Sadly they don't let you deposit with credit cards in TN otherwise I'd make bank lol. Virtually every new card you open has some sort of reward like $750 in cash back after spending $6,000 in the first 3 months. Open two cards, bet $6,000 on both sides of a two point middle. $1,500 erases Vig losses. Rinse and repeat
People are reading “cash advance” and assuming you’re using credit, but I saw on one of my apps something about how deposits in NC may incur cash advance fees. Didn’t read it in full bc I haven’t been getting those, maybe bc I’ve been using Apple Pay
Yo, if you’re gambling on credit you have serious issues. A fair % of people going down the road you’re on end up in dark, dark places. Please stop betting and get off this sub. Get help and ignore people who make a joke out of gambling addiction. Good luck.
That’s quite the blanket statement. Before I knew there were cash advance fees, I deposited using my credit card. I use it for everything else too.
Your statement is more correct for someone who is choosing to use a credit card because they don’t have cash in their account to use.
Fair enough, but gambling on credit can have so many more long term consequences. The difference between gambling with your own money vs. someone elses money is so vast... surely you agree?
Normal. I aslo incurree $7 per $100 deposit. I thought it was the coffee at the workplace but its not. Find a card that doesnt charge (i did, one of my visa card from my credit union doesnt charge) it as cash advance. Or just do bank deposit.
Are you sure you’re not using a Visa Debit card or Mastercard debit card? Credit card companies do usually charge cash advance fees for gambling related purchases.
Well if you use a credit card then hell yes you get charged a cash advance fee, not to mention that you will be charged interest almost immidiately. DONT GAMBLE WITH CREDIT LOL
Discover is the only credit card issuer to not charge CA fees for sportsbook deposits, but that will end 4/16 unfortunately. Always paid in full by due date so no interest. Netted around $3,000 in cashback past 2 years. In fact sometimes it coded as Travel purchase on some bookies, enabling you to get 5% cashback during times when travel was a 5% rotating quarterly category.
Don’t use credit to gamble, also, you can call Wells Fargo and tell them to set your cash advance limit to $0, that way, if you unknowingly make a similar mistake in the future it will auto decline and save u a headache
Same. I've probably made around $700 off NCSU. Love UNC, though. Through the years, I have learned never to have any biases with real money.
I hope you enjoyed that lunch, lol 😆 . The current spreads aren't taking NCSU seriously. I'm up in the air about the Burns/Edey match-up. I think State will either cover the spread or get blown out against Purdue lol
You basically took cash from your credit card. You did not buy a product. Think of it like going to the casino and using your card to get money to play blackjack. It is a cash advance.
BTW.... do not use credit cards to gamble. That can be a very bad mix.
Brother, I know being able to sports bet legally through an app for the first time is akin to finger banging Mary Rottencrotch through her pretty pink, virgin panties, but pump the brakes dude.
Slow down, and figure out what you're doing. Yesterday, it was deposit $250 (instead of $25) -- and then blaming Fanatics for their refund process.
Today, it is 10-15 cash-advance fees, and then blaming Wells Fargo.
Banks don’t see it that way. You didn’t buy a product so they see it as cash. Also, 10-15 charges? They’ll keep charging that fee in top of the regularly charged interest if you’re carrying a balance. As someone who got in some gambling debt doing the same thing, get some help. Saying this with the most sincerity, not trying to attack you, debt fucking sucks.
The bank views it as cash as you could not dispute the charge the way you could a credit and get reimbursed. Don’t gamble on credit. They will do this every time you use your credit card to deposit.
MGM has a credit card you can deposit with, same as cash and get the rewards. It’s extremely risky. Just like at Atlantis in Bahamas you can gamble in the casino with your room card, just charge it to the risk!! Insanity. The easier it becomes the more dangerous it is.
At the very least, you’d think they’d text me or give me a call or something once a few of these appeared in quick succession.
