Consumers need to be aware of credit card gambling issues

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Consumers need to be aware of credit card gambling issues

Mon 24th May 2010

People who utilise their credit cards for gambling with should be aware of several important factors, according to one finance expert.

Sandra Quinn, director of communications at the UK Card Association, suggested consumers should know that gambling with credit cards involves the same APR as a cash transaction, since many lenders have publicised this situation.

She recalled a specific letter from her issuer explaining the terms of the arrangement.

But Ms Quinn added: "In the US, gambling is illegal in a number of states, therefore if you gamble with your credit card in the US it is your credit card company that is liable."

In her view, credit card companies in the UK do not make moral judgements about what individuals use their cash for, as long as it is nothing illegal.

These remarks were made following research by moneysupermarket.com, which highlighted how several types of transaction will be charged at the cash APR rate, including gambling, electronic money transfers and foreign currency.

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