Joint Submission to the Australian Banking Association (ABA) – use of credit cards for gambling transactions

In response to the ABA’s Consultation Paper regarding the use of credit cards for gambling transactions, Financial Counselling Australia spearheaded a joint submission with contributions and endorsement from Consumer Credit Legal Service WA, Consumer Action Law Centre and Financial Rights Legal Centre.

This joint submission calls for a prohibition on the use of credit cards for all forms of gambling and includes harrowing case studies that illustrate the widespread ramifications of credit card use for gambling for consumers with gambling issues and people experiencing gambling-related harm.

Consumer advocates strongly encourage the banking industry to implement a prohibition on the use of credit cards for gambling, as opposed to restrictions to ensure comprehensive safeguards are in place for people who may be affected by gambling addiction.

Further recommendations are made around the use of debit cards, personal loans and e-wallets.

To read the joint submission in full, please click here.

 

Michael Duncan