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Change in HSBC Policy descents on Online Gamblers
 January 10, 2007, 6:40 pm (4 years ago)From 1 February, HSBC customers will be charged the cash advance rate rather than the normal purchase rate, meaning that they will immediately pay interest at between 21.9 percent and 27.8 percent instead of between 15.9 percent and 22.9 percent.
Online gamblers using an HSBC credit card will soon feel the full force of the bank’s planned increase in card fees across all online and telephone gambling, bringing it in line with its financial service competitors.
However, customers will not be charged a one-off fee, which is applied to other cash transactions such as buying foreign currency.
'This is one of a number of changes we have made to our credit card offering recently to bring us in line with the competition,' an HSBC spokeswoman said.
In 2004, the US bank Citibank decided to stop processing any internet gambling payments by UK holders of its credit cards.
There is currently no uniform policy on charging for gambling across the UK credit card industry, with providers such as Barclaycard and Lloyds charging such spending at their lower purchase rates, whilst MBNA (Bank of America) and RBS/NatWest and Egg charge at the cash advance rate.
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