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When You Use A Credit Card To Gamble At A Casino, Does It Count As A Cash Advance?
Kurt-Sayre, 2007-08-01 14:26:43
2007-08-01 20:23:09 Domenic-Stoddard wrote: The Credit Card company would feel like they are "staking" you the cash, just like they do in the pros sometimes so their high fees would be their cut or take of the action. Best to win big so you get your share too. Hope you're a decent card player and don't run up against me in any hold-em games.bad bad bad terrible idea lol and yes it does
2007-08-01 15:26:02 Gertie-Clark wrote: I'm pretty sure it doesits not a real smart idea though
2007-08-01 15:31:36 Josiah-Wood wrote: For this reason, many casinos now require you to take cash advances from an ATM located outside the gaming area to protect themselves from chargebacks. (I did this about 25 years ago and the law hasn't changed since then.) There have even been a few court cases where the cardholder successfully argued that a cash advance at the cashier's cage was obviously for gambling purposes and was therefore uncollectible. As a side note, gambling debts CANNOT be collected in the US! Yes, it is a cash advance. So is purchasing lotto tickets or money orders at a convenience store. It's all explained in your cardholder agreement -- those 10 or more pages of legal mumbo-jumbo that you agreed to when you accepted the card. If the credit card allowed gambling action to be charged to the card, the cardholder could have it removed from the card and charged back to the casino.
2007-08-01 17:08:08 Royal-Ramsey wrote: Yes
2007-08-01 15:29:08 Spencer-Toyley wrote: ON THE OTHER HAND, but taking it as a debit/cash advance, what is happening is that the credit card is giving you cash, you are paying the casino that cash. They are protected from people trying to get around their debts. Yes. That is to say, the casino cannot take you to court to pay a gambling debt. Now, if you used a credit card to gamble, just on credit, you could later dispute the charge, and then the collection would be for a gambling debt and unenforcible. You shouldn't use your credit card at the casino because they over charge you on the fee and your credit card company will have a higher finance charge for your withdrawal.Almost always. So, it is almost always a cash advance, to avoid the possibility of later being classified as a collection on a gambling debt. If it takes your marker, and you do not pay, it is out of luck (there are ways they try to get around this, but work with me here). In almost all states, a "gambling debt" is not enforceable. You do not mention the state, but here's the deal:
2007-08-01 15:32:16 Erin-Patterson wrote: Yes.Cash Equivalents include the purchase of money orders, foreign currency, and travelers checks from a non-financial institution, person-to-person money transfers, bets, lottery tickets, casino gaming chips. Cash Advances subject to the Standard APR for Bank and ATM Cash Advances.
2007-08-01 15:29:12 Helene-Vinsant wrote: definitly yes. casinos and casino websites can't use credit as a form of payment because it would be illegal for them to do so. some credit cards won't work if they do not allow you to have cash advance on them. but of course a debit card not being a credit card will act as a withdrawl from your account and not as a cash advance.
2007-08-01 15:28:22 Ethelyn-Littlefield wrote: yes it most certainly is, and wow are the finance charges for cash advances high.A few cards issuer like Arriva, consider it entertainment purchases, likethat of a theater ticket, fine dining experience or hotel room, and not desperation loans, like other cash advances often are. If you gamble on a credit card alot, it's worth investigating a card that won't penalize you for that. In 95% of the cases, yes, it's considered a cash advance, with the higher rates and fees that are tacked onto those. Depends on the credit card issuer.
2007-08-01 15:27:27 Kraig-Fonblanque wrote: its called quasicash, credit card companies dont allow it, and its more expensive than a cash advance. has a transaction fee of 20$ minimum and goes at the cash rate
2007-08-01 15:26:21 Peter-Magor wrote: Yes it certainly does.
