![]() Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Recent Articles
|
Gaming GuruCasino Credit Q and A8 January 2012
This is a general overview of casino credit. Keep in mind, individual casinos may have different policies. What can I do with casino credit? Casino credit can be used to request chips at the tables. A player can also get funds for slot machine or video poker play, usually at the casino cage. In addition, casino credit allows the player to cash a personal check. How is casino credit determined? Casino credit is not the same as the credit extended by a bank or credit card company. The casino credit line is dependent upon your credit history and the 30 to 90 day average available cash in your checking account. Most casinos will check your credit rating with one of the three major credit bureaus (Experian, Equifax, TransUnion). WARNING!! These checks will show up on your credit report as an inquiry. Too many inquiries will negatively effect your "FICO" score, which lenders use to determine your credit worthiness. Credit inquiries by a casino usually appear in a camouflaged fashion. For example, Harrah's AC, can be known as "Marina Associates." Once you have established your credit worthiness, the casino will A new credit applicant usually receives a limited credit line. The casino will check the player's history and limit the credit line to somewhere around the player's average total buy in. This is done so the casino does not provide interest free loans. What are advantages of casino credit? The main advantage is you are getting an interest-free loan. There Advantages also include having funds available 24/7. If you decide on a You may get additional comps. Say you have a $5000 credit line. The How do I establish a line of credit? About a week or so before your casino visit, telephone the casino and ask for the casino credit office. Tell the clerk you want to establish a line of credit. The clerk will ask if you have a "player's card" so have it available for reference. The clerk will then fax or mail you an application form. It requires the usual pedigree info plus your bank's name, address, telephone number and checking account number. The amount of credit will have to be close to the average amount of A point to keep in mind: If you have an established line of credit in one Once I have been approved, then what? When you go to the casino you must stop at the casino credit office
How do I use casino credit? Step up to the table. During a break in the action, place your players After I am done playing, now what? Hopefully you won. You can go to the casino cashier and give the clerk your Many casinos deposit the marker against your checking account based on
What if I do not pay my marker? If you take a marker and do not repay it, the casino will submit the marker to your bank for payment from your checking account. If you do not have the funds, the casino will go after your assets like any other company. In Nevada it is a crime not to pay a gambling debt. Are there any options if a person does not qualify for casino credit? Yes, if a player does not want be in debt to the casino, has a poor credit rating or does not keep a large balance in his checking account, they can deposit upfront funds with the casino. The player can later draw from these funds at the table or the cage. Keep in mind federal transaction reporting requirements apply when cash is deposited. Like all gambling the key to casino credit is to use it responsibility. Never risk any money you can not afford to lose.
Casino Credit Q and A
is republished from iGamingAffiliatePrograms.com.
Recent Articles
Scan |
Scan |