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Powerball Jackpot Hits $1.7B: Credit Card Pitfalls for Lottery Purchases
Powerball Jackpot Hits $1.7B: Credit Card Pitfalls for Lottery Purchases
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BTCCSquare news:
The Powerball jackpot has surged to $1.7 billion ahead of Saturday's drawing, marking the third-largest prize in the lottery's history. While the odds of winning remain astronomically low—1 in 292 million—the frenzy to participate has sparked warnings about payment methods.
Credit card purchases of lottery tickets are treated as cash advances by issuers, triggering immediate fees and interest accrual. These transactions often incur charges of 3%–5% or flat fees exceeding the $2 ticket cost, alongside interest that compounds without a grace period. Last year, Americans wagered $113.3 billion on state lotteries, underscoring the scale of financial exposure to such practices.
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