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Casino Credit....Good Or Bad Idea?

Louisville
Level Contributor
562 posts
5 reviews
Casino Credit....Good Or Bad Idea?

I have never used the Casino Credit option, but it looks like a good way to have access to your checking account without any fees. Also, you don't have to take all that cash with you? Do they take the money out of your checking account each time you use it, or when your done with your trip?

It also states it does not effect your credit. I'm sure you have to be a disciplined gambler to use this option!

Los Angeles...
Level Contributor
418 posts
125 reviews
1. Re: Casino Credit....Good Or Bad Idea?

Well... It is a good way and its not a good way... LOL. problem is, they do a hard credit inquiry that will show on your credit report. Also, It makes sense if you do casino credit over 10k.. Under 10k dont do it. its not worth it. Also, they will check your daily average in your bank for past 3 months and will only give you credit up to your 3 month daily average. Casino credit its more for convenience. for example: you are playing blackjack and you dont want to go to the casino cage to get more money, you can take a marker and they bring it to you.

If you have a checkbook and the funds, you can cash checks at the casino cage for free. The times I have gotten credit, they took the money out of my checking account withing 72 hours of me leaving.

Edited: 07 February 2017, 10:02
Boston
Level Contributor
3,341 posts
12 reviews
2. Re: Casino Credit....Good Or Bad Idea?

If you are talking about setting up a marker account (commonly known as a line of credit or LOC), it is very convenient. You can access your line in increments during a stay and then write one check to pay it all off at the end of your trip, or have the casino send you an invoice.

The three main things to be aware of are:

Legally, a marker is the same as a check - they will use it to debit your bank account if you don't pay them promptly

There's generally a minimum, upwards of at least a few thousand for most strip casinos. The minimum is not per marker, it's for your whole line.

When you take out a marker, they don't give you a copy, so make sure you keep track of how much you've used so you don't get any nasty surprises when you go to pay them off.

Edited: 07 February 2017, 10:07
Boston...
Level Contributor
7,397 posts
21 reviews
3. Re: Casino Credit....Good Or Bad Idea?

I have markers at three properties in Las Vegas and I find them very convenient. One heads up? Markers are only valid at a particular casino. You can't get an "MGM" marker or a "CET" marker. It's a separate application and review for each property.

Bryans Road
Level Contributor
4,725 posts
43 reviews
4. Re: Casino Credit....Good Or Bad Idea?

We have LOCs with three of the major brands (CET, Mlife, and Penn National). Never had an issue using at any of their associated LV properties or other US locations,other than Harrah's Cherokee. I suspect this had something to do with the casino ownership. They still allowed us to cash checks. No negative impact on our credit report status. Very convenient!

Indianapolis,IN
Level Contributor
6,256 posts
5. Re: Casino Credit....Good Or Bad Idea?

While they reserve the right to do a hard pull of your credit, I've only had one casino (Venetian) do that. The others (MGM, Mirage, Paris, Luxor, GN and a few others) did not do a hard pull and it never showed up on my credit report.

Until you get established, the biggest thing they are looking for is a large average daily balance in your checking account. This is crucial at first, and they will check with your bank to get 90/120 day ADB's.

I think playing with markers is very convenient. Sometimes it can be a pain at the tables when you want to jump in right away and play (it sometimes takes 10 minutes or so before you're good to go), but it's a better alternative than carrying $5,000 in your billfold. Good luck!

Indianapolis,IN
Level Contributor
6,256 posts
6. Re: Casino Credit....Good Or Bad Idea?

Also wanted to add that Central Credit is the company most casinos use to monitor customers casino credit habits. Apply for credit gradually (1-2 places at a time). If you apply for four or more marker signing privileges within 14 business days, it sends up a huge red flag and they will deny you.

West Palm Beach...
Level Contributor
183 posts
21 reviews
7. Re: Casino Credit....Good Or Bad Idea?

It's a good idea if you apply for only the maximum amount you are willing to lose during your trip...it's a bad idea if you apply for more than you are willing to lose (and get approved)...

If you lose more than you win, the casino will deposit those unpaid marker(s) with your bank for payment...remember, when you sign for a marker, you are signing a countercheck, with the casino as the Payee....

Florida
Level Contributor
1,488 posts
7 reviews
8. Re: Casino Credit....Good Or Bad Idea?

I used markers on my last trip. I would recommend the biggest advice is to not constantly try to pay your marker off at the cage. Keep a couple hundred or whatever you have in chips/tickets in your pocket because it can be very time consuming to take out a marker and even more time consuming to pay it off for some reason.

If you get a big enough win the pit boss will usually make you pay the marker off that you took out and you can only walk away with the winnings.

It's a great way to not carry much cash but you still have to carry some in case you want to play poker or if you want to gamble at another casino than where you have your line of credit opened at.

Louisville
Level Contributor
562 posts
5 reviews
9. Re: Casino Credit....Good Or Bad Idea?

Thank to everyone for responding! there are so many knowledgeable members on this site! Good Luck to everyone.

Niagara Falls...
Level Contributor
2,545 posts
1 review
10. Re: Casino Credit....Good Or Bad Idea?

We are Canadian and always took TC with were easily cashed at the cashier. Now we cannot get them and don't want to take all cash with us. Does anyone know that if i get a US bank draft at our bank, will the cashier cash it. If anyone has other suggestions please let me know.