HSBC TAX ON GAMBLERS
HSBC credit card users will soon see a new bank charge on the statment, the bank’s planned increase in card fees across all online and telephone gambling, bringing it in line with its financial service competitors.
From the 1st February this year, HSBC card holders will be charged the cash advance rate rather than the normal purchase rate, meaning that they will immediately pay interest at between 21.9 percent and 27.8 percent instead of between 15.9 percent and 22.9 percent.
However, customers will not be charged a one-off fee, which is applied to other cash transactions such as buying foreign currency.
A spokesperson from HSBC said "This is one of a number of changes we have made to our credit card offering recently to bring us in line with the competition".
There is currently no uniform policy on charging for online gambling across the UK credit card industry, with providers such as Lloyds and Barclaycard charging such spending at their lower purchase rates, whilst MBNA and RBS/NatWest and Egg charge at the cash advance rate.
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From the 1st February this year, HSBC card holders will be charged the cash advance rate rather than the normal purchase rate, meaning that they will immediately pay interest at between 21.9 percent and 27.8 percent instead of between 15.9 percent and 22.9 percent.
However, customers will not be charged a one-off fee, which is applied to other cash transactions such as buying foreign currency.
A spokesperson from HSBC said "This is one of a number of changes we have made to our credit card offering recently to bring us in line with the competition".
There is currently no uniform policy on charging for online gambling across the UK credit card industry, with providers such as Lloyds and Barclaycard charging such spending at their lower purchase rates, whilst MBNA and RBS/NatWest and Egg charge at the cash advance rate.
Click here for Casinos
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