Cashplus brings in gambling block for credit cards
UK bank challenger Cashplus is launching a credit card gambling block, allowing customers to switch off all transactions with bookmakers, casinos and other such merchants.
UK banks are out to help gamblers
The bank has made the feature available as a one-click option within its websites and apps and introduced ATM withdrawal blocking.
Cashplus claims this is an industry first. That’s only a half-truth. We hadn’t seen a gambling block on a credit card so far, but Starling Bank already launched one in June 2018.
In December 2018, Barclays launched a new feature for customers within its mobile banking app giving them the ability to turn off spending with certain types of retailers. That included gambling.
On top of those two, in January of this year, Experian launched a gambling affordability check to be integrated to banking platforms.
Cashplus says its tool is a result of how gambling with credit is seen as a key issue by many campaign groups. An industry consultation is due to be carried out in the coming months.
Lord Chadlington, former chairman of Action on Addiction, says: “I’m pleased that firms like Cashplus and others are taking positive action to protect those at risk. Action is urgently needed on gambling with credit, so voluntary restrictions from banks and other providers are a welcome first step.”
The credit card blocking tool is available by request through Cashplus’ telephone service centre with activation by the following day, the block will also take 24 hours to remove upon request.
“There is a wider discussion around credit and gambling, but our role is to offer choice where customers want or need it,” says Paul Schooley, Cashplus COO. “The new credit card block, in-app current account blocking and the ATM withdrawal blocker all offer customers easy ways to restrict gambling spending, whether that’s a person struggling with addiction or someone who wants to safeguard their business.”
The tool can be used for personal and business credit cards, meaning business owners can prevent company credit being used for gambling by fraud or misuse.
The bank has registered over 1.5 million customers in the UK.
The number of gambling addicts in the UK is estimated at 430,000, with a further two million at risk, says the firm.
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