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€60 to close credit card account

  • 22-06-2020 11:57am
    #1
    eddieoregan
    Registered Users, Registered Users 2 Posts: 145 ✭✭


    I phoned my bank to close my credit card account, they told me it will cost €60 to close it. €30 stamp duty is due on April 1st but revenue delayed this until July 1st and another €30 to close the account.


Comments

  • #2
    Xterminator
    Registered Users, Registered Users 2 Posts: 4,782 ✭✭✭Xterminator


    you can ask for a breakdown of the charges.

    you do accept the annual charge isnt a bank issue? What is your current balance, what charges are outstanding for the current period.
    Do you suspect you did not accept the terms and conditions, charges etc associated with credit card?


  • #3
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    That is just the credit card stamp duty for 2 separate periods. That's a tax everyone with a credit card pays and the bank are not getting any of it.

    30 euro for the pre April 2020 period that they delayed collection of, and 30 euro for the following tax period.


  • #4
    eddieoregan
    Registered Users, Registered Users 2 Posts: 145 ✭✭eddieoregan


    Xterminator wrote: »
    you can ask for a breakdown of the charges.

    you do accept the annual charge isnt a bank issue? What is your current balance, what charges are outstanding for the current period.
    Do you suspect you did not accept the terms and conditions, charges etc associated with credit card?

    The card is in credit by €30, I was going to use that to close the account, but I might as well wait until next March now,


  • #5
    eddieoregan
    Registered Users, Registered Users 2 Posts: 145 ✭✭eddieoregan


    Bubbaclaus wrote: »
    That is just the credit card stamp duty for 2 separate periods. That's a tax everyone with a credit card pays and the bank are not getting any of it.

    30 euro for the pre April 2020 period that they delayed collection of, and 30 euro for the following tax period.

    If I had known that, I would have closed the account back in March.


  • #6
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    eddieoregan wrote: »
    If I had known that, I would have closed the account back in March.

    The legislation surrounding stamp study is freely available for anyone to read, nobody tried to rip you off.

    If you didnt use the card since 1 April you can claim a refund of the 30 euro I believe, since you didnt use it in the period. Also, if you open another credit card account after this you wouldn't have to pay a separate 30 euro for that.


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  • #7
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,804 ✭✭✭GerardKeating


    eddieoregan wrote: »
    If I had known that, I would have closed the account back in March.

    If you have not used the card since march, you do not have to pay the duty.

    If you do close this account and get a different card, the duty paid will cover both.


  • #8
    eddieoregan
    Registered Users, Registered Users 2 Posts: 145 ✭✭eddieoregan


    GerardKeating wrote: »
    If you have not used the card since march, you do not have to pay the duty.

    If you do close this account and get a different card, the duty paid will cover both.

    Unfortunately The last time it was used was April 30th a refund from ticketmaster for longitude tickets


  • #9
    L1011
    Registered Users, Registered Users 2 Posts: 71,112 ✭✭✭✭L1011


    If you are opening a new credit card account you will not need to pay the 2020/1 stamp duty on it (its only once per single card basically), but otherwise that €60 is inescapable.


  • #10
    eddieoregan
    Registered Users, Registered Users 2 Posts: 145 ✭✭eddieoregan


    L1011 wrote: »
    If you are opening a new credit card account you will not need to pay the 2020/1 stamp duty on it (its only once per single card basically), but otherwise that €60 is inescapable.

    No, I’m not opening a new account, as I have a debit card that I use all the time.


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