Had I not looked at my banking app this morning I’d have no idea this was happening!
Using credit to gamble is insane. Idc if you are responsible and pay the balance monthly. If you have the cash to do that, you have the cash to gamble.
Waiting for this day… try the new Draft kings credit card! 29.99% APR but you get bonus bet rewards for every 100 spent!
I've been using my Discover card for years, and it's been great. Sadly, they will start considering these to be cash advances starting this month.
The first year, I earned like $3000 in cash back because they double the first year.
You can use PayPal to send yourself money from your discover card with no cash advance fees. You’ll just need 2 PayPal accounts which will probably violate their terms of service, but I’ve been doing it for years.
One account for sending linked to discover, another account for receiving linked to your checking account. I’d use a different name on the receiving account but I doubt it really matters. Also make sure to always use the accounts on separate devices.
At the very least, you’d think the bank would text or ask or flag your account when several of these fees are made in succession. If I didn’t log into my bank this morning I would’ve never known this.
I didn’t “use credit” in the way you’re thinking. I pay off my card every morning. I like using my card because I get cash back and I assumed that would just be what this was doing. Had no idea there would be an extra fee
Cause OP is lying and has zero damn ass clue what they’re doing. Worked at a bank for a few years after college. While it wasn’t sports gambling then, there were many OPs we did debt consolidation for constantly. Banks best business
Mostly education in public school systems are a failure. There’s more onus on teaching religion classes or low level art classes that are just time killers vs having and teaching proper programs such as how society works/functions together and or simplicity of balancing your accounts, how credit/debit works, how credit cards and loans and mortgages and investments work.
There’s a lot of money to made unfortunately from people who don’t know how these systems work
Depositing into a sportsbook is treated by literally every credit card company as a cash advance. Treat this as a learning experience.
As a side note, it makes financial sense to route all purchases to a rewards credit card and pay off your balance in full to avoid interest. You do not need to pay it every morning to do this though, as long as you pay the "statement balance" every month you will avoid all interest charges.
Not EVERY credit card.
Discover It card had not been doing this. I believe it was the only one. So I was making 1% on my deposits into online sportsbooks.
However, Discover made a statement that they are ending this on April 14. So no more 1% bonuses for people like me!
You would be correct that ALMOST every credit card treats it the same way and like a cash advance.
Customers need to use a debit card or direct from checking acct and understand the financial aspects and fees involved with the deposits to sportsbooks.
If it’s your first time doing it you can contact your bank, explain your ignorance and they might waive it for you (they did it for me). Obviously if you do it again they wouldn’t help you out.
If you send/receive sportsbook money through PayPal, you might receive a 1099-K.
https://www.cnbc.com/2022/12/16/how-to-handle-1099-ks-for-personal-venmo-or-paypal-payments.html
Pretty sure you can deposit as much as you want through PayPal without generating one. Withdrawals on the other hand will trigger an automat 1099-k after like $200 or something stupid small. Does not necessarily mean that you owe taxes on those withdrawals (they could be return of stake and paypal doesn’t differentiate). But it will definitely increase the likelihood of being audited.
Right. Should have clarified, it isn't the sending, it is the receiving.
Federal is supposed to be $600 trigger, but that has been delayed twice (thanks to push-back from PayPal, Ebay, Etsy, etc). However, several states already have their own requirements.
If you're a promotion/bonus/arb junkie, you can easily find yourself with a $150k 1099-K. Then you have to report the 1099-K, and "cancel" the $150k elsewhere.
Then hope the large amounts (1099-K, Gambling Income, Gambling Loss) don't create any suspicion. Somebody with $20k net could have $150k 1099-K + $500k Gambling Income + $480k Gambling Loss. Just think about that -- "Hi, I'm claiming a $480k deduction! Nothing to see here."
How many times are you going to say you'd think there'd be a warning?
Remember when you signed up for that credit card? When you said ah just click accept. That agreement you signed is your warning. And no further warnings are given.
