Bank Fees in GamblingIn the United Kingdom, recent changes in the way banks view gambling transactions have led to increases in fees and levies imposed on account holders, visit gambler-portal.com site for some guides. There are ways to avoid these fees, however, so players should familiarize themselves with the rules and regulations.
Increased Interest Rates
When players use their credit cards to fund their online casino accounts, they are essentially borrowing money to fund their habits to minimize losses. Though this is a perfectly acceptable practice as long as the money is paid back on a regular basis, credit card companies are catching on and using this spending to their advantage, increasing the interest rates associated with gambling transactions a great deal. In fact, players who use their credit cards for gambling may already notice interest rates that are much higher than the rates imposed on their other purchases.
Another thing that gamblers should be aware of is the supplementary fees that many credit card companies and financial institutions charge on gambling transactions for online gambling, either in lieu of or in combination with higher interest rates. These fees are usually charged per-transaction, and the greater the amount of the transaction, the higher the fee. Players should check with their banks and credit card companies before allowing such transactions to take place.
Examples of Fees and Charges
The RBS Mint card, one of the most popular cards in the UK, charges consumers a 17.9% interest rate on all gambling-related transactions; this is up from the typical 14% interest on purchases of any other type. Egg Card users can expect a 15.9% interest rate as well as a 2.5% per-transaction fee on gambling-related purchases. The MBNA is the most expensive of all, charging their gambling patrons a whopping 21.9% interest and 2% fee on gambling purchases. Citibank has stopped doing business with online casinos altogether, earn bonuses by joining gaming club.
Consumers all over the world--and especially in the UK--are noticing more fees and higher interest rates associated with their casino transactions. To avoid these, players can move to more traditional payment methods, including direct bank wires and even payment by postal mail.