Quote:
Originally Posted by akashenk
A cash advance transaction is not the same as a purchase. There are typically no spending limits on purchases up to your credit limit, however there are typically daily, or other periodic limits on cash advances. This is how banks protect themselves from fraudulent transactions, for which they are liable.
The bottom line is you are dealing with a casino, not a regular merchant. The regulations involving financial transactions for a casino are more strenuous than a typical merchant. This is why you can't just swipe your credit card at the tables to "purchase" chips despite the fact the casino would love to be able to let gamblers do this.
Tournament entries ARE processed as a regular purchase.
As to cash advances on a credit card, the only limits I ever encountered were the limit to the card. They are not typically like debit cards with a daily limit. If I want to go in and run a $30K cash advance on a credit card and it does not put me beyond my limit, it would go through. I would be paying interest like nobodies business from day one in addition to probably a 5% hit on the point-of-transaction fee the third-party charges, but it is still an option.
Contrast that with tournament entries, where I can process $30K in entries (using the same number as cash advance) and it is a purchase. Period. If I time my payment cycles right, I got free use of the bank's money for the billing cycle (plus the third-party fee) as long as I pay it off at the cycle after the transaction posts. Played properly, it could actually get me almost two months with no interest...
Some of us DID put our entries in WSOP on cards last year so we have actual first-hand knowledge of how these things processed. Not allowing players the option to put entries on a card IS reducing entries by some amount...I know it is going to impact my decisions with respect to the Wynn Summer Classic. If they had the option to pay the entry with a card like the WSOP, I might be more inclined to enter their events...just as they made their decision, so to will I make a business decision.