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HSBC Raises Online Gambling Charges For UK Clients
Banking Leader HSBC has made known their plans of increasing credit card fees for all online and telephone gambling transactions. HSBC claims that the move is being made in order to match its financial service competitors, who charge a generally higher rate.
Beginning February, 1, 2007, HSBC customers will be charged the cash advance rate instead of the usual purchase rate. An interest rate of between 21.9% and 27.8% on all telephone and online transactions on gambling will immediately be paid by the players, in place of the usual 15.9% and 22.9% respectively.
Despite the seemingly steep figures, customers can be take comfort in the fact that they will not be charged a one-off fee, like that usually applied to other cash transactions, like purchasing foreign currency.
As an HSBC spokesperson said, "This is one of a number of changes we have made to our credit card offering recently to bring us in line with the competition".
Thursday, January 25 , 2007
Edward O'Connor