A credit card deposit question

[JamesDarwin]

This is probably a stupid question but im a newbie to the gambling world and to the credit card world.

If I deposit £500 to a casino does it count as a cash advance or as a purchase.

The reason I want to know is that ive got a 3 month interest free period on purchases but not cash advances.

Thanks alot

[gfkostas]

It counts as purchase or at least for me

[angahar]

My urgent advice to you would be to not gamble on credit, interest free or otherwise. If you purchase with a credit card, make sure it is money that you have to lose and plan to pay that CC bill when it comes. If you are not going to have the 500 until three months from now, then gamble three months from now.

[JamesDarwin]

Yea I have some money in savings and I need to get a job soon so the bill wouldnt be a problem its just I dont have the money now but I will in 3 months.

I just need to know for certain if it would count as a purchase.

I mean im having doubts as to if it would cause taking cash out a machine doesnt count as a purchase and with the casino couldnt I theoretically use to to launder my money to another bank account then take cash out?

IE getting cash in hand from my credit card whilst bypassing there interest fee?

Of course I dont want to do this, but also I want to make the most of the interest free period and cant afford to pay interest on £500 borrowing for casino assumming I lose it all

[GrandMaster]

This is probably a stupid question but im a newbie to the gambling world and to the credit card world.

If I deposit £500 to a casino does it count as a cash advance or as a purchase.

The reason I want to know is that ive got a 3 month interest free period on purchases but not cash advances.

Thanks alot

It depends. Marbles considers gambling transactions as cash advances. All my other cards treat them as purchases.

[JamesDarwin]

ok will it say in the terms and conditions or somewhere where I can find out if what it is classed as?

[JamesDarwin]

its an egg card www.egg.com all I can find is the definition of cash advance.

Cash Advance means obtaining cash, foreign currency or travellers' cheques using a Card or the Card number.

I wont be obtaining cash, ill be obtaining chips the only cash to come from anywhere will be unlikely winnings from the credit card account.


Also another stupid question, can credit card balances go positive? I presume yes but I dont know for sure lol

[hhcfreebie]

Yea I have some money in savings and I need to get a job soon so the bill wouldnt be a problem its just I dont have the money now but I will in 3 months.

I just need to know for certain if it would count as a purchase.

I mean im having doubts as to if it would cause taking cash out a machine doesnt count as a purchase and with the casino couldnt I theoretically use to to launder my money to another bank account then take cash out?

IE getting cash in hand from my credit card whilst bypassing there interest fee?

Of course I dont want to do this, but also I want to make the most of the interest free period and cant afford to pay interest on £500 borrowing for casino assumming I lose it all

Unless you have a sound plan to make money out of bonus/promotion, otherwise It's really, really, really a bad idea to gamble on credits.
I don't know how to "make the most" of the interest free period, I do know borrowing money is usually a bad idea. If you already have debts, maybe you can transfer the balance to your credit card to save interest. Otherwise, I'd say the "no interest" period is only there to lure you deeper into a finicial nightmare.
Don't gamble with the money you don't have, please.
ps: yes, you can have positive credits. Normally if you don't use up the credits in 2 months they'd send you a check.

[angahar]

I don't mean to repeat myself but if you don't have money now but you will have money in three months, then GAMBLE IN THREE MONTHS when you have the money. It is a very slippery slope to gamble on credit, especially when you don't have a job.

[jpm]

Don't play with money you aren't prepared to lose right now. There's no guarantee you'll have a job in 3 months. ANYTHING can happen! Don't gamble on credit.

But to answer your questions, most visa & mastercard agreements (and amex & discover too I think) will tell you that purchasing chips for casino gambling is considered a cash advance and not a purchase. If you really want to be certain, call the customer service number on the back of the card and ask them directly.

Wait till you get the job and have some extra money. The games aren't going anywhere, and there will be at least as many casinos out there then as there are now.