Topic: Credit card gambling fuels gambling addiction - page 6. (Read 1845 times)

The debt burden will increase if they don't remember how much money they have used for gambling. And if they continue gambling without clear limits, they will have to pay a lot of money at the end of the month when their credit card bill comes. That will cause difficulties or problems for them, especially for those who don't have a salary or income that can be used to pay their credit card debt. That is why we don't need a credit card to gamble because we have a loan on the credit card and will have difficulty paying the credit card bill.

This seem like a valid point, but come to think of it, this is crazy, how can someone use their credit card for gambling activities? It seems not many people understand how credit cards function...

These are reasons why I will never use a credit card for gambling, and if you are good with credit cards functionality you will accept.

1. Credit scores on credit card is a big turn off when gambling, because the more you lost money using credit card the more it has negative impact on your credit scores.

2. Generally, with a credit card, overspending comes easily, credit card is very easy to use, it's faster and this makes it easier to lose track of money spent.

Also there are security risks available when using credit cards to gamble online, you don't just open up a website because you trust them and insert all your credit card details, what if it's been stored somehow without your consent?

everything about loan money to gamble, whether it a personal loan from someone else or using a credit card, is all very bad. I mean, we often discuss on this forum that borrowing money to gamble is very bad, whereas gambling is provided for fun using one own money, one can afford to lose, and if one bets using loan money, it violates the basic rules of gambling because at any time gambling will never provide benefits. who easily even always lose. so any loan will not be good if used for gambling and I would also say that control must be maintained because credit cards always give whatever the user asks for so gambling will take advantage of this situation to make more money from gambling.

Since a gambler gets short-term credit through a credit card, they choose this route to fund in gambling. When money is lost in gambling, gamblers want to get the gambling money with whatever interest rate will be. If gambling is carried out with credit card debt without any hesitation, then at some point the debt burden will increase and a gambler will be unable to pay it. As a result, he will be in disaster as well as in the financial system of that country. If a gambler gambles on borrowed money it is not a problem but if he borrows from a bank loan or credit card it becomes a big problem.

Gambling with the money they don't have is harmful. When one gambles with the money they don't have, and ends up losing it could lead to instability in his/her living. Just a simple way calculation, one had spent his credit card limit on gambling and lost everything. Now he's in need of money for his month and he starts borrowing. When the payment gets delayed he needs to pay additional interest, and also he needs to repay the borrowed money. If he continues gambling with credit card for few months and was unlucky, surely no other choice than getting into big debts. Understanding this, Australia government have banned gambling with credit cards and allowed Lotteries taking it as low harm. Now this have been under discussion and can expect ban on it.

That is the most stupid thing that we can find in gambling , when a gambler uses Money in which not his own (meaning borrowed from credit card)
because this will add confidence that you have a complete pack of money to gamble when the truth is? you are only relying on your luck to pay that debit and once you completely lose then the problem started.
That's it , let us not become one of those to be in debt all their life just because of wrong decision in gambling.

Gambling is specifically listed in the fine print of some credit card agreements as a form of a cash advance or cash equivalent. That's bad. Here's why. Cash advance fee: This is a one-time fee charged when you take your advance, usually 3% to 5% of the amount.

Source: https://www.google.com/search?q=why+we+must+not+use+credit+card+in+gambling&sca_esv=570874343&ei=2jEeZcCxKbGm2roPlpmImAo&ved=
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actually this is one of the main reason in legality

I also can't stop thinking about some people who use their credit cards to gamble. I don't know what they expected and what their thought pattern was regarding their actions, I think they are really someone who can't or doesn't think long and hard and doesn't have good financial management.
Using a credit card to shop for daily necessities excessively in my opinion is still normal because sometimes we cannot control our desire to shop if we use a credit card, but using a credit card to satisfy our desire to gamble is a very stupid, fatal and very careless action.
Using a credit card to buy furniture even though it is excessive can still be considered a little useful because we are buying an item that still has resale value if we no longer need it, but if we use a credit card to gamble it is the same as adding to our expenses because in gambling it is certain we will spend more than we win.
In my opinion, gambling using a credit card is not an act that dares to take risks but an act that does not think about the risks at all and i think most likely they are people who already have gambling addiction problems.

I hear that some countries are trying to make laws to ban credit cards as payment for gambling sites like what happened in Australia "Australians at risk of online gambling harm will be better protected through a ban on credit card payments and fines of up to $234,750 for companies who don’t enforce it, through legislation to be introduced by the Albanese Labor Government to Parliament today. " -  https://ministers.dss.gov.au/media-releases/12446

Gambling on credit cards to be banned from April 2020 - https://www.gamblingcommission.gov.uk/news/article/gambling-on-credit-cards-to-be-banned-from-april-2020

I mean this is a serious business right when gamble with loan money

I very much agree with this.

Credit card usage can pose a danger to the user especially if the user himself doesn't know financial management and isn't disciplined and responsible enough to learn it. Credit card offer convenience and ease of use, however, most of the time, the card holders bring headache upon themselves because they commit the usual mistake of using their cards irresponsibly such as doing excessive shopping and gambling without checking if they can still pay their dues afterwards. Hence, it will really be a good thing if there will be a policy about credit card usage intended for gambling. Might as well limit the possible expenditure per person or do not allow them at all to use their cc for gambling.

Agree. But no one offers to make a special KYC or ban credit card for those who make purchases. I've seen a lot of people whos earnings are low, they use public transport (not because it is convenient to get somewhere or there are traffic or parking problems, but because ticket is cheaper than liter of petrol), but have iPhone 15 pro, latest iWatch and branded clothes and they have bought it with credit card. People just suggest to do actions towards gamblers, but not towards such category of people.

