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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    Default Major Aussie bank blocks gambling transactions on credit cards

    Australian banker Macquarie has banned gambling and lottery transactions on its credit cards, as part of an overhaul that also includes removing international transaction fees. The changes started 1 July and any transactions classified under the merchant codes as gambling will be blocked when the card holder tries to pay.

    From The Australian Financial Review:

    The move is in response to growing regulatory and government concern, both in Australia and overseas, about easy access to credit by problem gamblers.

    Other card providers, including ANZ, Bankwest and CBA offering cash advance rates on credit cards, typically charge interest rates of more than 21 per cent. It is not known whether these, or other banks will be introducing a ban.

    Credit cards that allow gambling transactions are typically categorised as cash advances, according to finder.com.au. That is because gambling chargers are often cash equivalents, or cash substitutes.

    Macquarie concedes the ban might be hard to enforce where merchants provide gaming services but their primary business is categorised under another code not identified by the card for gambling.

    “There will be other instances where we are unable to block the authorisation of gambling or lottery related transactions. You’ll continue to be responsible for these, and all charges on your card,” according to an explanation of the changes to be sent to card owners.

    For example, using a credit card for non-gambling activities at a casino, such as buying a meal or drinks, can attract the cash advance fee and interest rate.
    Read more here: https://www.afr.com/business/banking...0190626-p521lo

  2. #2
    Moonlight Cat's Avatar
    Moonlight Cat is offline Private Member
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    Default

    Quote Originally Posted by The Buzz View Post
    the merchant codes as gambling will be blocked when the card holder tries to pay.
    Operators will use another merchant code. As in USA.

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