Frugal Tips by Jean Scott

How to Take Money to a Casino

Don't worry. This column isn't a lecture on money management. It could be. My brain is chock full of ideas about stretching your money in a casino. In fact, just about every gambling thing I write has that purpose in mind. But not this time. Nor am I going to discuss how much you should take to a casino or whether you can afford to take that much.

Instead, this month I want to focus on the money itself-those big piles of greenbacks that you have to move from the bank to the casino and back. The question is how to move it safely. And, with no judgments attached, I'll give you some ways to get more money in an "emergency."

Plan-Ahead Money
Some people like to have all their "fun" money-and that's what gambling money should be-in cash. They like the feel of the bottoms of their pockets or purses bulging with wads of bills. Although this can give you a huge sense of confidence and power, most people would trade those feelings for a little more security.

For many years, our vehicle of choice has been traveler's checks. They're convenient, safe and universally accepted. You can cash them in any casino, though a few may have a daily limit for new customers. We've always used a bank or belonged to a credit union that didn't charge a fee for the checks, so, for us, it's also a very frugal method. Some people also use traveler's checks as a money-management tool, dividing them up for individual day or session budgeting, and only cashing the allotted amounts at any one time. It gives people a sense of control: "This is how much we can spend, and when it's gone, we're finished gambling!"

If you don't have a problem controlling your spending, a good idea is to use a debit card from a general account at home, or even a debit card from an account that contains nothing but your gambling bankroll for the trip. That way you can set a limit and stick to it.

Another good option is a "money-management" account with an online broker, such as TD Waterhouse. You get a free ATM card good for a $1,000-a-day withdrawal with no cash-advance charge (though you might have to pay a fee to the ATM you use). The big plus here is that you get money-market interest rates while your money is "resting."

Many people use the casino as their "bank" by depositing money (usually in the form of a cashier's check or money order) in the cage as soon as they arrive. Then they can withdraw part or all of that money as they need to by signing markers at the tables or taking cash to play the machines.

Getting a credit line at a casino is also a great way to acquire gambling money. It's the main method we use in Las Vegas. However, keep in mind that any money you get from the casino is a loan, to be paid back by a specified time set by each casino. It can be anywhere from the end of that particular visit to 45 days after you sign the marker. For the self-disciplined, this is a very frugal method, because you get to use the money interest-free. For the more cautious, you can also use this credit line as a pre-approved check-cashing station.

Emergency Money
At some point on one of your trips to a gambling destination-especially if you're careless, inebriated, losing big, trick-rolled, under-capitalized for your bet size, or a victim of any number of other disasters or combinations thereof-you might find yourself out of money and wondering what to do. Whether you've forgotten your money, been pickpocketed, or just thrown your last buck at a fearsome losing streak, when you reach for your wallet and find nothing in it, you'll probably repeat the forlorn words of the first question ever asked: "What now?"

This is no time for a lecture. You need some ideas-and quick!

There's always the possibility of panhandling in a casino area. The only cost here is to your self-esteem, unless you run afoul of the law.

But what about some less-humiliating no-cost options? If you're carrying personal checks, you can cash one at the cage of any major casino. All you need is a valid photo ID and a major credit card. Most casinos impose a check-cashing limit of $100 or $200, but you usually aren't required to be a guest at the property.

A friend of mine forgot to get cash from the bank before leaving home on a trip to Las Vegas. She's a member of the American Automobile Association (AAA) and carries an AAA Visa card, which allows you to buy American Express traveler's checks with no purchase fee at any AAA office. The checks are charged to your credit-card account as a purchase, not a cash advance. This means you might have a free float for whatever the grace period is on your card, usually up to 20-25 days, as long as you pay off the credit card balance when the bill comes due. Now that's a frugal method you could use routinely-not just in a pinch.

Unfortunately, the free options are limited. Now come your high-cost ones.

If you have a credit card, you can get a cash advance at any bank. You'll be paying a very high interest rate from the nanosecond you complete the transaction, plus a fee of up to four points of the amount of cash. Even then, it's better to get your cash advance from a bank than from the instant cash-advance machines lurking near every casino cage. What you do is insert any credit card in the slot, then enter how much money you want. If the amount is approved, you go to the cage, show ID, and retrieve the green. Depending on the amount of the cash advance, you'll pay upward of 10% up front, in addition to the usual numbing interest rate. This is such an unfrugal thing to do, I cringe every time I go by one of these machine monsters!

It may be better to bite the bullet and telephone a loved one and ask him or her to wire you money through Western Union. As Max Rubin observes, "This is where you find out if there's anybody left in the world who cares about you." Western Union offices are conveniently located in casino towns, sometimes even in casinos themselves! Check the Yellow Pages. The fees can be fairly hefty-and so can the embarrassment. But at least you'll be quickly pumped up with cash again.

As a last resort, pawn shops are always a place to get emergency money. If you have anything worth hocking, you can get, perhaps, 30% to 40% of what it's worth. You'll also pay a small service charge (usually around $5) and a big interest rate (usually around 6% a month-yes, that's 72% a year!). You'll be given a receipt and can reclaim your goods within a set period of time (usually around four months). If you don't buy them back in the allotted time period, the pawn shop is free to sell them to anyone who comes along.

I promised this wasn't going to be a lecture-but I just can't help making one last comment on money. The sensible bottom line is to bring enough of it to see you through your trip, and to be careful with it. The alternatives are dicey at best.

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