LAS VEGAS, Nevada – (PRESS RELEASE) -- Less than six months after initial
introduction, holders of the Arriva Card, the
first credit card designed for use in casinos, have completed more than $15
million in cash advance transactions at 800-plus leading casinos whose ATM,
cash advance and check cashing services are provided by Global Cash Access
(NYSE: GCA), parent of Arriva Card, Inc.
As a result, these casinos have benefited from an additional $15
million in the hands of responsible gamers, according to GCA.
To date, the average in-casino cash advance done on an Arriva Card is
significantly larger than those done on all other credit cards. More
specifically, Arriva Card cash advance transactions at casino ATM machines
are 115% larger, and "signature-based" cash advance transactions are 72%
larger, than these kinds of transactions with other cards.
Further, even though the Arriva Card is in the early stages of
marketing, casinos have seen significant percentages -- in some cases more
than 16% -- of cash advance transactions coming from Arriva Cards.
The larger size of cash advance transactions done with Arriva Cards
results from Arriva's better terms for casino patrons, generous rewards
program, and ability to provide immediate access to credit, according to
Arriva Card, Inc.
"This is exciting for casino patrons as well as for casinos that are
GCA customers. We've made nearly $30 million of additional credit available
to responsible gaming patrons. We believe these patrons, and the casinos,
are turning to Arriva because we treat them better than other credit cards
do. We provide better terms for credit worthy customers, and we don't
penalize for cash advance transactions, as virtually all other credit cards
do," said Todd Smith, vice president for card services at Global Cash
Access, Inc., parent of Arriva Card, Inc.
Arriva Card gives casino patrons with strong credit and in-casino cash
advance histories more access to cash -- and at better terms -- than they'd
typically have with traditional credit cards.
"We know that in-casino cash advances are entertainment purchases, like
that of a theater ticket, fine dining experience or hotel room, and not
desperation loans, like other cash advances often are. Accordingly, we
reward customers for using Arriva responsibly; we don't levy penalties and
extra fees," said Mr. Smith.
For example, most credit cards charge higher rates for cash advances
than they charge for retail purchases; begin charging interest immediately
after the transaction (as opposed to giving a grace period like with retail
purchases); don't give reward points for cash advances; restrict cash
advances to only a portion of the credit line; and generally don't apply
monthly payments against cash advance transactions until the retail
purchase balance is paid off.
Arriva takes a different approach. Arriva Card:
* Offers a true grace period on cash advances.
* Gives reward points for cash advances -- unlike typical credit cards.
* Allows cash advances of the entire Arriva Card credit line.
* Charges lower fees and interest rates on cash advances than many credit
Arriva Card is a product of Arriva Card, Inc., a wholly owned
subsidiary of Global Cash Access Holdings, Inc. (NYSE: GCA). CIT Bank is
the issuer of the card, and Arriva Card, Inc. is the administrator and
servicer of Arriva Card accounts.
The Arriva Card can be used in the 800-plus casino locations in the
U.S. and Caribbean that are GCA customers.