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Closing out a Credit Card with AIB

  • 27-08-2019 12:58pm
    #1
    CBCB
    Registered Users, Registered Users 2 Posts: 93 ✭✭


    I just transferred my credit card balance from AIB to KBC for 0% interest for 6 mths. I just called AIB to cancel my card and was advised that I have to pay a €30 charge for Government stamp duty to close my account. I have already paid the stamp duty in April however they are insisting that this is a Government charge.

    Does anyone have any experience of this ?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    I believe you only have to pay this levy once in the year so you can get a cert of some sort from AIB to say you've paid it for the current year, give it to KBC and then they (KBC) will not charge you that levy in the same 12 months. Not sure what the cert is called but I've seen it mentioned here.

    Edit: here are the details from the Revenue website.... You need a letter of closure from AIB.

    Your financial institution will generally collect Stamp Duty on 1 April, in arrears, unless you close the account during the year. The tax year for credit cards runs from 2 April to the following 1 April.

    If you switch accounts you should pay the stamp duty to the old bank or card issuer on closing the account. Your old bank or card issuer will request the Stamp Duty in your final statement and will then issue you with a Letter of Closure. This letter will confirm that you have paid the Stamp Duty for the period in question. You should present this letter to your new bank or card issuer, who will not bill you for Stamp Duty for that period.


    https://www.revenue.ie/en/property/stamp-duty/other-stamp-duty/financial-cards/credit-cards-charge-cards.aspx


  • #3
    CBCB
    Registered Users, Registered Users 2 Posts: 93 ✭✭CBCB


    coylemj wrote: »
    I believe you only have to pay this levy once in the year so you can get a cert of some sort from AIB to say you've paid it for the current year, give it to KBC and then they (KBC) will not charge you that levy in the same 12 months. Not sure what the cert is called but I've seen it mentioned here.

    Edit: here are the details from the Revenue website.... You need a letter of closure from AIB.

    Your financial institution will generally collect Stamp Duty on 1 April, in arrears, unless you close the account during the year. The tax year for credit cards runs from 2 April to the following 1 April.

    If you switch accounts you should pay the stamp duty to the old bank or card issuer on closing the account. Your old bank or card issuer will request the Stamp Duty in your final statement and will then issue you with a Letter of Closure. This letter will confirm that you have paid the Stamp Duty for the period in question. You should present this letter to your new bank or card issuer, who will not bill you for Stamp Duty for that period.

    https://www.revenue.ie/en/property/stamp-duty/other-stamp-duty/financial-cards/credit-cards-charge-cards.aspx

    Really appreciate the response !

    I guess that makes sense if it's in arrears.


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