Bank Australia to ban credit card gambling
Bank Australia has banned its customers from using credit cards on any gaming or gambling services.
Effective from 1 December 2020 we are blocking all gambling and gaming transactions on credit cards,’ the ‘responsible’ bank wrote to customers.
“As part of our commitment to responsible banking we want to make sure that the money we lend is used in ways that minimise potential harm to our customers and others. So in line with that commitment, we don’t think it’s responsible to continue to let customers use credit card debt to gamble,” he wrote in an email.
“We’ve engaged with our stakeholders and tested our position through research with customers, the overwhelming majority of whom support blocking gambling transactions on credit cards.”
According to Bank Australia, 87% of it’s customers support banning lending to businesses or gambling operators that earn morning directly from poker machines or sports betting.