What is a ‘Credit Account’?
A Credit Account is an account you can have with a business or establishment where you can get goods or services now and pay for them later. Accounts of this type are provided to creditworthy customers, who agree to pay them after a certain period. If payments are late, there is usually a penalty fee added to the balance.
Credit Accounts are typically associated with a credit card that you would use to buy products or services. Other types of credit accounts can be an account at a local small town business, where the owner agrees to allow you to make purchases and pay at the end of the month, or a line of casino credit, which is explained further below.
‘Credit Account’ Explained
As part of their customer service to you, many land-based casinos will offer credit privileges, because playing at a casino where you have an established line of credit is something you are more likely to do, plus this adds convenience for you not to have to carry extra cash on you. Once you establish a credit account with a casino, you are allowed to write a marker to withdraw money for gambling at the casino where your account is.
Establishing credit at the casino should be done prior to your visit, because in most cases this takes a few days. The first thing you need to do is get a credit application. If the casino is local, you can pick one up at the casino, usually at the credit office, or at the casino cage. If the casino is not local, give them a call and ask to speak with someone at the casino cage. Tell the person in the casino cage you want to obtain a credit application, and they will either mail or fax one to you.
Even if you are simply trying to obtain check cashing privileges, you will most likely be required to fill out a credit application. The application for a casino credit account is like an application for a credit card. You will be asked for the amount of credit you wish to obtain. It is important to note that the account you will list on the credit application should have at least as much as the credit line you are requesting. You can’t expect to receive a $5,000 credit line at a casino if you only have $500 in the listed account, because the casino has to be sure they can withdraw the money from your account if it becomes necessary to do so.
Remember, when you sign the application you are giving the casino permission to do a thorough credit check on you, as well as to contact your bank. Some casinos may even require you to send along a voided check with your filled out application.
Upon approval of your credit account, you can take a marker to obtain gambling money at that specific casino only. Taking a marker is pretty straightforward. When you are seated at a table, inform the dealer that you want to take a marker and the dealer will call the floor person over. The floor person then requests to see your player’s card, asking you the amount you want your marker to be. The floor person then fills out the required paperwork for your request.
Once the marker is printed out, you are required to sign it. Once your signature has been obtained, the floor person instructs the dealer to give you the amount of chips you requested, and then you are free to play as you wish.
If you want to obtain a marker to play slots, there is a little more scrutiny, because unlike playing at the tables, there is less control as to where the money goes. To obtain a marker for playing slots, you must first go to the casino cage, and tell them what you want. Most casinos will base the amount of the marker on your play history as well as your credit line.
Whether you play table games or the slots, the purpose for the marker is so you can play at the casino where you have your credit account, and not to use as a free loan whenever you come to town to play at any casino you want. If you take a big marker, and only play a little, and then walk with the remainder of the money, chances are you will not be allowed to take any markers in the future.
If you win, especially if you win a large amount of money, it is customary to repay your markers before leaving the casino. You can pay your markers at the casino cage. If you choose to pay your markers after leaving the casino, you can send them a check or pay using a wire transfer. If you have not paid within the specified time as agreed on your credit application, the casino will deposit your marker and the money will be withdrawn from the account listed on your credit application. The time frame for paying markers varies depending on how much it owed, however for markers less than $1,000 it it usually within 7 days, and anything over that is usually within 14 days.
A credit account at a casino can be very convenient, and can also be very advantagous, however if you do not have the discipline to control your gambling, you should never apply for a casino credit account, because it can create even bigger problems if you lose control. If you have any doubts of your ability to play within a budget, you should not even consider applying for a credit account at any casino.