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03 April 2011
In today’s fast life style, no one can even think of living without a credit card. This is so because nothing could be as simple as just swiping a small card and purchasing things. Knowing its importance, it’s not strange that gamblers often think of carrying the credit card to casino. However, most of the people are not at all aware of the hazardous effect o doing the same. Thus, this article will help all the gamblers to learn the dangerous affect of carrying credit cards to casino.
Taking loan for betting
Playing in casino is not dangerous until you can control yourself from getting addicted to it. You need to decide in the very beginning the amount that you can afford to loose and play with that much amount only. However, when you carry credit card to casino then just for the sake of winning players do not realize the amount that they go on loosing. In the end when they realize, its too late then.
Using credit card means borrowing money from a big company. Now if you use credit card just for the sake of convenience then its ok, but if you do that because you do not have money to bet, then think once again about it.
Cash Advance on Credit Card
There are some casinos who give cash advance on credit card, but they don’t do this free. They charge around 5% of the cash taken. In addition to it, credit card companies also charge around 3%, this makes the total of 8% which you already loose.
Now the disaster happens when you come back home and get a nice bill from your credit card company. This is ok when you have the cash to pay it off, but situation becomes more critical when you do not have sufficient cash to pay off the bill.
Credit card companies play tricks by increasing the rate of interest as per the cash advance. For instance, suppose the current rate of interest is 15% and on your advance cash, you are charged 5 % more then total this makes 20%. Now you yourself can imagine how difficult it will be for you to pay off your debt.
Tricks Played by Credit Card Companies
As credit card companies make maximum profits by these interests only, so they will try to convenience you take more and more cash advance. Credit card companies try to show their kindness by offering you new schemes of minimum payment. Now suppose if you choose to pay minimum payment then your interest goes on increasing with time and amount. Then the amount will become huge to pay.
Earning of Casino
A casino to make profit takes some share of winning, from the winner. This is not applicable to poker and video poker games. So any player when win the jackpot need to pay a part of it to the casino. There are some people who are really lucky to win a huge amount and change their life, but most of them fall in the category of the players who do not win huge amounts through gambling.
Thus, it is always advisable that not to use your credit cards to play in casino. Infact you should never gamble when you do not have cash amount with yourself. It’s not that easy but if you make up your mind then you can surely control yourself from doing this disaster to yourself. Even then also if you decided to take cash advance then it will charge you a lot in the long run. So enjoy gambling but sensibly.
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