Credit card cashback ?

[Avatar73]

I only use cards to deposit. My question is: is it worth getting a card with cashback (say 1%). Obviously if they count it as a cash transaction then it would be no good, but I've never had that yet.

The net change is probably reasonably small, say a few hundred a month either side max usually, with a few ups and downs!

But the cycling of money is quite high, so roughly 1k could go in (and hopefully come out!). So this would equate to roughly 120 per year. So it's not megabux, but then again, it is pretty much something for nothing, so if ur gunna use a card, then why not this one? Plus the bonus from whatever else you may purchase during said year!

I had a good read just now, and didn't see any reason for it not to work (other than having to be in "excellent" credit, which should be ok!), but I remember before when I looked I found something that made me think it wouldnt work?

Anyone know!?

 

[vinylweatherman]

I only use cards to deposit. My question is: is it worth getting a card with cashback (say 1%). Obviously if they count it as a cash transaction then it would be no good, but I've never had that yet.

The net change is probably reasonably small, say a few hundred a month either side max usually, with a few ups and downs!

But the cycling of money is quite high, so roughly 1k could go in (and hopefully come out!). So this would equate to roughly 120 per year. So it's not megabux, but then again, it is pretty much something for nothing, so if ur gunna use a card, then why not this one? Plus the bonus from whatever else you may purchase during said year!

I had a good read just now, and didn't see any reason for it not to work (other than having to be in "excellent" credit, which should be ok!), but I remember before when I looked I found something that made me think it wouldnt work?

Anyone know!?

It used to work a treat (2004 to early 2006)

Sadly, in 2006 many credit cards changed the rules about transactions identified as "purchase of casino chips". These are treated as a cash transaction, although nearly all cards do not charge the normal cash advance fee of 2% to 3%. (They DO, however, charge interest from the transaction date EVEN IF the statement balance is paid off in full which for purchases would make it interest free).
CHECK THE SMALLPRINT, as it could prove costly to use cards to deposit because of the lure of cashback.
Even when it worked, withdrawals were assumed to be "merchant refunds" and any cashback enjoyed for the deposit was revoked on withdrawal of winnings. At one point I had MINUS 1000 Shell Pluspoints due to a screw up where they stopped awarding them for casino deposits, but claimed them back for the subsequent withdrawal.

It MAY still be possible where deposits are not seen as casino deposits (the merchant code is what card companies use to determine this), AND any withdrawals are made by other means, such as cheque or webwallet.

I know of only ONE card (Barclaycard) that still treats casino deposits as standard purchases, but they stopped their loyalty scheme some time ago.
A number of Mastercards operate cashback schemes, but these do not work at casinos, although they may do at some sportbooks.

 

[Avatar73]

ah, thanks! That would probably be the answer then! It might have been the withdrawal issue you mentioned that would stop it - unless you use cheque, as you suggest, which is too much a PITA for 10 quid a month really!

The one i was looking at is Capital One... guess I'll have to go small print hunting sometime lol.

 

[EasyRhino]

But in general, if you're going to use a credit card for ANYTHING, and you're paying it off each month, you might as well try to find one that has good cashback or rewards program on it. As long as there's no annual fee.

I actually have four different cards that I use, depending on one I'm buying.

edit: for me, there is ONE casino where I can use my credit card from ONE bank to buy chips, and it seems to be flagged as a regular purchase. On this card, the cashback is only annual, but it should be pretty good next year!

 

[Avatar73]

.... any chance of getting the card and casino name!? If not then dont worry!