PokerStars Beta Testing New Payment Method

PokerStars began a limited roll-out of a new funding method for its customers yesterday, testing pre-paid VISA debit cards with 5,000 players. Strangely, however, PokerStars did not tell people that the funding method is only available to certain customers, which has caused much confusion on internet message boards.

Customers can signup for the cards from the PokerStars cashier. There is no fee to signup and all customers will receive a physical debit card in the mail. Even before the card is in hand, as long as a customer has created the pre-paid VISA account, the account can be used to both deposit funds into and receive cash outs from their PokerStars account.

In order to use the money on the card for non-poker needs, account holders will need to use it at one of thousands of ATM’s to withdraw cash, or use it at retailers who accept VISA. The cards can be funded online with a VISA or MasterCard.

Right now, it looks like the big downside to the pre-paid VISA method is that it is fee heavy. The issuing company, PAYTru, charges a 4% + $0.50 fee to load funds onto the card, and any transaction that adds funds to the card, even if it is a transfer from a poker room, counts as a load. Fortunately, PokerStars has said, in response to customer inquiries, that it will cover any load fees resulting from cash outs from the poker room. PAYTru also charges $2.50 for ATM withdrawals (in addition to any fees from the bank) and $1.00 for store purchases. Additionally, there is a $2.95 monthly fee, although this is waived if there is a zero balance.

There is a $500 daily limit on ATM withdrawals, as well as a $500 daily limit on deposits into a PokerStars account.

Originally published 4:42 PM Wednesday, February 21, 2007