BarclayCard have revealed that they will be adding credit card fees to gambling transactions in the UK – this will also apply to lottery ticket purchases.
The news broke on ThisIsMoney.co.uk and revealed that gambling transactions will be seen by BarclayCard as cash withdrawals. At the moment, individuals buying lottery tickets online as well as using their BarclayCard credit card at online gambling sites are ok as they are seen as normal transactions. At the moment, no charges are incurred when gambling online.
With the proposed changes, gambling transactions will be seen as cash withdrawals meaning that a fee of 2.99% on the wager amount or a minimum of £2.99 will be charged. The new policy from BarclayCard comes into effect on the 28th of May 2012 onwards. We’re pretty sure that casino and gambling players will not be happy with these fees. BarclayCard will also incur the wrath of their customers that withdraw cash on the credit cards as the fees will increase too.
This is sure to drive casino players and lottery ticket buyers to use their debit cards – debit cards are a banking method that works directly from your bank account so there are no charges at all. Players used credit cards because they offered slightly more security than debit cards as you are protect under Section 75 of the Consumer Credit Act if you make purchases of between £100 and £30,000. Players will now consider the fees to be more important and choose debit cards. Spending on debit cards is easier to take care of as you have access to cash machines whilst most people just receive their monthly credit card statement in the post.
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