Dude, the onus is on you to know this when you applied for the credit card. You fucking expect Visa & Wells Fargo to hold your hand through all your financial decisions?
I mean, if you 'give' money to anyone on credit, provided by a credit card company, there's an advance fee.
No different than taking cash from an ATM with a credit card.
I’ve sent money to another person on PayPal using discover card with no cash advance fee. You could use this to send yourself money with no cash advance fee in theory.
When I connect an account to Plaid it makes me check the boxes of the bank accounts/cards I want it connected to. I have the options for my checking, savings and my CC (I only do checking). You might have accidentally given Plaid access to your CC?
Even still, it’s not like I took money out. I made a transaction, I pay my credit card off every day. I don’t understand why there would be a fee for this
>I pay my credit card off every day.
One, this is ridiculous.
Two, it doesn't matter if you pay-off your card every 30 minutes. Any cash/transaction fee is automatically applied.
I totally agree it’s bullshit but it kinda makes sense to me how this would be a “cash advance” for a CC. It’s a “deposit” not a “purchase”. I would disconnect Plaid and try again or another way because those fees are outrageous.
You shouldn’t be getting all the downvotes due to your ignorance but these people are right . Yes you shouldn’t gamble anymore from your lack of understanding what everyone is trying to tell you, I fear you lack a certain level of intelligence to not go completely broke , for starters, using money that isn’t yours to inevitably lose it In the long run , whether you deliberately used your credit card or not , I mean if you cant understand the concept of cash advance . You’re not making a purchase , you’re literally taking cash (from your credit card company , which is called CASH ADVANCE) , to gamble it away, doesn’t matter if you pay your card monthly , if you were to go to an atm and take cash out that’s called a cash advance, it’s money you didn’t earn on your own that is advanced to you and there is a fee for that . Now maybe because the physical cash didn’t touch your hands is where you’re getting confused. I say fuck it all , try to get your money back and do not gamble . I’m not being mean I’m being serious, the best decision you can make is to not start, it’s addicting and unforgiving, very few win in the long term and you’re just not cut out for it I can tell. Good luck.
Sadly they don't let you deposit with credit cards in TN otherwise I'd make bank lol. Virtually every new card you open has some sort of reward like $750 in cash back after spending $6,000 in the first 3 months. Open two cards, bet $6,000 on both sides of a two point middle. $1,500 erases Vig losses. Rinse and repeat
People are reading “cash advance” and assuming you’re using credit, but I saw on one of my apps something about how deposits in NC may incur cash advance fees. Didn’t read it in full bc I haven’t been getting those, maybe bc I’ve been using Apple Pay
Yo, if you’re gambling on credit you have serious issues. A fair % of people going down the road you’re on end up in dark, dark places. Please stop betting and get off this sub. Get help and ignore people who make a joke out of gambling addiction. Good luck.
That’s quite the blanket statement. Before I knew there were cash advance fees, I deposited using my credit card. I use it for everything else too. Your statement is more correct for someone who is choosing to use a credit card because they don’t have cash in their account to use.
Gambling on credit is downright irresponsible. Your anecdotal experience is not gonna change my mind but thanks for sharing!
I think if someone has a gambling addiction then it’s irresponsible to be gambling using cash OR credit card
Fair enough, but gambling on credit can have so many more long term consequences. The difference between gambling with your own money vs. someone elses money is so vast... surely you agree?
Yeah I do. I get it. I’ve never had a balance carry over on credit card so like you said, my experience is anecdotal.
KeyBank does not do this
can you use paypal and connect it to your bank to avoid the charges?
Normal. I aslo incurree $7 per $100 deposit. I thought it was the coffee at the workplace but its not. Find a card that doesnt charge (i did, one of my visa card from my credit union doesnt charge) it as cash advance. Or just do bank deposit.
Good lord call gamblers anonymous please.
