7star4now
7star4now
Joined: Jul 8, 2013
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February 22nd, 2014 at 2:05:07 PM permalink
It did not occur to me this was already possible (Credit to "C-SRT8" on another board for posting ):

" Atlantic City casinos already allow prepaid access cards for slot machines."
http://www.reviewjournal.com/business/casinos-gaming/vegas-slots-soon-will-accept-pre-paid-debit-cards

It appears, in fact, that you can, already, fund, not just online gaming, but on site casino gaming, indirectly @ Borgata & Golden Nugget in AC.

You sign up for a debit card (fees sound nominal), "load it" with your credit card, & you can access the cash without fees, at the cage.

Many major credit card issuers, with the exception of Citibank, normally treat the funding of debit cards (in general) as a "purchase" (vs. a cash advance w/fees).

I have credit cards that rebate me 2% or more in travel & other benefits.

All things being equal, seems like you could add 2%- or more* -"advantage" by using a cc to fund your normal Bankroll?

*if you have a new cc spending bonus , or one with a progressive spending bonus, could be a lot more valuable


Borgata & Golden Nugget cards:

https://borgata.mycardplace.com/cholder/welcome.action#

https://goldennugget.mycardplace.com/cholder/


Any thoughts?
MathExtremist
MathExtremist
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February 22nd, 2014 at 2:23:55 PM permalink
Don't forget to divide any gain on rebate by the number of times you'll play through your bankroll. If you fund a debit card with $10,000, and get $200 cash back, but you then play blackjack with a 0.5% house edge for $40,000 worth of bets, you're theoretically even. +2% / 4x playthrough = +0.5%, wiped out by the -0.5% edge on the game.

Also, consider:
1) Fund debit card with $1,000 credit card charge, earn $10 (say) in cash reward
2) Withdraw cash from debit card at casino
3) Don't gamble; deposit cash in bank.
4) Pay off credit card
Net +$10 with no effort other than moving money around. Rinse and repeat.
I have a feeling there are safeguards in place to ensure this doesn't happen, but I could be wrong.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563
odiousgambit
odiousgambit
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February 22nd, 2014 at 2:34:01 PM permalink
Quote: MathExtremist

I have a feeling there are safeguards in place to ensure this doesn't happen, but I could be wrong.



Also consider the fact that many cash-back cards have an annual limit. The best one I have [Citi] provides no accounting whatsoever on how they derive how much cash I am to get back. It never makes sense. Nonetheless I put up with it since it is the most generous one I have.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
7star4now
7star4now
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February 22nd, 2014 at 2:49:39 PM permalink
1."Don't gamble; deposit cash in bank"

Absolutely correct- but no fun!

2. "I have a feeling there are safeguards in place to ensure this doesn't happen, but I could be wrong."

Maybe, but I am one of those who travels the world free buying debit cards with credit cards- for ex:

http://boardingarea.com/frequentmiler/2013/04/24/the-bluebird-metric/

3."Don't forget to divide any gain on rebate by the number of times you'll play through your bankroll. If you fund a debit card with $10,000, and get $200 cash back, but you then play blackjack with a 0.5% house edge for $40,000 worth of bets, you're theoretically even. +2% / 4x playthrough = +0.5%, wiped out by the -0.5% edge on the game."


Actually, great point, my premise was flawed (can't use same bankroll amt)!

So chew on this:

Let's say my normal bankroll is $1k & i am prepared to to play thru my bankroll 10X ($10k coin in?)

Instead, I bankroll $10k via cc, stop after $10k, guarantee $200 in rebates...how would my expected return look vs playing thru 1k 10X?
7star4now
7star4now
Joined: Jul 8, 2013
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February 22nd, 2014 at 2:52:44 PM permalink
Quote: odiousgambit

Also consider the fact that many cash-back cards have an annual limit. The best one I have [Citi] provides no accounting whatsoever on how they derive how much cash I am to get back. It never makes sense. Nonetheless I put up with it since it is the most generous one I have.



A number of travel rebate cards do not have limits.
AxiomOfChoice
AxiomOfChoice
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February 22nd, 2014 at 3:09:44 PM permalink
I have the amazon credit card through chase, which has no annual fee, cash back for rewards (min 1%; 2 or 3% for some categories) and no limit to the amount of cash back that you can get.

Having said that, the money is coming from somewhere. If the credit card is counting the reload as a purchase, that means that they are getting swipe fees. ie, the company that issues the debit card is paying the credit card company. The means that the casino also pays a fee when you withdraw the money from the debit card. I seriously doubt that they will keep paying these fees if you don't gamble enough with them. There is no way that they will let you repeatedly go to the cage, buy chips with the card, cash those chips in, and eat the 3% or whatever they will end up paying.
bw
bw
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February 22nd, 2014 at 3:23:21 PM permalink
On a related note the Paypal debit card pays 1.5% cash back for any purchases but not for debit transactions that require a PIN number. For quite a long time they would also pay the 1.5% on cash withdrawal transactions at a bank using a teller, not ATM. Limit of withdrawal using the card is $400. per day. I had two accounts, so could do $800 per day giving me $12. cash back per day. Then you could deposit the $800 back into the account and repeat daily. If you did this every day you would have over $4000 for the year just for making the stop at the bank. After a year or two they not only stopped the cash back on withdrawals involving a teller, but now charge a dollar or two for those transactions. It was good while it lasted though.
teddys
teddys
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February 22nd, 2014 at 5:05:22 PM permalink
Quote: 7star4now

Maybe, but I am one of those who travels the world free buying debit cards with credit cards- for ex:

http://boardingarea.com/frequentmiler/2013/04/24/the-bluebird-metric/

I do this too. I have the MileagePlus Club Card which earns me 1.5 point per $1. But it costs me $39.50 to buy $5,000 worth of Vanilla, plus the hassle of going to the store and entering the info in Bluebird. I think it is still worth it to get 7500 miles per month. But United miles are not worth that much anymore. What do you do?

I never considered what you're proposing. Credit cards and casinos do not mix. But I find it intriguing.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
7star4now
7star4now
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February 22nd, 2014 at 6:01:44 PM permalink
"Credit cards and casinos do not mix. But I find it intriguing."

Bullseye.

My gut feeling also.

However, I have "traveled around the world" (including 1st class air & 1st class hotels), no gambling reqd., many times for free, & still have 100s of thousands of miles in reserve for future trips ,by following the math done by those smarter than I who write "how to travel free blogs" & "flyertalk"- all based on optimizing credit card spend.

My instinct tells me, since gambling has an even lower demographic market share than travel, "finer minds" than I may find even more lucrative loopholes as "manufactured spending"' et al, can be applied to gaming.

I am just providing "food for thought".
AxelWolf
AxelWolf
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February 22nd, 2014 at 6:22:23 PM permalink
I just want to know, is this good, how much can we/I make and when/how can I start?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

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