Using a credit card at a casino?

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JosephGia
 
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Using a credit card at a casino?

Postby JosephGia » Fri Mar 15, 2013 10:21 am

Hello everyone! I'm new to this forum officially but have been lurking for some some time now and I must say this is a great forum! That being said, I have a quick question for you pro's out there :-)

My best friend is having his Bachelor Party at the Hard Rock Hotel and Casino next weekend and I recently got a new credit card with a $25k limit (a recipe for disaster, I know!) So my question is if I want to withdraw $15-20k, how can I do it? I don't think the ATM would give me a cash advance like that would it? Would I have to purchase chips for that amount and can I?

I know this type of stuff if frowned upon but you only live once and I really want to show him a good time. If there are any recommendations I would be extremely grateful! Also forgot to mention it's a Capital One Venture card. Thanks guys!

Cheers,

Joseph


daytonabch04
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Postby daytonabch04 » Fri Mar 15, 2013 11:28 am

Your card should have a cash advance limit set to it, however, the interest rate is normally higher for transactions like that. I don't believe you can purchase chips with a credit card, but maybe the casino can give you a line of credit and guarantee it with the credit card.

cashback
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Postby cashback » Fri Mar 15, 2013 11:59 am

You may want to do some reading. 15-20K withdrawal? From an ATM?! You do only live once but if you did that, the rest of your life wouldn't be too pleasant.
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Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

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AMEXPlatino86
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Postby AMEXPlatino86 » Fri Mar 15, 2013 1:02 pm

The whole situation you just listed is just an ultimate no-no. You are gambling away a cash advance and not only will that wreck you financially but I head that a lot of companies frown upon people that take out cash advances against their credit card because that makes you look very irresponsible.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
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marzbarz
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Postby marzbarz » Fri Mar 15, 2013 1:30 pm

Hes asking a specific question, and not for a lecture. He's already stated this is frowned upon, if he wants to blow 15-20k in Vegas that is his and nobody else s business but his.

Anyway, to answer your question, here is what I would do. Call the issuing bank and see if you have to option to do a balance transfer, but ask them if they can deposit funds it into your checking account. I've had this option available to me in the past but it was a long time ago, and i don't know if this is a practice still used. Capital One is a VERY conservative bank, you probably wont have a lot of options with them as far as getting cash. If you have some time ahead of your trip you could also call and ask for some convenience checks, I get them from CapOne all the time. They even say on there I can deposit them into my checking account.

Other than that, you're probably going to get stuck with whatever your cash limit is, and remember, you start paying interest on cash the minute it comes out the ATM.
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JosephGia
 
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Postby JosephGia » Fri Mar 15, 2013 2:18 pm

Thanks alot marzbarz!! Although I apreciate everyone else's answer also, marzbarz hit it right on the head. Good luck guys!

AMEXPlatino86
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Postby AMEXPlatino86 » Fri Mar 15, 2013 5:31 pm

marzbarz wrote:Hes asking a specific question, and not for a lecture. He's already stated this is frowned upon, if he wants to blow 15-20k in Vegas that is his and nobody else s business but his.

Anyway, to answer your question, here is what I would do. Call the issuing bank and see if you have to option to do a balance transfer, but ask them if they can deposit funds it into your checking account. I've had this option available to me in the past but it was a long time ago, and i don't know if this is a practice still used. Capital One is a VERY conservative bank, you probably wont have a lot of options with them as far as getting cash. If you have some time ahead of your trip you could also call and ask for some convenience checks, I get them from CapOne all the time. They even say on there I can deposit them into my checking account.

Other than that, you're probably going to get stuck with whatever your cash limit is, and remember, you start paying interest on cash the minute it comes out the ATM.


While we understand what you are saying, even you yourself said that it may not even be possible for that to occur for several reasons:
1. He just said he RECENTLY got the card. (that send a red flag to the company that he's utilizing so much credit in so little time)
2. The high usage of a cash advance so early also sends up a red flag.
3. Transitioning all that "money" to chips IMO may be impossible.
4. The amount of interest to be paid is going to be ridiculous!!!
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

DavidNY
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Postby DavidNY » Fri Mar 15, 2013 8:52 pm

You might be able to do this as a balance transfer, overpay another credit card account and get a check back.

You could also just get a cash advance from a bank teller.

But I wouldn't recommend getting into a lot of debt you can't easily pay back for a bachelor party.

Rory
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Postby Rory » Fri Mar 15, 2013 11:06 pm

if youre trying to get points out of this then i would just give up now. It wont be a fun process and 1-2% back is hopefully peanuts to what you will win. If you dont have the money in cash you shouldnt be betting with it, plain and simple. Its your life and you are allowed to have fun but IMO you are asking for serious financial trouble
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
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Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

cashback
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Postby cashback » Fri Mar 15, 2013 11:51 pm

Rory wrote: If you dont have the money in cash you shouldnt be betting with it, plain and simple.


That's the truth
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781



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