Gambling Transaction Charge

GREGSTER

This is just a warning for anyone that deposits on poker or any gaming sites really about a charge I got this week when I used my Paypal account that was linked to my Tesco Credit card. I had made the deposit and then a few days later I got a 'Gambling Transaction Charge' of 3%, it turns out that Tesco Credit card have added this 3% to their T's & C's a couple of months back.

Not sure if this is common across Credit Card companies or just Tesco taking a little extra.

Cheers
Greg.

Darkangel7

In Response to Gambling Transaction Charge:

This is just a warning for anyone that deposits on poker or any gaming sites really about a charge I got this week when I used my Paypal account that was linked to my Tesco Credit card. I had made the deposit and then a few days later I got a 'Gambling Transaction Charge' of 3%, it turns out that Tesco Credit card have added this 3% to their T's & C's a couple of months back. Not sure if this is common across Credit Card companies or just Tesco taking a little extra. Cheers Greg.
Posted by GREGSTER

They charge you extra for taking money out so it's just like taking money out of the wall but for gambling.

GREGSTER

In Response to Re: Gambling Transaction Charge:

In Response to Gambling Transaction Charge : They charge you extra for taking money out so it's just like taking money out of the wall but for gambling.
Posted by Darkangel7

That's an interesting way of looking at it, I don't see it as any different to buying anything else on-line. Oh well, lesson learnt.

gerardirl

Not just a pretty face eh Darkangel? 

Yes I suspect they deem it as a cash transaction.

My credit card company deem it as a normal purchase and dont charge a fee for it. 

Ger

aussie09

every little helps

Itsover4u

0.242 bitcoins

CxE1

In Response to Re: Gambling Transaction Charge:

In Response to Re: Gambling Transaction Charge : That's an interesting way of looking at it, I don't see it as any different to buying anything else on-line. Oh well, lesson learnt.
Posted by GREGSTER

You should also be aware different poker sites have different charges for deposits and withdrawals and/or exchange rates for currency transactions. For example if you deposit £100 at 888  and cash out you will be very lucky to get back £92. I dont believe this is an issue here.

EvilPingu

In Response to Gambling Transaction Charge:

This is just a warning for anyone that deposits on poker or any gaming sites really about a charge I got this week when I used my Paypal account that was linked to my Tesco Credit card. I had made the deposit and then a few days later I got a 'Gambling Transaction Charge' of 3%, it turns out that Tesco Credit card have added this 3% to their T's & C's a couple of months back. Not sure if this is common across Credit Card companies or just Tesco taking a little extra. Cheers Greg.
Posted by GREGSTER

This is standard - My credit card provider does the same, not that I've ever used my credit card for depositing, but it's in the small print because I checked when I first got my credit card.

The banks have to treat it the same way as taking £X out of a cash machine and handing it over at the cash desk in a casino for a few reasons - Firstly, they have to make up for the amount of people who max out their credit card punting on Roulette and not paying off that debt somehow. If they didn't charge a 3% fee, they would probably just not allow casino deposits via credit card, full stop.

Secondly, if you didn't have this fee, you could print money by having your credit card close to maxed out, then pay off the account balance by depositing and withdrawing the same £X over and over so that you never pay interest, chuck the account balance of the credit card into a savings account to earn interest, and printing loyalty bonuses (Clubcard points, Airmiles, whatever) because you're "spending" thousands on gambling. It'd open up a loophole that would be like having 0% APR on a credit card plus free stuff forever, and a bank isn't going to allow that to happen obv.

EvilPingu

In Response to Re: Gambling Transaction Charge:

In Response to Re: Gambling Transaction Charge : You should also be aware different poker sites have different charges for deposits and withdrawals and/or exchange rates for currency transactions. For example if you deposit £100 at 888  and cash out you will be very lucky to get back £92. I dont believe this is an issue here.
Posted by CxE1

+1, 888 are really scummy with their deposit/withdraw exchange rates. 

If you ever need 888 (or most other dollar sites) currency, and you have a friend that you trust who also plays there, you can ask them to exchange currencies at the current exchange rates with no fees, and most people will be happy to do that if they're looking to withdraw funds themselves. It's pretty normal in the Poker world, there's always someone looking to withdraw some dollars from a particular site and someone looking to deposit, so it's often in both parties' best interests to arrange to swap currencies and avoid paying a site's absolute joke exchange rates when withdrawing/depositing.

I think most sites these days allow you to either convert funds at the xe.com rate, or deposit and pay for dollar tournaments in £££ and they convert your buyin at xe.com rate at the start of the tournament, and convert any winnings back at the same rate as when you bought into the tournament. 888 is the one notable exception though, they insist on making you deposit in $$$ and taking like 4%, because apparently raking everybody once to play Poker in the first place isn't enough.

Obviously there's an element of risk in swapping currency too, cos your "mate" can run off with your money, but it's well worth it if you have connections who can absolutely be trusted to swap.

[ Alternatively, just play on Sky, right? ]

Tikay10

In Response to Re: Gambling Transaction Charge:

In Response to Re: Gambling Transaction Charge : +1, 888 are really scummy with their deposit/withdraw exchange rates.  If you ever need 888 (or most other dollar sites) currency, and you have a friend that you trust who also plays there, you can ask them to exchange currencies at the current exchange rates with no fees, and most people will be happy to do that if they're looking to withdraw funds themselves. It's pretty normal in the Poker world, there's always someone looking to withdraw some dollars from a particular site and someone looking to deposit, so it's often in both parties' best interests to arrange to swap currencies and avoid paying a site's absolute joke exchange rates when withdrawing/depositing. I think most sites these days allow you to either convert funds at the xe.com rate, or deposit and pay for dollar tournaments in £££ and they convert your buyin at xe.com rate at the start of the tournament, and convert any winnings back at the same rate as when you bought into the tournament. 888 is the one notable exception though, they insist on making you deposit in $$$ and taking like 4%, because apparently raking everybody once to play Poker in the first place isn't enough. Obviously there's an element of risk in swapping currency too, cos your "mate" can run off with your money, but it's well worth it if you have connections who can absolutely be trusted to swap. [ Alternatively, just play on Sky, right? ]
Posted by EvilPingu

Ha, you are mastering the art of cooey-wooey I see.

2 excellent posts, wp.