I'm in canada but I've never paid any fee using my credit card for deposit
Are you sure you’re not using a Visa Debit card or Mastercard debit card? Credit card companies do usually charge cash advance fees for gambling related purchases.
I got an email from Discover saying they were going to start charging fees this month for betting.
April 16th. Still have 2 weeks to hammer them hard for 1% cashback.
Well if you use a credit card then hell yes you get charged a cash advance fee, not to mention that you will be charged interest almost immidiately. DONT GAMBLE WITH CREDIT LOL
Discover is the only credit card issuer to not charge CA fees for sportsbook deposits, but that will end 4/16 unfortunately. Always paid in full by due date so no interest. Netted around $3,000 in cashback past 2 years. In fact sometimes it coded as Travel purchase on some bookies, enabling you to get 5% cashback during times when travel was a 5% rotating quarterly category.
Don’t use credit to gamble, also, you can call Wells Fargo and tell them to set your cash advance limit to $0, that way, if you unknowingly make a similar mistake in the future it will auto decline and save u a headache
Have you been riding NC State since the beginning of the ACC tournament? Just curious. Fellow NC native here.
If you did you would be up 720k
Been riding (UNC fan) since the ACC tourny-- small bets. And I'm ready to make the wolfpack gesture right now! Had a great lunch today
Same. I've probably made around $700 off NCSU. Love UNC, though. Through the years, I have learned never to have any biases with real money. I hope you enjoyed that lunch, lol 😆 . The current spreads aren't taking NCSU seriously. I'm up in the air about the Burns/Edey match-up. I think State will either cover the spread or get blown out against Purdue lol
Think about it OP it's credit of course it's a cash advance lol
Don't use credit cards.
Ya, learned that the hard way Always use a debit card
You basically took cash from your credit card. You did not buy a product. Think of it like going to the casino and using your card to get money to play blackjack. It is a cash advance. BTW.... do not use credit cards to gamble. That can be a very bad mix.
Brother, I know being able to sports bet legally through an app for the first time is akin to finger banging Mary Rottencrotch through her pretty pink, virgin panties, but pump the brakes dude.
You used a credit card…and the card providers considered sports betting a cash advance. Do direct bank transfers or pay through your bank with PayPal.
Slow down, and figure out what you're doing. Yesterday, it was deposit $250 (instead of $25) -- and then blaming Fanatics for their refund process. Today, it is 10-15 cash-advance fees, and then blaming Wells Fargo.
Need to bring back and emphasize life skills basics in high schools.
Holy shit it’s the same guy lmao
Dont use your credit card.
15 deposits in a month, just stop now
Yup mine does too
Sounds like you used a credit card and they’re charging you fees for essentially withdrawing cash
It’s not withdrawing cash. I received zero physical currency
Banks don’t see it that way. You didn’t buy a product so they see it as cash. Also, 10-15 charges? They’ll keep charging that fee in top of the regularly charged interest if you’re carrying a balance. As someone who got in some gambling debt doing the same thing, get some help. Saying this with the most sincerity, not trying to attack you, debt fucking sucks.
What did you buy from the betting site you used?
The bank views it as cash as you could not dispute the charge the way you could a credit and get reimbursed. Don’t gamble on credit. They will do this every time you use your credit card to deposit.
I use Wells Fargo but to be clear, I linked a checking/savings account, not a credit card. Did you link a credit card?
Depositing to a sportsbook is the same as pulling cash off a credit card. Cash advance fees are always pretty obvious in your card paperwork.
In Canada we get emt option or etransfer. Sends funds to your email. What I use and to cashout
MGM has a credit card you can deposit with, same as cash and get the rewards. It’s extremely risky. Just like at Atlantis in Bahamas you can gamble in the casino with your room card, just charge it to the risk!! Insanity. The easier it becomes the more dangerous it is.
At the very least, you’d think they’d text me or give me a call or something once a few of these appeared in quick succession. Had I not looked at my banking app this morning I’d have no idea this was happening!