Most people who use credit cards want to show off to the people around them and show that they can pay for whatever they want by swiping their credit cards. But they will be confused about paying their bills at the end of the month because they have made a lot of purchases. If they can calculate their credit card usage and still be able to pay bills that are not too large, they can still use the credit card. But if not, they have to think twice about continuing to use their credit card or cutting it up and being free from credit card bills. We must be able to anticipate using credit cards for gambling because it is not feasible. Even though we have a large salary, we still can gamble with a lot of money.

It all depends on the individual and how disciplined that individual is using a credit card. Using your credit card for shopping or for gambling purposes is to a certain extent, the same thing.
A lot of people can quickly max out their credit cards making purchases others may consider irrelevant. It’s more or less the same as a gambler maxing out credit cards as a result of gambling. In both situations, people abused the service cause of their habits. You won’t fault a service for the behavior someone who’s indisciplined.
Credit cards should be used sparingly

They do care and credit card companies all over the world are forbidding the use of credit cards to gamble, now do not be mistaken, they are not doing this because they care about the well-being of their customers, they are doing this as they have realized this is money that is going to be difficult to recover.

Still regardless of the reason this is at least a good thing, since on the past it was not rare for those that were addicted to not only lose everything they had but to accumulate huge debts on top of it, at least now such a scenario should be less likely and make it easier for those that suffered from an addiction to financially recover from it.

Sometimes the convenience provided by credit cards can be a disaster for those who do not understand good financial management, especially in the case of using credit cards for gambling. Using credit cards for gambling can be much worse because besides users increasing debt by using credit cards, they also use them for something unproductive which can disrupt their finances. Credit card companies should prohibit the use of credit cards on gambling platforms, but it is a shame that they do not care about such things.

Using the overdraft feature on Credit Cards is the worst possible way to take out a loan. At least in my country the Credit Card was designed to give quick and easy money at insanely high interest rates that should only be used for several weeks and never longterm. Any other source for a loan offers usually much lower interest rates are designed more longterm. There are already hard caps on the amount a credit card company can charge their customers, but this is still way to high and can lead to a downward spiral where the monthly interest cost are way too high to get out of it. For me using the credit card usually only happens during vacations and even then I like to have a tight control over my budget. A good friend of my parents is struggling for more than 10 years with their finances each month and uses a credit card to pay for all the things she can't afford it. The problem is that she is addicted to shoppng and needs to buy new clothes each month, but doesn't have any money to afford it. That the best example of you can spend most of your money each month to only pay back interest and never get out of the debt trap. In gambling it's even worse, we should never use borrowed money for gambling and definitely not the worst possible option with credit card debt.

In our country gambling is not allowed and with credit card there is no option to do gambling but some people still gamble silently therefore they not just betray government but also betray themselves and their families. Credit cards are the last option with gambler to continue gambling so when they loss all the money then their families do not allow them in their homes as they are afraid of getting harm from them.

There will be no effect on gambler no matter how much advise we give them because there is an wrong concept in their mind that if they leave bitcoin then they will be empty handed but they should also remember that with gambling they will be more empty handed as gambling offering nothing to them instead of snatching whole amount in a second.

This is a huge debit that person was allowed to used. My bank will allow you to take something close to your yearly income. I don't know how they calculate this to be honest but when I was making 1k USD a month they were always allowing me to take instant credit of 15k. If that man needs 12 years to pay it back he must've been allowed something like 6x his yearly wage (because you're never able to pay back 100% of your income. A man has to eat and all that. That's a crazy bank or you're exaggerating.

If we're blaming credit cards for gambling addiction, why don't we start blaming alcohol producers for alcoholism, gun makers for gun violence and so on?

One of the biggest problems is that credit cards often have a delayed effect on someone's accounts and they can be paid back in installments. This is dangerous as it can snowball over time when someone loses oversight over the accounting one the one hand, and on the other hand delayed payments opens the door to the wrong thinking that money that was lost today could be made back tomorrow, so no pressure. But this doesn't only apply to gambling. Whoever follows the news or reads articles knows that never before have more people be indebted I think because of all these offers of installment payments. It is a business strategy especially from the companies that can afford it.

If you are just a starter in using a credit card, your limits might still be low which are fine to use than any other payment methods because you can get overboard with them, but once your credit card limit goes up, things should becoming more risky if you lack a control of your self. No wonder why some countries announce a banning of it.

I am using a crypto to gamble but luckily I don't take loans when my urge kicks in because if it happens I usually have cryptos already in my wallet to start playing again. This is the advantage of being not addicted to gambling. You will have a peace of mind and you won't always run out of crypto/money.

Every rule applied or taken economically is realized by the occurrence of many events. Just as we both mentioned gambling with a credit card causes a person to gamble with debt and lose money in addition to spending all his/her money. This causes individuals to be prosecuted and penalized through the legal process with the bank if the debt cannot be paid. Of course, when this is the case countries prohibit gambling with credit cards in order to avoid using credit cards for gambling expenses and to minimize such situations. For these reasons, in order to minimize the risk of gambling with borrowed money alternative payment methods are accepted and the person is allowed to gamble only with his/her own money. Of course, such restrictions are not a complete solution but they minimize all potential possibilities.

For example, a person cannot directly gamble with a credit card because many countries have banned the use of credit cards as a payment method for gambling but since it is possible to buy cryptocurrency with a credit card, anyone can easily buy cryptocurrency and gamble with this money. In other words, every precaution taken only prevents the person from spending money on gambling more easily but cannot completely prevent it.