How losing gamblers can still come out ahead by using credit card rewards

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  • Frank

    Thanks Steve. So you are saying that for every bet, you deposit, then withdraw if the bet is a winning bet? If that is the case, would this make it more likely the account would come onto the bookies radar and they would restrict the account sooner?

  • Hey Frank, each bookmaker has different rules, so make sure you read them, some require 1 times turnover at certain odds. Others require much more turnover.
    I wouldn’t do this with a new account as bookmakers are much more likely to check your account when making withdrawals. I do this only on accounts I am already limited at.

  • Hareeba

    Steve, by relating your turnover to the rewards you could earn seems to suggest that you are in the habit of depositing > betting > withdrawing rather than leaving a workable balance in each book?
    That is precisely the reason Pinnacle introduced their 5x rule. I’d hate to see that become the industry norm but at least we’ll know who to blame 😉

  • Last year I deposited 2 times into Pinnacle and am still yet to withdraw. The FF points were always an added bonus to me with Australian books, not something I worked towards. But now that the Pinnacle rules have been set and I can make an extra $10,000 a year by using rewards points, why wouldn’t I?

  • Riskypunter

    Hi Steve,
    Long time reader first time poster.
    The Pinnacle 5 times turnover rule – is that just on credit? What about Neteller and Skrill?
    Thanks,
    @riskypunter

  • On everything mate.

  • eWOChris

    Hey Steve, I like the part about cashback in general, but please have a look at our optimizing(!) NETELLER program and feel free to get in touch with us 🙂
    https://www.ewallet-optimizer.com/neteller

    Cheers
    Chris

  • Ross Kirkman

    Hey Steve

    Long time reader, first time poster. Is this offer still working with ANZ. I have been thinking about changing cc’s for a while and now that the new NSW reg’s are up in running, I was thinking it might be useful for my limited accounts.

  • Hey Ross,
    Yep, going well so far. Get signed up. If you have never had an ANZ card, make sure you find the offer that gives you 50,000 points for signing up.

  • Ross Kirkman

    Thanks Steve

    I have long been looking for a cc that I can use of gaming sites without the excess charges and the benefits of ff points/reward points.

  • I don’t use Neteller so can’t really help there.

  • Herm

    I found this article very good and helpful to me however I have a few questions.

    Firstly, how were you able to figure out that this card did not incur a cash advance fee when depositing money in a gambling account? Having looked at your link and having done some googling I am unsure as to how you were able to figure out this loophole for the black rewards card as one site I looked at said ANZ considered such a purchase a cash advance like the other big 4 banks.

    Secondly, couldn’t you still attain your precious frequent flyer points using the ANZ frequent flyer black card?

    If you could answer these two questions (particularly the first question) I would be very grateful

  • Hey Herm,
    When you give out so much free good info, readers like to respond with their help too. I was alerted to this by readers of the blog. I then tested it for myself.

    You can convert them into Virgin points, not Qantas. I prefer to convert them into cold hard cash.

  • Herm

    So essentially ANZ points converted to cash is better value than the qantas points?

    Also are you able to complete deposits to betting sites using AMEX or is it only the VISA card that’s able to be used or this?

  • only Visa.
    Also some bookies pay back to the card so they take the points back. So you will have to test that.

  • Shez

    Steve, how is the ANZ rewards program going for you now? i read the T&Cs and it says that gambling chips are classified as cash advances,, which aren’t considered applicable for earning rewards points.. or are gambling chips, and deposits at australian books (like betstar and lux) considered differently still?

  • The terms have said that for many years, it still works. But they will eventually stop it, who knows when.

  • captaintom

    Steve are the reward points still coming through for you on ANZ?