MBNA which has huge number of about 7 million customers already charge 2% fee and 21.9% dividend on wagering transactions, many other banks are ready to follow the pattern when the changes will come into action from April 1st.{ hope its an April fool joke..}

A representative for Egg that is part of the Prudential stated that, “The latest volatile growth of the online gambling and of the casinos has meant that consumers are now demanding for diverse ways of funding this type of leisure bustle. As many of credit card providers now, allow their customers to make use of their cards to withdraw cash for gambling, this is typically available in the form of chips or ‘virtual’ chips. The decision of charging a fee on such transactions is basically bringing gambling into order with customary forms of cash advances, such as acquiring money from an ATM machine or to purchase foreign money, traveler’s cheques or the postal orders.”

Gambling Industry cream of the crops usually expects higher charges for the gambling transactions on credit cards, and it would become common by the ending of this year.

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