The Australia and New Zealand Bank (ANZ) has announced measures to help tackle problem gambling by limiting the use of their credit cards for gambling.
The bank has changed the terms and conditions on their credit card products, to enable them to set up what they describe as ‘speed bumps’ making it harder to use ANZ cards to gamble irresponsibly, using the same principle through which bars can stop serving patrons who have drunk too much.
Speaking to the Royal Banking Commission on Wednesday, the CEO of ANZ, Shayne Elliott, said that customers would still have the facility to use their ANZ cards in gaming venues, but the bank wanted to ensure that they didn’t reach their credit limit while gambling:
While people can use their own money to participate in certain legal activities, when you’re using a credit card, essentially that’s the bank’s credit provision and we do have a responsibility there.”
Sub Limit On Cards
Explaining the rationale behind the bank’s approach, Elliott compared the approach of ANZ to the decision of bar owners not to serve customers who are intoxicated, and said that the new measures were designed to offer a degree of protection to customers, making sure that they didn’t cause harm to themselves by using their credit card facilities in an irresponsible way.
ANZ had stopped short of introducing a complete ban on the use of their credit cards for gambling, which is the practice with some financial services providers. Instead, the bank would set a sub limit on all of its credit cards. The limit would prevent any customer using the final 15 percent of their credit card unit for any gambling transaction.
Andie Hughes is a UK-based freelance betting and gambling writer with over a decade of experience in the industry, having written for Betfair, ESPN, Boylesports, Sporting Life and various other popular betting sites. Contact Andie at firstname.lastname@example.org.