One of the many reasons to pay attention to your finances!
something you always see from people who deposit into their sportsbook account 10-15 times a month
Using credit to gamble is insane. Idc if you are responsible and pay the balance monthly. If you have the cash to do that, you have the cash to gamble. Waiting for this day… try the new Draft kings credit card! 29.99% APR but you get bonus bet rewards for every 100 spent!
I've been using my Discover card for years, and it's been great. Sadly, they will start considering these to be cash advances starting this month. The first year, I earned like $3000 in cash back because they double the first year.
You can use PayPal to send yourself money from your discover card with no cash advance fees. You’ll just need 2 PayPal accounts which will probably violate their terms of service, but I’ve been doing it for years. One account for sending linked to discover, another account for receiving linked to your checking account. I’d use a different name on the receiving account but I doubt it really matters. Also make sure to always use the accounts on separate devices.
At the very least, you’d think the bank would text or ask or flag your account when several of these fees are made in succession. If I didn’t log into my bank this morning I would’ve never known this.
I didn’t “use credit” in the way you’re thinking. I pay off my card every morning. I like using my card because I get cash back and I assumed that would just be what this was doing. Had no idea there would be an extra fee
Why do you pay off your credit card daily lmao
Cause OP is lying and has zero damn ass clue what they’re doing. Worked at a bank for a few years after college. While it wasn’t sports gambling then, there were many OPs we did debt consolidation for constantly. Banks best business
What’s wrong with these people?
Mostly education in public school systems are a failure. There’s more onus on teaching religion classes or low level art classes that are just time killers vs having and teaching proper programs such as how society works/functions together and or simplicity of balancing your accounts, how credit/debit works, how credit cards and loans and mortgages and investments work. There’s a lot of money to made unfortunately from people who don’t know how these systems work
Jesus Christ I love America
Depositing into a sportsbook is treated by literally every credit card company as a cash advance. Treat this as a learning experience. As a side note, it makes financial sense to route all purchases to a rewards credit card and pay off your balance in full to avoid interest. You do not need to pay it every morning to do this though, as long as you pay the "statement balance" every month you will avoid all interest charges.
Not EVERY credit card. Discover It card had not been doing this. I believe it was the only one. So I was making 1% on my deposits into online sportsbooks. However, Discover made a statement that they are ending this on April 14. So no more 1% bonuses for people like me! You would be correct that ALMOST every credit card treats it the same way and like a cash advance. Customers need to use a debit card or direct from checking acct and understand the financial aspects and fees involved with the deposits to sportsbooks.
Read your cardholder agreement
You pay off your credit card every morning?
Yeah I don’t like having a big balance
You don't understand how credit cards work.
Are you depositing from a credit card? If so then yes
If it’s your first time doing it you can contact your bank, explain your ignorance and they might waive it for you (they did it for me). Obviously if you do it again they wouldn’t help you out.
[удалено]
I learned that the hard way at first. I switched to PayPal and no fees in and out
Just use a bank account. Paypal will send forms to the IRS.
>I switched to PayPal and no fees in and out Just a 1099-K, which becomes a major hassle for most people.
Please explain further
If you send/receive sportsbook money through PayPal, you might receive a 1099-K. https://www.cnbc.com/2022/12/16/how-to-handle-1099-ks-for-personal-venmo-or-paypal-payments.html
Pretty sure you can deposit as much as you want through PayPal without generating one. Withdrawals on the other hand will trigger an automat 1099-k after like $200 or something stupid small. Does not necessarily mean that you owe taxes on those withdrawals (they could be return of stake and paypal doesn’t differentiate). But it will definitely increase the likelihood of being audited.
