Bank raises rates for gambling transactions by Finance News Bulletin

Published: 04/12/07

As a number of charge and rate increases hits the credit card market, it is "more important than ever" that people shop around for a high-quality deal, according to WhichInternet shoppers have been advised to use their credit cards for online purchases by shopsafeco

ukHSBC has announced it is to lift the rates issued to those who use their credit cards for depositing cash into online betting accountsInstead of the normal purchase rate of between 159 per cent and 22

9 per cent, the rates for online betting dealings will now be between 219 per cent and 278 per centThe reason cited for this increase is that the store sees online betting as a cash go forward, which widely incurs a higher rate of interest

According to expenditure association Apacs, UK consumers spent £151 billion on betting using their credit cards in the year up to June 2006However, a spokesperson for HSBC maintained that the changes were not due to clientele acquiring bad debt, rather that they were concerned about "covering all the bases""It is almost as if the banks are catching up with the online gaming revolution," the representative said

There are a number

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