News

HSBC to charge more for gambling transactions

UNITED KINGDOM – As reported by the BBC News: "HSBC has become the latest bank to charge more for gambling transactions processed on its credit cards.

"From 1 February its customers will be charged the cash advance rate rather than the normal purchase rate.

"That means they will immediately pay interest at between 21.9% and 27.8% instead of between 15.9% and 22.9%.

"However, customers will not be charged a one-off fee, which is applied to other cash transactions such as buying foreign currency.

"…There is no uniform policy on charging for gambling across the UK credit card industry…"