Interest Rates on Gambling Credit Card Payments Increased by Westpac
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Westpac bank has increased interest rates on gambling card payments. The interest rate on online gambling transactions has been increased.
Westpac will charge 22.95% interest on cash advances made via its Hotpoints MasterCard. Most of the transactions are used to pay online gambling companies.
Westpac increased interest rates on cash advances for gambling card payments. UK Gambling Commission banned credit card payment to gambling firms. New Zealand based Problem Gambler's Foundation supports a similar ban. Andree Froude, the spokeswoman for the PGF, opined that credit cards prompt problem gamblers to sink their teeth further in gambling when they run out of cash.
The Gambling Act in New Zealand was enacted in 2003. The act impacted how Kiwis engaged in online gambling in the country and with gambling companies abroad. Results of a review of online betting in NZ are expected to be released soon.
Kiwibank allowed gamblers to put voluntary gambling blocks on their cards in April 2021. Froude wants other banks to follow suit. Westpac increased interest rates on gambling card payments. New Zealand subsidiaries of WestPac and ASB did not take the same step. VGBs would act as a deterrent to extensive borrowing that gambers might use to feed their obsession.
Interest rates on gambling credit card payments have been increased by Westpac. The increase in interest rates was to make the experience more consistent for their customers. Other transactions under the ambit of cash advances would include sending money abroad and payments made to share investing platforms such as Sharesies.
