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2 days ago
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Here's what it means for you
- James Flanders, Chief Consumer Reporter
- Published: 16:34, 21 Nov 2024
- Updated: 16:40, 21 Nov 2024
NATIONWIDE volition marque immoderate large changes to its recognition paper rules successful the coming months.
The nation's largest gathering society, serving astir 17 cardinal customers, volition soon prohibit each relationship holders from utilizing their credit cards for gambling.
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Nationwide volition besides forestall customers from utilizing these cards to acquisition cryptocurrencies.
The changes affecting idiosyncratic and business recognition cards volition instrumentality effect from February 3, 2025.
This determination to artifact specified transactions follows the Gambling Commission's instauration of strict gambling regulations 4 years ago.
Since April 14, 2020, each UK-licensed gambling operators person been banned from accepting recognition cards for gambling.
This prohibition encompasses online betting, casino and bingo companies, arsenic good arsenic precocious thoroughfare bookmakers and way bookmakers.
Nationwide's caller argumentation volition service arsenic an further safeguard, ensuring that nary lawsuit tin usage their recognition paper for gambling, adjacent if a gambling steadfast were to disregard oregon interruption the rules.
The caller recognition paper blocking work volition place transactions containing merchant class codes (MCCs) associated with gambling.
The lender tin past artifact these transactions earlier the money is transferred.
This artifact volition use to each online and bookmaker gambling, but it volition not impact those wishing to bargain lottery tickets oregon scratch cards in-store with their recognition card.
However, it volition besides artifact immoderate attempted transactions made to online gambling sites abroad.
Switch slope accounts for escaped perks
What are the signs of a gambling addiction?
THE signs of a gambling occupation are often the aforesaid arsenic the signs of different addictions. Common signs of addiction include, but are not constricted to, the following:
- Feeling the request to beryllium secretive astir gambling,
- Having occupation controlling gambling habits,
- Gambling erstwhile you cannot spend to,
- Your friends and household explicit interest astir your gambling.
As with immoderate different addiction, the hallmark motion of a gambling occupation is that you consciousness you cannot stop.
If you consciousness similar you request to effort conscionable 1 much time, oregon if you consciousness anxious erstwhile you deliberation astir quitting, it is highly apt you are suffering from a gambling addiction.
Excessive gambling often causes a multitude of affectional symptoms, including anxiety, depression, and adjacent suicidal thoughts and tendencies.
If you request support, you tin telephone the National Gambling Helpline connected 0808 8020 133.
Barclays, First Direct, and HSBC person already introduced akin recognition paper blocks to their customers.
Before the prohibition connected gambling firms accepting recognition cards, astir banks permitted the practice.
However, customers were often charged hefty further fees connected apical of their accustomed involvement rates.
Any involvement charged would besides person been applied arsenic soon arsenic the funds near your account.
CRYPTO BAN
Lloyds Banking Group, which includes Bank of Scotland, Halifax, Lloyds Bank, and MBNA, was the archetypal large UK fiscal instauration to prohibition recognition cardholders from purchasing cryptocurrency with their cards backmost successful 2018.
Virgin Money soon followed suit, and HSBC introduced a akin prohibition successful February 2023.
Nationwide volition instrumentality the aforesaid regularisation connected February 3, 2025.
This means customers volition nary longer beryllium capable to usage their recognition cards to acquisition integer currency connected trading platforms specified arsenic Coinbase, eToro, and Uphold.
Bitcoin is simply a benignant of cryptocurrency, fundamentally integer money, which tin beryllium exchanged for goods and services.
They enactment utilizing a technology called blockchain.
Blockchain is simply a decentralised exertion dispersed crossed computers that manages and records transactions.
While determination are assorted ways to put successful it, 1 of the astir communal methods is done an speech – a level wherever traders bargain and merchantability Bitcoin utilizing antithetic currencies.
However, integer currencies are mostly unregulated successful the UK, making it highly improbable that the Financial Services Compensation Scheme volition screen immoderate crypto-related losses. Therefore, investors should not expect immoderate signifier of compensation for specified losses.
The 5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned radical astir the risks of investing successful cryptocurrencies.
- Consumer protection: Some investments advertizing precocious returns based connected cryptoassets whitethorn not beryllium taxable to regularisation beyond anti-money laundering requirements.
- Price volatility: Significant terms volatility successful cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers astatine a precocious hazard of losses.
- Product complexity: The complexity of immoderate products and services relating to cryptoassets tin marque it hard for consumers to recognize the risks. There is nary warrant that cryptoassets tin beryllium converted backmost into cash. Converting a cryptoasset backmost to currency depends connected request and proviso existing successful the market.
- Charges and fees: Consumers should see the interaction of fees and charges connected their concern which whitethorn beryllium much than those for regulated concern products.
- Marketing materials: Firms whitethorn overstate the returns of products oregon understate the risks involved.
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