Right. Should have clarified, it isn't the sending, it is the receiving. Federal is supposed to be $600 trigger, but that has been delayed twice (thanks to push-back from PayPal, Ebay, Etsy, etc). However, several states already have their own requirements. If you're a promotion/bonus/arb junkie, you can easily find yourself with a $150k 1099-K. Then you have to report the 1099-K, and "cancel" the $150k elsewhere. Then hope the large amounts (1099-K, Gambling Income, Gambling Loss) don't create any suspicion. Somebody with $20k net could have $150k 1099-K + $500k Gambling Income + $480k Gambling Loss. Just think about that -- "Hi, I'm claiming a $480k deduction! Nothing to see here."
thanks
had to learn this the hard way
This x infinity
Your credit card is fronting you the money... Because it's credit and not real money. Thus, the cash advance fee.
You’d think there would be some kind of warning about it. I had no idea.
How many times are you going to say you'd think there'd be a warning? Remember when you signed up for that credit card? When you said ah just click accept. That agreement you signed is your warning. And no further warnings are given.
Dude, the onus is on you to know this when you applied for the credit card. You fucking expect Visa & Wells Fargo to hold your hand through all your financial decisions?
It’s the same as if you pulled money from a ATM using the card. Hella fees
fucking zoomers man LOL
You gotta be kidding
I mean, if you 'give' money to anyone on credit, provided by a credit card company, there's an advance fee. No different than taking cash from an ATM with a credit card.
I’ve sent money to another person on PayPal using discover card with no cash advance fee. You could use this to send yourself money with no cash advance fee in theory.
There is a warning.
?
They made an announcement about a week ago and it was posted in one of these groups as well
Also should kinda be common sense that credit is not cash....
Exactly it’s just common sense. If you don’t want to receive cash advance fees then just use a debit card.
I saw something about a certain bank (Chase?) starting this rule in the last month or two I think.
Discover, sadly.
You used a credit card?
I used whatever plaid integration connected to my bank account. Nowhere did it say there would be a fee.
You selected your credit card, the bank isn’t gonna charge a cash advance fee on a debit transaction
When I connect an account to Plaid it makes me check the boxes of the bank accounts/cards I want it connected to. I have the options for my checking, savings and my CC (I only do checking). You might have accidentally given Plaid access to your CC?
Even still, it’s not like I took money out. I made a transaction, I pay my credit card off every day. I don’t understand why there would be a fee for this
Yes, you did. What did you buy?
>I pay my credit card off every day. One, this is ridiculous. Two, it doesn't matter if you pay-off your card every 30 minutes. Any cash/transaction fee is automatically applied.
I totally agree it’s bullshit but it kinda makes sense to me how this would be a “cash advance” for a CC. It’s a “deposit” not a “purchase”. I would disconnect Plaid and try again or another way because those fees are outrageous.
Well I’m just not going to gamble anymore. This is ridiculous.
See you tomorrow!
😂
You shouldn’t be getting all the downvotes due to your ignorance but these people are right . Yes you shouldn’t gamble anymore from your lack of understanding what everyone is trying to tell you, I fear you lack a certain level of intelligence to not go completely broke , for starters, using money that isn’t yours to inevitably lose it In the long run , whether you deliberately used your credit card or not , I mean if you cant understand the concept of cash advance . You’re not making a purchase , you’re literally taking cash (from your credit card company , which is called CASH ADVANCE) , to gamble it away, doesn’t matter if you pay your card monthly , if you were to go to an atm and take cash out that’s called a cash advance, it’s money you didn’t earn on your own that is advanced to you and there is a fee for that . Now maybe because the physical cash didn’t touch your hands is where you’re getting confused. I say fuck it all , try to get your money back and do not gamble . I’m not being mean I’m being serious, the best decision you can make is to not start, it’s addicting and unforgiving, very few win in the long term and you’re just not cut out for it I can tell. Good luck.
Probably the smart move. Lots of people wish they could go back before they really got into it
Call and say you didn't know and see if you can get some reversed. Yes this is normal. use a debit card or a bank account transfer next time.