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Paying off Markers.

Discussion in 'Misc. Vegas Chat' started by Electroguy563, Jul 4, 2014.

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  1. Electroguy563

    Electroguy563 Over-Fried Gambler

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    My wife wants to establish an LOC with our home casino. Can we pay off the markers with our credit card? She wants the points, ha ha!.

    She figures since we will be gambling anyway, instead of using cash we take out LOC's then pay it off with the credit card. Is this possible? We never opened an LOC before.

    Thanks!
     
    Going to Hawaii's 9th Island!!
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  2. dutchvelvet

    dutchvelvet VIP Whale

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    That is a question for your home casino. Most of the time you cannot use a credit card for gambling related charges, but it can vary depending on where you are.
     
  3. paperposter

    paperposter VIP Whale

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    no just a checking acount, ur signing a check so cash or check, i guess if you pay them the 3 percent they would lose but i belive the answer is still no
     
  4. merlin

    merlin VIP Whale

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    I doubt it, the casino would be taking a couple % hit from the credit card co.
     
  5. dhlamar

    dhlamar Low-Roller

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    How does one establish a line of credit with a casino and when must it be paid back?
     
  6. thecarve

    thecarve Misanthrope

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    Usually there will be a form you can download from the casino's website. If not, call and ask for the credit department. They'll get you started.

    I don't know whether they do an actual credit check but they WILL call your bank to get your average balance (make sure it is significantly higher - double or more - than the size of the line you're asking about). When you take out a marker at the casino, you are essentially writing that casino a check that can be cashed, drawing from funds in the account you provide them.

    As far as paying them back, I've been told anywhere from a week to a month. I assume that, like everything in Vegas, it all depends on how good a customer you are. Usually, I just bring my checkbook with me and settle up right before I head to the airport. If I forget, I just get a check in the mail within a few days of returning home.



    As to the original question: I'd be surprised if paying off markers with a CC was even legal. And I'd be flabbergasted if a casino would allow it. (I like the way your wife thinks, though!:thumbsup:)
     
  7. LV_Bound

    LV_Bound VIP Whale

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    My wife always pays with a check but bet if a cc was possible she would do it.
     
  8. spicole

    spicole Low-Roller

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    thecarve hit the nail on the head on all of the details. A line of credit is easy to set up, and allows fast and easy access to funds at your home or favorite casino(s). I also just pay any markers off with a personal check before I leave the property, easy peasy.
     
  9. Kickin

    Kickin Flea

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    Even if you could pay markers off with your credit card (which you can't) it is wishful thinking to think you'd get points. I don't think any card gives you points for cash or cash-like transactions (e.g. money orders, traveler checks, foreign currency, etc.). I bet this would be considered the same thing.
     
  10. Malibugolfer

    Malibugolfer High-Roller

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    A marker is in actuality a check from your checking account. If you do not pay it off before leaving the casino then it will get presented to your bank just like any other check you may write.
    In most instances that is why the casino does not care about savings, equities or other cash availability when issuing a LOC. They try and make sure your checking account will cover your marker.
    And Nevada law says a bounced marker check is a crime.
     
  11. Bo333

    Bo333 VIP Whale

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    You don't have to pay off markers before you leave, and they don't just take it from your account. I rarely pay off my markers before I leave. Usually takes them at least 2 weeks to bill me, sometimes more than 4. And while you do need enough money in your account to establish a LOC they only seem to check once a year (sometimes not even than).
     
  12. SBTX

    SBTX Tourist

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    Great info! Is there a minimum required by the casino?
     
  13. paperposter

    paperposter VIP Whale

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    yes , in vegas the top tier are 2500$ , dont know about boyd or hooters or the downtown ones

    and the take your balance now and your 6 month avarage , thats kinda what they look at at, its real easy to get dont even a job , they even gave me a few, no credit check

    usualy 30 days to pay off
     
  14. Electroguy563

    Electroguy563 Over-Fried Gambler

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    OP here, I understand what you guys are saying and I kinda figured it wouldn't work out paying for LOC's with the cc. Question: is your credit rating affected (negatively) if you apply for LOC's? I wouldn't think so, especially if the LOC is paid off within the required time frame. Just wondering if the credit rating people figure you to be a degenerate gambler (which we are, lol! but responsible ones, I might add...). :thumbsup:
     
    Going to Hawaii's 9th Island!!
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  15. Bo333

    Bo333 VIP Whale

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    It is my understanding the no credit check is done. They check the accounts you give them to see if there is enough money to cover the LOC.
     
  16. pphold

    pphold pp Park Place Degenerate

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    Your Credit is pulled by Central Credit. This is what the Casino's use to check your credit. This way it is only pulled once when you apply a bunch of casinos. Most will apply for a LOC at more than one Casino.
     
  17. Kickin

    Kickin Flea

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    Here are a couple of things from my experience opening LOCs just last year.

    First one I opened was at Aria, I filled out the app online and they called shortly later to do a conference call with my bank. They asked for 3 months average (not 6) and then I received an email later that day telling me its been approved.

    Then I decided I should open one up at MGM too since I like to play there, I filled it out online and got an email a little later saying it was approved. There was no additional call with the bank. Then while in Vegas I felt like playing at Bellagio and went to the host/credit office and since I already did the bank verification with Aria they just opened it on the spot. I didn't even fill out an app, just signed the agreement.

    On a later trip I was going to stay at PH and filled out the application for them as well. I am 99% sure they didn't do any call with my bank. I may have forgotten but I am pretty sure it never happened because I remember being confused when I found it was approved since I never did a call with them. Maybe they checked with Central Credit. I opened them up later in AC as well and they never did a bank verification either.

    As far as I knew there was never any credit check. I do get a notification when anyone pulls my credit report but some people have said soft pulls don't show up on those so I guess I can't be sure.

    Central Credit is the credit reporting bureau all the casinos use and its specifically for casinos. Reading up on them, they are owned by GCA which is the biggest company focused on casino cash systems, and they have "communication links" to 2 of the 3 major credit bureaus (Experian and Transunion) and can deliver credit reports to the casinos. So it may be safe to say they share their data across the board. http://www.gcainc.com/solutions/integrated-solutions/central-credit/

    By the way here is some text from Aria's credit application:
    I'm no lawyer but it sounds like technically, just taking out a marker for more money than you have in your checking account is a crime. Even if you are doing it in good faith knowing you have the money elsewhere and will pay.
     
  18. Bo333

    Bo333 VIP Whale

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    I know MGM uses Certegy (at least last year). Not sure about the others.
     
  19. Kickin

    Kickin Flea

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    Certegy isn't a credit bureau. MGM uses Central Credit for credit reporting. Certegy is used for check authorization and processing, Caesars uses them for that too. Every major casino probably does, both are owned by GCA.
     
  20. Bo333

    Bo333 VIP Whale

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    That may be, but I know when I bumped up my marker limit they were checking with Certegy. At least that is what they told me. It was a VERY large bump, don't know if that had anything to do with it. They were definitely checking if my backing account had enough money in it, they weren't checking credit.
     
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