07 March 2013

Credit Card Funding : WTF ??

Just seen this, from Saxobank. I completely disagree that a credit card funding option is made available to people to dig themselves into deeper and bigger graves. How can the MAS allow this?

Tried to open an online betting account with a website that offers reliable live football streaming to clients. When I tried to fund the account with my credit card, it was rejected. Found out from OCBC that Singapore local credit cards automatically reject payments to betting sites. That I think is wise. Protect people from themselves. How is margin trading funding any different? IF you need to draw on your credit card to trade then you should not be trading at all!


Anonymous said...

meanwhile, some of them don't accept debit cards ..

Taichiseal said...

Just read in more details. THere is a transaction fee of 2.15% on the amount funded levied by the credit card operator.