Information On Irish Credit Card Stamp Duty

Ireland is the only nation that has a credit score card stamp duty. A stamp duty is a tax the government imposes on specified authorized paperwork. The word “stamp” is a holdover from the days when an actual physical stamp was connected to a document to demonstrate that the duty had been paid. The stamp duty on Irish credit score cards and charge cards is for 30 per yr per account. Charge cards are like credit score cards except there is no interest due to the fact you spend it off at the finish of the month.

It is important to note that numerous cards connected to a single account, this kind of as an account where both spouses have a copy of the credit score card, only one stamp duty is imposed. If you transfer a credit score card account from one issuer to an additional, you can avoid paying out the stamp duty once more as extended as you near the outdated account and have documentation from the account you are closing saying so.

In 2007, Ireland had much more than 2.3 million credit score cards in circulation, more than double what it was in 1997. Even if only a quarter of those had been connected to unique accounts, it would add up to more than twenty million in credit card stamp duty cash flow per yr.
There is also a stamp duty levied on debit laser cards and ATM cards. For these cards, the tax is 10 on every ATM card or debit laser card, or twenty yearly on each and every combined Laser/ATM card. Even so, with debit laser cards and ATM cards the duty is affixed on every card instead than every single account.
Even though you may balk at possessing to prove that you’ve previously paid the credit card stamp duty after in a yr if you’ve switched cards, or if you consider that it can be as well significantly difficulties to bother with, contemplate what would come about if a hundred,000 Irish citizens didn’t bother. The Irish government would get an added 30 million in a year for no very good reason.
Same issue with the duties on ATM and debit laser cards. If no one bothered disputing the stamp duty if they switched cards right after obtaining paid the tax for the yr, the government would rake in an added 10 million. There’s no sense in attempting to get out of paying out the stamp duty, but at the same time there’s no purpose for you to pay out it twice in a yr if you never have to.

One Response to “Information On Irish Credit Card Stamp Duty”

  1. Jordan 13 February 2013 at 9:52 am Permalink

    Presently my credit rating is 655. I’ve 4 cc’s and haven’t gone above 1 / 2 of my borrowing limit. I usually pay a minimum of double my minimum payment. I actually do have 1 negative factor on the website from 2003, it will show it’s compensated tho. What exactly are methods for getting my score better. At this time im directly on the edge from the fair category almost in good, however i want excellent credit. How do i do that?

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