UK gamblers to explore credit options

2007-01-05 14:40:00

A new scheme by HSBC is set to lead to UK gamblers shopping around for better options when it comes to pursuing their pastimes.

Earlier this week the bank announced that it was to set higher interest rates for credit card transactions involving gambling, though customers will not be charged a one-off fee.

The move, which will see roughly five per cent added to relevant interest rates, could backfire on the company as users seek alternative card providers.

Major banks such as Barclaycard and Lloyds TSB charge gambling expenditure at lower purchase levels than the cash advance rate now being initiated by HSBC.

However, using e-wallets and third party online payment sites such as Paypal will not result in such charges being incurred, meaning that gamblers looking for the best deal still have a variety of options at their disposal.

Recent surveys put the number of Britons who gamble regularly online at over one million, with women constituting an increasingly large proportion of this number.


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