As the Gambling Commission announces a new ban (due to come into effect in April 2020) on using credit cards for gambling, money.co.uk comments
Salman Haqqi, personal finance expert, said: "We welcome the news that gambling on credit cards will be banned from April this year, better protecting vulnerable people from using and potentially losing money that they don't have.
"The long-term financial repercussions, if you are unable to meet your regular repayments, mean that debt is not something that should ever be gambled with. What makes using your credit card for gambling even worse is that it is registered as a cash transaction by the lender, which is not only normally far more expensive than making a standard credit purchase, it also leaves a mark on your credit record."
money.co.uk is one of the UK's leading comparison websites for financial services. We help consumers compare mortgages, loans, credit cards, bank accounts and insurance from more than 200 providers.
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Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. Salman left the world of journalism and moved to the UK to pursue a passion for personal finance and a desire to help people make informed financial decisions.Read Salman Haqqi's articles and guides
Salman is our personal finance editor with over 10 years’ experience as a journalist. He has previously written for Finder and regularly provides his expert view on financial and consumer spending issues for local and national press.