is gambling via credit card a good idea?

sublyme · #1 01-27-2005, 06:04 AM

In the past when I've deposited money online, it's been only $50 at a time. The reasons are simple:
1) I don't have more than $50 to spare for gambling in the chance that I lose it
and
2) I don't have more than $50 to spare for gambling in the chance that I lose it.

Thus, I've had moderate successes (winning sngs, winning low limits, nothing too hardcore - after all, we're talking a $50 bankroll) and, in the end, failures resulting in the loss of the original $50.

Cue to tonight, and my credit card has just increased my credit limit to $3200. I only have about $600 in debt. Would it be wise to put money with my credit card on a poker site to gamble with? I know, I live by the adage "don't gamble with money you can't afford to lose", etc etc, but I don't have a job; I'm a college student who is a full-time student. I rarely have extra money, aside from maybe winning a home game or two (but based on my current losing streak...).

I know most sites won't take my credit card, but my thought is buying one of those nifty phonecards as a way of circumvention.

So, 2+2ers - would it be a good idea to take, oh, $300 and put it on a poker site via my credit card, hoping to earn enough so I could take out the original $300 and pay off any debt? Or should I steer clear of "borrowing money" for gambling? Which site would be ideal to play on (I've only played on party in the past, and their curse of having bad players works both ways when someone calls me with 23o and hits a runner runner wheel to put me out of my 5th sng in a row...)

Shoe · #2 01-27-2005, 06:27 AM

If you want to do this, I would suggest bonus whoring at all the major sites to build up your bankroll. After that withdraw your initial deposit and play with the rest.

gila · #3 01-27-2005, 06:34 AM

NOT a good idea. Put the next $50 cash in. Play smaller stakes (i.e, quater/fifty) and build you bankroll that way. Believe me, it's a downward spiral to start with the Credit Cards b/c, lets say you run bad, well, I'll just put another $300 in, pretty soon the cards maxed, your ill, and you still don't know how to play. Plus, you will be tempted to play to high. Believe me, I've been there.

AKhearts · #4 01-27-2005, 06:41 AM

DON"T DO IT!!! I agree with the fact that if you end up getting hooked, you will just look at it as free money and you will deposit again and again. Next thing you know, you have no money online, no money on your CC, and no job.
If you just can't help yourself then bonus whore so that you can cash out all of your original buyins. Good Luck.
AKHearts

RollaJ · #5 01-27-2005, 10:14 AM

Of course its a great idea, if you dont play by credit card you will be limiting yourself to losing your available cash on hand.
example:
$752 in the bank
3 credit card with $2,500 limits

Scenario A: Deposit $752 and play 1-2 Limit and maybe grind out a few buck playing ....maybe even $5 an hour
Scenario B: Deposit $7,500 and play 15-30 or 2-5 NL and you can make some REAL CASH!
I think the choice is an easy one.

**under scenario B you may lose all 7,500 and be deep in debt and have no way to pay it off. you will then either end up paying paying it off for 15 years as you get hit with $125 in interest each month, or you may tottaly F up your life and be forced to file bankruptcy. But of course your potential earn rate will be higher

edit> BTW, I built my entire roll from starting with a $50 deposit on line (before bonuses became prevalent), and a $200 stake live. Play small, win move up, rinse & repeat

Nick MC · #6 01-27-2005, 10:21 AM

You're getting some good advice. Patience is big in poker. If you are a winning player you can afford to start small and play with winnings only. If you are not you should not be borrowing in order to play unless you want unbelievable stress and misery. Either way take a deep breath and get your game in shape. Put it this way. If you're asking the question you shouldn't do it. If your game was strong enough you wouldn't be in the position of asking the question. Play microlimit ring games rather than SNGs to astutely build br with bonuses. If you have $15 spare buy a poker book not a buy-in.

crazy canuck · #7 01-27-2005, 10:43 AM

I suggest you look into bonus whoring. Be a casino whore! You know how to give BJ?...I mean how to play BJ?

Also, set up a neteller account for easy transfer between sites.

When playing BJ wager minimum so your risk of ruin is low, and BE DISCIPLINED!

Hopefully you will not have to invest more than $100.

BradleyT · #8 01-27-2005, 10:48 AM

I would suggest you use your credit card to buy some books like Theory of Poker, Internet Texas Holdem, and Small Stakes Hold Em.

Sandstone · #9 01-27-2005, 11:11 AM

This is one of the dumbest things I've ever read on these forums.

Do yourself a favor and cut up your credit cards right now.

Cleveland Guy · #10 01-27-2005, 11:16 AM

It's a bad reason.

If you have 15% interest on your credit card - that means you are taking out 300, but now have to pay an APR of 15% of it, until it's paid off. On top of that, if you need it for other things, you will just be paying more interest.

Credit Cards are now free cash, try to get yourself to wehre you have $0 balances on them each month.