Hi guys
Just wondering if having some betting deposits on your bank statement will hinder your chances at getting a credit card?
Also, does anyone know if betting deposits are eligible purchases when it comes to churning for points?
Thanks in advance!
Thanks for the tip :)
Betting deposits are likely classed as a cash advance so no points and instant interest accrual, along with a cash advance fee.
Thanks for the tip :)
almost all cards will charge cash advance. Advise would be to use a debit card only
Also, does anyone know if betting deposits are eligible purchases when it comes to churning for points?
Nope! Read the T&Cs. 100% you are getting charged the cash advance rate for gambling - as in you are being charged interest as if you withdrew money with the card.
You also won't get points in most cases.
but the good news is that it probably won't count against you for a loan. just hurt your wallet with the interest.
Thanks sprinter!
nw. Best thing to do is to use a specific debit card for betting transactions to keep it limited to one account.
And if you must do gambling, maybe look up "matched betting" if you haven't already!
Yup that's what i'm doing :) Just started learning how to match bet. Got any pointers?
@shapebuster: I used Bonus Bank to make it easier. they have a bunch of tutorials that make it easy. You can pretty much burn through all the available bookies in Australia in a week or so and clean up.
Then once you're done with the deposit promos, you can move onto horse racing if you're keen.
Use a seperate email address, because you'll get spammed.
I don’t think betting would necessarily count against you, but the follow up question that suggests the amounts are enough to be concerned about loyalty points probably would raise some flags if the lender is assessing your capacity to pay at that level.
I’d likely lay off the punt for six months ahead of the application, that way, even if they queried some historical amounts you could genuinely say it was just a bit of entertainment you put aside when you seriously started saving for a mortgage.
Betting won't necessarily impact your assessment but debt or arrears from gambling will. i.e. you spend more than you can afford. It's a red flag.
Sauce: Partner works at a bank
If you have won more than you invested chances are good.
Generally it is wise to avoid gambling, the banks know that.
Probably
Follow me for horse tip. 10$ per month. 100% guarantee. Can tip 20-30$ roughie horse.
Kidding man.
Keep any betting activity in a different bank account, not your main one, then you won’t have any issues.
High levels of betting activity are a red flag for lenders.
Almost every credit card does not award any points for betting transactions. A lot of cards don’t allow betting transactions at all or you need to opt in to be able to do them.