- Most blackjack casinos do not charge credit card fees when depositing, but banks may classify the transaction as a cash advance.
- Cash advance transactions carry no grace period, meaning interest above 25% APR begins accruing the same day the deposit is made.
- Foreign transaction fees of 1% to 3% can also apply if the casino's payment processor routes through an overseas bank.
TALLAHASSEE, Fla. - Across the United States, players sitting down at online blackjack tables are finding that depositing with a credit card comes with more strings attached than most expect.
What Casinos Actually Charge for Deposits
Players are not charged by the majority of blackjack sites when making credit card deposits. That processing fee is covered by the casino, thus the amount deposited is what appears in the casino balance. The cashier site and deposit terms should always be reviewed before choosing a payment option, though, as not all platforms function in the same way.
Where things get complicated is on the bank side of the transaction, which is where most of the fees when making legal online blackjack deposits actually originate.
When Banks Treat Deposits as Cash Advances
Certain banks and card issuers categorize a casino deposit as a cash advance rather than a typical purchase. When that occurs, there is an instant fee that usually ranges from 3% to 5% of the deposit amount, with the majority of cards imposing a minimum charge of $10.
Since banks provide casinos with several merchant category codes and use those codes to decide how the charge is classified, a $150 deposit could cost $10 before a single hand of legal online blackjack is played. The easiest approach to learn how gambling transactions are handled on the card issuer's end is to give them a call before making a deposit.
Interest Charges on Unpaid Balances
In addition to the upfront cash advance fee, there is an additional financial charge if the remaining amount is not settled by the time the statement is sent. There is no grace period associated with cash advance transactions, so interest starts to accrue right away rather than at the conclusion of the billing cycle.
The APR applied is typically higher than the standard purchase rate, often above 25%.
The actual cost of playing blackjack gradually increases because carrying a monthly sum entails paying interest on top of the initial payment. To completely avoid that fee, you must settle the entire amount due before the following statement closes.
Foreign Transaction Fees
When a casino's payment processor uses a foreign bank, it incurs foreign transaction costs, which usually add 1% to 3% to the transaction. Even while it doesn't happen as frequently as the other credit card fees discussed above, it's still worthwhile to research before making your first deposit.
The simplest approach to verify whether a particular casino initiates this fee and prevent any surprises on the statement is to check the card's terms or give the issuer a call in advance.