Macquarie bans credit cards for gambling

Macquarie Group in Australia has banned gambling and lottery transactions on its credit cards amidst mounting concern over easy access to credit for gamblers, local media reports.

The changes come into effect on July 1 and will mean any transactions classified under the merchant codes as gambling will be blocked when the card holder tries to pay, or seeks a cash advance, the Australian Financial Review says.

Macquarie concedes the ban might be hard to enforce where merchants provide gaming services but their primary business is categorised under another code not identified by the card for gambling, it says.

It’s also unclear whether other Australian banks plan to follow suit.