Did you know people spend a lot of money on lottery tickets? In 2024, Americans spent over $113 billion! But using a credit card to buy tickets can be a bad idea.
- Using credit cards for lottery tickets often means paying extra fees (like 3.5% to 5% or $10, whichever is more!).
- You'll also pay high interest rates (around 30%), and interest starts immediately, unlike regular credit card purchases.
- You might not even get rewards points on your credit card for lottery ticket purchases.
- It's better to use cash or a debit card to only spend what you have.
| Fact | Number |
|---|---|
| Money spent on lottery tickets in 2024 (US) | $113 Billion |
| Average cash advance fee | 3.5% - 5% or $10 |
| Typical cash advance APR | ~30% |
Instead of buying lottery tickets, consider saving and investing your money. Investing even a small amount each year can grow into a lot of money over time.
