5 Things to Know About the GBank Credit Card
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Leave it to Sin City to design a credit card for gamblers. That’s exactly what Las Vegas-based GBank has done with the GBank Visa Signature credit card, which earns cash back on a variety of wagers and gaming transactions. The $0-annual-fee card fills a gap in a credit cards market that generally doesn’t directly allow gambling transactions, much less dole out rewards for them.
Normally, using a credit card to pay for gambling is a wonky process involving expensive workarounds and backdoors. So in that sense, frequent gamblers will likely find the GBank credit card a pretty refreshing product. And even if you're not a gambler, the card's high flat rate on all other purchases makes it a solid top-of-wallet contender.
Still, keep in mind that a rewards rate of 1% to 2% will not offset major losses that may stem from gambling, or from interest that you'll incur if you carry a balance on the card, for that matter. A responsible approach to gambling — and charging — can help protect your finances.
Here’s what you need to know about the GBank Visa card.
» MORE: Best credit cards for Las Vegas
1. It earns rewards on gambling and betting
The GBank card earns:
Unlimited 1% cash back on gaming transactions including lottery tickets, casino chips, off-track betting, wagers and gambling.
Unlimited 2% cash back on everything else. (A 2% rate on most purchases is quite competitive, making the GBank card a good pick regardless of whether you're a betting person.)
As with any credit card with multiple rewards tiers, the GBank card uses merchant category codes (MCCs) to determine what kind of purchase you've made and, thus, how many rewards you'll earn. The card awards 1% cash back to gaming transactions with the following MCCs:
7800. Government-owned lotteries.
7801. Online gambling.
7802. Government-licensed horse and dog racing.
7995. Betting/casino gambling.
Rewards don’t expire as long as the credit account is open.
2. It can help you avoid cash advance fees
Some card issuers treat gaming transactions (such as online gambling and lottery tickets) as cash advances, which are notoriously expensive because of the initial fee and high interest that starts accruing immediately on such transactions.
But because the GBank card accepts gambling-related MCCs, any qualifying transactions are processed as regular purchases rather than cash advances.
GBank cardholders are also able to send funds from their card directly into a wagering account.
3. Rewards won’t make up for runaway spending
The GBank card doesn't feature a 0% intro APR period, and as of this writing, the card's ongoing APR ranged as high as nearly 29%. So whether you gamble or not, carrying a balance from month to month will get expensive.
Plus, the GBank card doesn't offer a sign-up bonus like you'd find on many other rewards credit cards. Keep in mind that a 1% ongoing rate produces small returns: If you spent $1,000 on gambling in a month, you’d only get $10 in cash back. So while the card can be a helpful, nice-to-have tool for planned and responsible gambling, don't expect it to offset major losses from uncontrolled betting.
Help is available for anyone with a gambling problem. Chat with someone at the National Council on Problem Gambling, or call the National Problem Gambling Hotline at 800-522-4700.
4. Redemption options are limited
Rewards earned with the GBank credit card may only be redeemed for a statement credit, which may feel limiting to some credit card users who are used to a range of redemption options like direct deposit, gift cards and travel.
The minimum redemption amount is $25.
5. There’s a credit score requirement
According to a GBank spokesperson, the minimum credit score to qualify for the GBank credit card is 685 on the VantageScore scale, so even people without excellent credit may be eligible.
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