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8 Credit Card Tips to Know Before Registering at a WSOP Event
By Sam Goode - May 27, 2016
Players who have been following the 2016 poker events calendar were surely delighted to hear the news about WSOP accepting credit card payments for buy-ins worth $1,500 and lower. You may know pro poker strategies, but if you do not know how to handle credit cards well, you may end up losing more money in the long run. Hence, before you throw in your credit card at WSOP’s 1,500 buy-in events, take a look at some tips we’ve compiled that will help you become a wise online poker player.
1) Be Mindful of Your Spending
Credit cards are indeed harmless as long as you are mindful of the amount you are spending. While it is true that many poker players do not consider $1,500 buy-ins as high-cost events, you should still be careful with the amount of cash you loan from your account. It’s always helpful to set a budget and stay within those bounds to help you play poker responsibly.
2) Select a Credit Card With Great and Suitable Rewards
Do not immediately jump into the arms of every credit card company that comes knocking on your door. Conduct some research before you make a decision. Billions of credit cards are in circulation and the types of rewards they offer are numerous. If you choose the right one, you will be able to enjoy the benefits of the card’s rewards program.
The following example may be too grand, but it will still give you an idea of what rewards a credit card may bring. In 2014, Chinese billionaire Liu Yiqian tested the extent of an AMEX Centurion card’s limitless purchase feature. He did this using his card to buy the 1917 Amedeo Modigliani painting Nu Couche (Reclining Nude) for $170 million. It may sound unbelievable for some, but that purchase earned him and his family first class travel, anywhere across the globe, for life.
However, remember to choose credit cards which offer rewards that suit your lifestyle. After all, you wouldn’t be able to use the miles if you are afraid of flying.
3) Choose a Widely Accepted Credit Card
It can be a pain when you are ready to deposit funds and you discover that the site does not accept your credit card as a poker payment method. So while a credit card may offer great rewards, it can provide an inconvenience to you if it is not widely accepted among retailers and poker sites.
4) Check if the Card Requires Annual Fees
Steer away from credit cards that require annual fees as they unnecessarily burn your money. If you already own a credit card, contact your supplier and ask them to remove the annual fee or to provide you with an alternative that suits you. As a customer, you have the right to demand things that will benefit you, like zero annual fees and APR reductions.
5) Plan Payments
If you are planning to use your credit cards to earn rewards that will help you save money in the long run, then you should have a plan when it comes to payment. Spending more will help you earn more rewards, but you should remember to keep an equivalent amount somewhere else when the due date comes. Otherwise, you will be entangled with high penalty fees and in turn, you are still losing the money you should have saved from the rewards.
6) Take Advantage of the Rewards
It can be quite difficult to understand some credit card companies’ rewards scheme. However, if you are able to wrap your head around it, you will see that it can be beneficial to you in the long run. Just imagine going to Las Vegas for the WSOP tournament and not having to pay for your ticket just because you used your credit card for your poker accounts. On the other hand, if the rewards system of a credit card becomes too complicated for you to comprehend, it may be time for you to ditch it.
7) Get Out of Debt With 0% Balance Transfers
While credit cards may get you into debt, they can also get you out of debt. Do not get stuck paying off penalty fees and keeping your debt the same. One of the ways you can get out of debt is by transferring your balance to cards that offer 0% interest. Give yourself a break from paying the penalty fees so that you can pay off your debt.
8) Take Measures to Control Your Spending
There are other online poker deposit methods that you can use to enter the $1,500 buy-in event at WSOP. While it is more convenient to use credit cards, specific payment methods can help you control your spending more effectively. An announcement from WSOP mentioned that if you register online, you can also use wire transfer and cashier’s check to enter the $1,500 buy-in event. In this way, you would be using readily available money and not be loaning the funds needed to participate in the tournament.
While it is thrilling and exciting to be able to participate in a tournament that WSOP organized, it is still important to become wise in terms of managing your money. After all, if you are in deep in debt, you wouldn’t be able to push your poker experience forward.
Want more tips about poker? Take a look at our techniques we have compiled that will help you get out of a short stack in poker.