Quote:
Originally Posted by StragressionWins
Is there a law or something about buying chips with a credit card? I think (may be wrong) that at the Bicycle in CA you could buy in to their tournaments with one. Just curious.
Most credit card agreements state that the purchase of monetary instruments such as money orders, travelers cheques, or casino chips are considered the same as a cash advance with the applicable fees and interest rate. Unlike purchases, where a signature is all that should be asked for in the United States (Chip and PIN in Europe), the cash advancer can request identification to protect itself since replacing cash costs a lot more than merchandise.
The Bike, for instance, will ask for your ID or Bike casino card (which has your picture on it) if you choose to buy-in with a credit card, and you will be charged for a cash advance of the buy-in (Fees + immediate accrual of interest) rather than a purchase (no fee + grace period on interest).