I love matched betting, having made £12,000 in my first 12 months, tax free. You might be itching to start and wondering if you can do matched betting with a credit card? Let's take a look.
What is matched betting?
Matched betting is a tax free way to utilise bookmaker offers to make money from free bets. It can be really lucrative and a great side hustle for those looking to boost their income.
A great thing about matched betting is that it is tax free, meaning you don't have to declare your income to HMRC or pay tax on it.
How much money have I made from matched betting?
You can see all my previous matched betting income below. Please note that from January 2017 I have been focusing on growing my business with a provable income, with a lot less time to dedicate to matched betting:
- Month 1 earnings – £1,430
- Month 2 earnings – £1,619
- Month 3 earnings (including a Q&A) – £849
- October 2015 earnings – £1,105 (Remember that month 3 also overlaps into October 2015 as I switched to reporting it per calendar month.)
- November 2015 earnings– £915
- December 2015 earnings – £1,347
- January 2016 earnings – £777
- February 2016 earnings – £393 (on holiday for 2 weeks)
- March 2016 earnings - £701.64
- April 2016 earnings - £622.36
- May 2016 earnings - £1,019.16
- June 2016 earnings - £447.18 (away for a week)
- July 2016 earnings - £689.52
- August 2016 earnings - £491.86
- September 2016 earnings - £279.29
- October 2016 earnings - £691.85
- November 2016 earnings - £773.74
- December 2016 - £0.00 (took a break)
- January 2017 - £473.43
- February 2017 - £514.97
- March 2017 - £214.12
- April 2017 - £394.76
- May 2017 - £481.25
- June 2017 - £249.68
- July 2017 - £158.73
- August 2017 - £301.58
- September 2017 - £427.61
- October 2017 - £203.83 (away for 2 weeks)
- November 2017 - £45.84 (away for most of the month)
- December 2017 - £187.24
- January 2018 - £349.54
- February 2018 - £223.39
- March 2018 - £493.01
- April 2018 - £189.31
- May 2018 - took a break
- June 2018 - took a break
- July 2018 - £139.32
- August 2018 - £301.65
- September 2018 - £121.94 (on holiday)
- October 2018 - £328.51
- November 2018 - £459.31
- December 2018 - £258.45
- January 2019 - £148.37
- February 2019 - £199.84
- March 2019 - £579.54
- April onwards - paused for a mortgage application
Can you use a credit card for matched betting?
When you start matched betting you will need a float of around £60 to complete your first few offers.
In order to complete more offers, faster and earn more money, you will need a bigger float or matched betting pot.
You might be wondering if you can use a credit card for matched betting in order to build up your pot and earn more money from matched betting.
Whilst this might sound like a great idea, especially if you are using a 0% interest credit card, using a credit card for matched betting might not be a good idea.
That is because a lot of credit card providers either have a gambling transaction fee OR they treat gambling transaction as a cash advance.
Gambling transactions are often treated the same as withdrawing cash from an ATM – which is one of the most expensive ways to borrow money. For example, M&S credit card charges at least £3 for a Cash Advance (they charge 2.99%, with a minimum of £3) plus the Cash Advance interest which is 23.9%.
Can you use a 0% interest credit card promotion for matched betting?
You might think that you have beaten the system by using a credit card with a 0% interest promotional period.
However, most 0% interest promotions exclude cash advances, which most credit card providers treat gambling transactions as.
Therefore, using a 0% interest credit card won't bypass these terms.
- If matched betting is so good, why isn't everyone doing it?
- Common matched betting mistakes
- How to make £1,000 or more a month with matched betting
How to fund your matched betting without a credit card
If you need to rely on borrowing money for matched betting then I would strongly advise against starting matched betting right now.
You might also want to consider using your savings for matched betting (this is what I did to help me earn over £1,400 in my first month of matched betting)
Bank accounts for matched betting
It is a really good idea to start a new bank account for matched betting.
Here are the bank accounts I recommend for matched betting.
Join my Matched Betting Facebook groupI am really excited to let you know that my matched betting Facebook group is open to new members again! This group has over 4,000 matched betting members who support each other. It is somewhere to ask questions and even celebrate your matched betting success. We would love you to come and join in!
Join my 6 week free money making courseAre you looking to boost your income with genuine work from home opportunities? In this free 6 week email course I help you to find ways of making extra money that fit in well with your lifestyle – meaning that you can make money, save money and live the life you want. No matter what your financial goals are, there are tips for everyone. Perhaps you want to boost your funds for Christmas or a holiday, you want to work less so that you have more time for your family or you just want to give up your job altogether, there is something for everyone in the course.