Credit Card Fees for Casino, Lottery and Betting Payments

Dear sir / madame,

I have used a Cornercard credit card for many years now. Recently, Corner Bank began to charge me an extra fee of 1 franc for each payment I make on the betting site Bwin. They justified this charge by referring me to their fee for lottery, casino and betting transactions.

For each 10-franc transaction (which I make regularly), the fee comes to 10% of the amount I pay.

I would like to know whether this is standard practice and whether other credit card issuers also charge this fee.

Please accept my best regards

Hi there,

Some Swiss credit card issuers classify charges from lotteries, casinos and betting services as cash advances. Others have a special fee for this type of transaction. Some issuers do not charge a fee.

Here is an overview of gambling fees charged by Swiss issuers:

1. Swisscard AECS (Credit Suisse, Coop Supercardplus): Lottery, betting and casino transactions are treated as cash advances. The cash advance fee is currently equal to 3.75% of each transaction, with a minimum fee of CHF 5 (in Switzerland) or CHF 10 (abroad).

2. UBS: Lottery (exceptions: Swisslos, Loterie Romande) and casino (gambling) transactions are subject to a fee equal to 4% of each transaction, up to a maximum fee of CHF 100 per transaction.

3. Bonuscard (including Libertycard): Lottery (exceptions: Swisslos, Loteria Romande), betting and casino charges are treated as cash advances (3.75% cash advance fee). The only difference is that the minimum fee of CHF 5 (Switzerland) or CHF 10 (abroad) which applies to cash advances does not apply to gambling transactions.

4. Cornèrcard: Lottery (exception: Swisslos), betting and casino transactions are counted as cash advances. The cash advance fee is 3.75% (minimum CHF 10) per withdrawal.

5. Postfinance: No gambling transaction fee (according to Postfinance representatives).

6. Viseca: No gambling transaction fee (according to Viseca representatives).

7. Cembra Money Bank (Migros Cumulus): No gambling transaction fee (according to Cembra Money Bank representatives).

It is important to note that when you use your credit card to pay for foreign betting, lottery or casino services (including online gambling services domiciled abroad), you pay a foreign transaction fee. This fee currently ranges between 1.2% and 2.5% of each transaction, depending on which credit card you use. You also pay the spread on the foreign currency exchange.

There are alternatives to paying for gambling services using credit cards. For example, the betting site you mentioned also accepts payment via electronic bank transfer, Paysafecard, Maestro debit card (when you sign up for Mastercard SecureCode), Paypal and many more.

Best regards from Moneyguru

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