Stamp Duty on financial cards
Credit cards and charge cards
The rate for credit cards is €30 per year per credit card account. The charge for credit cards is for the account and not the number of cards issued to that account.
The rate for charge cards is €30 per year for each charge card issued to an account. In 2023, the charging period for credit cards and charge cards have been amended to bring it in line with a calendar year ended 31 December. There will be a shorter chargeable period - 02 April 2023 to 31 December 2023. To facilitate the change, a reduced Government Stamp Duty of €22.50 will be charged for the period 02 April 2023 to 31 December 2023. Financial Institutions and card providers generally collect the Stamp Duty on cards in arrears. Information on the collection date will be available for your financial institution card provider. From 01 January 2024, the Stamp Duty for credit cards and charge cards will revert back to €30.
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 charge the Stamp Duty in your final statement. They will then issue a Letter of Closure to you. This letter confirms that you have paid the Stamp Duty for the period in question. You should present this letter to your new bank or card issuer. You will not be charged Stamp Duty for that period.
If you change credit or charge cards numerous times in the same accounting period, you are only charged on the original account. You need to obtain a Letter of Closure each time you close an account. The next bank or card issuer will issue a Letter of Closure once it has proof that the initial duty was paid.
If you close your account in the same period as you opened it without using the card, no charge to Stamp Duty arises.
If you close your account during the year and do not open a new account, a Stamp Duty charge arises for the preceding year.