Don’t bet on it (your HSBC card)
In common with other banks that provide UK current accounts and credit cards, HSBC is going to start charging more for people who use its credit cards to fund online gambling activities.
From 1st February customers of the bank will have to pay the cash advance rate rather than the normal purchase rate – which means interest set at between 21.9% and 27.8% instead of between 15.9% and 22.9%.
However, for those looking to compare credit cards, HSBC customers will not be charged a one-off fee, which is applied to other cash transactions like buying foreign currency. This is part of the bank’s evolving policy on its credit cards UK offering and it says it will continue to adapt to the market as conditions dictate.
“This latest move in connection with online gambling is one of a number of changes we have made to our credit card offering recently to bring us into line with the competition,” said an HSBC spokesperson.
However, there is no uniform policy on the issue of charging for gambling within the credit cards UK industry. Barclaycard and Lloyds charge this spending at their normal purchase rates, while MBNA, RBS/NatWest and Egg charge at the cash advance rate.