Credit Card Rates to Rise for UK’s Online Poker Players

by Lou on April 19, 2006

Many UK banks now plan to charge cardholders higher interest rates for online gaming.

Both the Royal Bank of Scotland (RBS), which has 11 million credit card customers, and Egg, with more than 3 million cardholders, will now charge a higher interest rate and, in some cases, a fee to customers who gamble on the Internet.

An RBS spokesperson, said: “Gambling transactions are to be treated as ‘advances,’ as this is felt to be a more accurate means of reflecting that a gambling transaction is effectively a cash equivalent exchange.”

A spokesman for Egg, part of Prudential, said: “Our decision to levy a fee on such transactions is simply bringing gambling into line with traditional forms of cash advances, such as obtaining money from an ATM machine. . .”

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