lottery tickets using a credit Card : Many people like playing lottery games, and it’s often as simple to purchase tickets at the convenience store near you in one of the states as well as the three additional U.S. regions (Washington D.C., Puerto Rico along with Puerto Rico, and the U.S. Virgin Islands) with lottery games. If you’ve ever been to the store and were looking for a snack or scratch-off tickets perhaps it occurred to you to take up the debit or credit cards to pay for the purchase when you reach the front of the queue. But is it possible? What’s more important is it wise to purchase the lottery ticket using credit card?
Certain states and some merchants might allow it.
Based on where you’re looking to purchase lottery tickets using credit card the state you’re in might or might not permit the purchase. Certain states have rules against the use of credit cards to make such purchases. While other states might allow this from a technical point of view but the company you’re purchasing from might not, since it has the power to set its own rules regarding accepted methods of payment.
The credit card company is likely to be ringing at you
Some credit card companies don’t explicitly prohibit purchasing lottery tickets with their cards. However, because scratch-off tickets, like those are easily converted into cash and a credit card company may be able to count them as cash advance, or a cash equivalent transaction. Cash advance cash advance is a means to obtain cash from the credit card issuer and is usually a lesser amount than the credit limit (usually 20 to 50% of the limit) however, it is able to be taken out of an ATM in the event that you have an advance cash PIN (you’ll require this from the business).
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Cash advances are expensive however, since they are both subject to an expense (often between 3% and five percent of the money you withdraw) Also, they come with no time limit before you begin accruing interest. To make matters even more difficult the APR can likely be more than what you earn by using the credit card you have to pay for purchases. Cash advances aren’t necessarily earn rewards on your credit card as card purchases do.
It’s ultimately not a good idea
In spite of the expense of cash advances, and the likelihood of your card issuer might consider a lottery ticket purchase as if you were taking one out it’s still the case that you’ll be in the debt of gambling. Chances of winning the lottery are extremely low however, it’s perfectly acceptable to be a gambler but it’s not the best financial decision to purchase them using cards that you use to pay for them.
Credit cards can be a beneficial tool to finance large purchase, earning reward points for your daily spending and building credit. When you’re ready to purchase a wish in the shape of the lottery, you can buy it with cash and avoid going into debt to pay for it.
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