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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: David Sacks / The Image Bank / Getty Images December 20, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Poonkulali Thangavelu is a senior writer and columnist at CreditCards.com and Bankrate, addressing debt and credit card-related legal and regulatory issues. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
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Considering that you can buy everything nowadays without having to leave the comfort of your home, online gambling is a possibility, too. With the advancement of technology and virtual reality, gambling online may be even more enthralling in the future. To do this, you would have to set up an account at the site you choose for your gambling activity. You would then have to use your credit card to deposit money into the account. Considering that the money borrowed against your card is a , it would come with hefty interest rates, typically around 25 percent. There’s also a cash advance fee, typically between 3 percent to 5 percent, to consider. On top of that, the site where you are depositing the money could take its own cut. If this steep penalty still doesn’t deter you, you could use your , Amex or to finance the activity. Sometimes, your card issuer may not allow the transaction, since each one has its own policies. In that case, you could consider using a credit card to transfer the money to a mobile wallet, such as . You could then draw from that source to fund your gambling activity. Which states allow online gambling
Each state has , which could apply to activity online as well as at physical locations. In 2018, the Supreme Court overruled a 1992 law that outlawed sports betting, and many states moved ahead to legalize this activity. Further, many others are in the process of contemplating whether to allow it. When it comes to online casinos, it seems states are more resistant to allowing this activity online. New Jersey, Michigan, Pennsylvania, Delaware and West Virginia have been ahead of other states in legalizing online gambling, and Connecticut also legalized online casino gambling in 2021. Even though Nevada is famous for its gambling industry, it seems it only allows a limited form of online gambling. However, the state is looking into widening the scope of permitted online gambling. Other states that are in the process of contemplating opening up to online gambling include California, Indiana, Illinois, Massachusetts and New York. Only two states (Utah and Hawaii) don’t allow any form of gambling whatsoever due to religious and moral scruples. Gambling at the casino
And what if you actually venture out to a casino location to try your luck? In this case, too, you won’t be able to use your credit card to gamble directly. You would have to get a cash advance using the card, and then use that money to pursue your gambling activity. And even though New Jersey allows some limited use of credit cards to directly finance gambling, such as to buy poker chips, it seems it’s not a method favored by the casinos themselves. Since credit cards offer protections and consumers can , the house may not be willing to accept credit cards for gambling. Such protections could come in handy if other purchases you make with your credit card at a casino, say at the casino restaurant, are wrongfully charged as cash advances because the payments system has coded the venue as a casino. What about lottery tickets? Buying lottery tickets is another way to gamble away your money. Sure, you could win a big payoff, but the odds of that are minuscule. That’s why many states see fit to regulate the purchase of lottery tickets using credit cards. As of 2021, a mere the use of credit cards to buy lottery tickets. Even then, if you drill down into the laws, you might find that your card could be refused for such purchases under certain conditions. The bottom line
It is possible to use your credit card for gambling, but you may find that card issuers and retail outlets are not welcoming your card with open arms when used for such purposes. And you should exercise caution in going down this route. In the excitement of the moment, you could ring up much more than you had intended to and end up losing a lot of money. And if you have trouble repaying this money, there could be negative repercussions for your , too. Contact me at with your credit card-related questions. SHARE: Poonkulali Thangavelu is a senior writer and columnist at CreditCards.com and Bankrate, addressing debt and credit card-related legal and regulatory issues. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles