A friend of mine has just checked his credit card bank account statement and was surprised to find a cash advance fee and interest on that cash advance
copy of his email to me so keep an eye out
Upon checking my Credit card Bank statement, I noticed that I am now getting charged a cash advance fee and also interest on this cash advance fee for putting my Tattslotto on online.
After contacting the bank, I was informed that this fee was recommended by ASIC and the Australian Government to combat problem gambling, and introduced by the Bank.
As I spend between $10 and $20 per week on Tattslotto, why am I being classified as a problem gambler, surely this is discrimination against me for spending such small weekly amounts on lotto and paying for it on my credit card.
If I went down to my local bottle shop and bought $200 worth of alcohol per week and put it on my credit card, you could say I was a problem drinker, but I do not attract extra fees on my credit card for doing this.
Why was this piece of nanny state mentality legislation introduced to lotto and not to the purchase of alcohol, or is this piece of legislation a for runner to additional money raising taxes of the future.
If you pay your "online Tattslotto" by using your "Pay Anyone" (BSB Nr + Acct Nr) - as a Debit through your bank account rather than as a Credit Card payment - would that attract any fees?
Perhaps not.
cheers
John
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That has just saved me a phone call to CC privider. I noticed a cash advance fee myself all 25Cents and I didn't get a cash advance. Another TAX to added to the aready too many.
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Ken, it would be interesting to know which bank hes using as it apears to be bank charges & may only be that particular bank & has the Govts blessing to get away with it.
A friend of mine has just checked his credit card bank account statement and was surprised to find a cash advance fee and interest on that cash advance
Ken
I just re-read the OP and now realise that it looks like your friend did a Cash Payment (withdrawal) which, of course attracts interest immediately, unlike a Credit Card payment which will not attract interest until the Due Date of the next statement passes without payment.
Cheers Neil
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Neil & Lynne
Pinjarra
Western Australia
MY23.5 Ford Wildtrak V6 Dual Cab / 21' Silverline 21-65.3
Hello Darryl It can only be "which bank" and who knows if its with one all the rest will follow. They make billions profit,and still want more so get rid of staff to Ken
A friend of mine has just checked his credit card bank account statement and was surprised to find a cash advance fee and interest on that cash advance
Ken
I just re-read the OP and now realise that it looks like your friend did a Cash Payment (withdrawal) which, of course attracts interest immediately, unlike a Credit Card payment which will not attract interest until the Due Date of the next statement passes without payment.
Cheers Neil
Neil
I dont think you can do a cash payment on a credit card ??
This is the first time it has appeared and has been using online for ages
If this is a fee charged by the banks then it is not a tax, it isn't going to the government. I strongly suspect this is nothing to do with the federal government and is instead something that some (one? all?) banks have instituted.
I wonder if there might be a rule that Lotto (gambling) cant be paid for with a credit card? You cant pay rent or fines with a credit card either. If you were to use the credit card they'd treat it as a cash advance.
I think a lot of banks see any credit card payments used for gambling as a 'cash advance'. I know in WA the Lotto online warns that this is the case. My MasterCard doesn't do this.
Perhaps the Banking Institutions are worried that, if you are a 'gambler' then you may not have the funds remaining to pay your account on the due date perhaps 6 or so weeks later.
Cheers Neil
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Neil & Lynne
Pinjarra
Western Australia
MY23.5 Ford Wildtrak V6 Dual Cab / 21' Silverline 21-65.3
