Monday, March 31, 2014

Leave the Bank cards Home


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The number 1 rule of casino gambling is:

NEVER BET GREATER THAN YOU'LL AFFORD TO LOSE!

The casinos have a home edge on the entire games aside from certain video poker games, card counting in blackjack and live poker. We seek advice from casino games as having a negative expectation. Which means over the long term the maths of the sport will grind away at your bankroll. The in-built house advantage is how the casinos make money. Certain games have a lower house edge than others. Video Poker, Blackjack and the passline bet in Craps have a low house edge. Roulette and slots have a better house advantage. It's the price we pay to play.

Proper money management tells us to budget a given amount to gamble with and keep on with that amount, win lose or draw. This brings us to rule number two:

NEVER GAMBLE WITH BORROWED MONEY!!

Unfortunately that may be exactly what you might be doing if you happen to run out of cash and judge to take a cash advance to your bank card on the casino. There also are hidden charges you may also over look in case you choose to do that. I LATELY visited an East Coast casino and inquired in regards to the finer points of taking a cash advance on a bank card. The casino charges you a specific amount only for issuing you a check out of your bank card for the money advance dependent on how much cash you need to. get a $500 cash advance the charge was $21.99. That may be 4.4 % paid to the casino up front. Most bank card companies charge you 3% for a cash advance, with a purpose to come to $15.66 (3% of $521.99.

You are already down $37.65 or 7.5% before you even take a seat to play. That is like sitting down at a five-dollar blackjack table and losing eight hands in a row or getting nothing back after putting three and a half roll of quarters through a slot machine. If this happened, most folks would head for the door real fast, but you might be just beginning.

The next month your bank card bill arrives. Your balance is $537.65. You furthermore may discover that on top of the 3 percent you needed to pay to borrow the money, the rate of interest for a cash advance is 5% higher than the traditional 15% you pay for purchases. Your new rate is 20 percent. Out of the goodness in their heart your bank card company will permit you to make payments in case you decide to not pay the balance in full. Actually all you need to do is a make minimum payment for the month. That is where people get into financial trouble. The general public don't realize the results of creating minimum payments. It's going to take an extended time to repay the debt than you could have imagined. Below is a chart showing what it's going to take to repay that $537 at 20 % interest.

Credit card debt is the bankruptcy of many of us in this day and age. It's too easy to get caught up within the “Buy now Pay” later mentality. The chart below will hopefully put things in perspective. One and all folks should hesitate the following time we reach for the “Plastic” to make a purchase order.

I know you should take a bank card with you whilst you travel to acquire hotel and car reservations but they need to not be used for frivolous cash advances. Cash advances need to be used for “Dire Emergencies” only! I don’t think a couple of more hands of blackjack or a couple of more pulls at the slot machine handle falls into this category.

Credit Card Repayment

Monthly Payments Time # of payments Total Amount Repaid
$49.74 1 year 12 $596.88
$27.33 2 year 24 $655.92
$19.96 3 years 36 $718.56
$16.34 4 years 48 $784.32
$14.23 5 years 60 $853.80

Read More... [Source: About.com Casino Gambling: What's Hot Now]
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