credit cards

5 naughty things your credit card won't buy

Credit Cards » 5 Naughty Things Your Credit Card Won't Buy

Lottery tickets
Lottery tickets © Sean Gladwell/Shutterstock.com

Looking to win millions? You can't use your American Express or Discover card to get the chance. Both companies prohibit cardholders from buying lottery tickets with their credit cards. Chao calls the purchases "high-risk business activities."

Besides the card companies, some states, including Connecticut, Iowa, Wisconsin and California, prohibit the purchase of lotto tickets with credit cards. Even in states that allow the practice, the retailer may turn you down.

"Lotteries often leave the decision up to the retailers," says Tom Tulloch, director of administration for the North American Association of State and Provincial Lotteries. "Often retailers are reluctant to accept credit cards for lottery purchases (because) their sales commission is reduced by the swipe fees they would have to pay on the transaction."

Visa and MasterCard declined to comment on their policies toward purchases of lottery tickets.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.71%  0.02 15.69%
Cash Back Cards 16.41%  0.01 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
Search
advertisement
CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Credit Card Blog

Jeanine Skowronski

CFPB: Lender distorted credit reports

The Consumer Financial Protection Bureau has an eye on credit reporting issues. The agency took enforcement action against auto financer First Investors Financial Services Group Inc. Wednesday for distorting consumer credit records for years. Per the CFPB, First Investors, which lends primarily to subprime borrowers, failed to fix known flaws in a computer system that  ... Read more

Partner Center
advertisement

Connect with us