Australian bank bans credit card use for gambling

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An Australian financial institution, Macquarie, has announced that it will no longer allow its bank-issued credit cards to be used for making gambling or lottery purchases. The company insists that it is a customer service decision.

The announcement was part of a larger set of changes meant to appeal to customers, including the removal of charges on international transactions when using the card overseas.

It also said that it will get rid of the 3% fee charged when making an ATM withdrawal during international travel and will introduce interest-free periods of up to 55 days on purchases made during a promotion period coming up this October.

Australia is pushing for more control over the gambling industry and has introduced several features to provide better oversight over gambling. Among them, advertising is being controlled, casinos are required to report more on activity and new self-exclusion policies are being implemented across the country.

Via Financial Review

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