40 euro stamp duty on every credit card?

[jmulhallz]

All,
Just looking for some confirmation regarding the 40 euro stamp duty on every credit card you hold.
I'm changing credit card companies and I'm wondering will I be liable for another 40 euro?
I expect the new credit card company to take a balance transfer of the existing one and close it.
So I will only ever have one credit card at any time?

Make sense?
Thanks!

 

[CCOVICH]

All,
Just looking for some confirmation regarding the 40 euro stamp duty on every credit card you hold.
I'm changing credit card companies and I'm wondering will I be liable for another 40 euro?
I expect the new credit card company to take a balance transfer of the existing one and close it.
So I will only ever have one credit card at any time?

Make sense?
Thanks!

You should still only have to pay stamp duty once-even though you will have two accounts open at the same time. Just get a letter from your exisiting card provider to say that you paid stamp duty already this year and give it to your new card provider.

 

[irishpancake]

see the [broken link removed] for details of how switching works, since 5th April 2005.

If you switch accounts after 2 April 2005 you should pay the stamp duty to old Bank/Card Issuer on closing the account. It will be requested in your final statement. Your old Bank/Card Issuer 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/Card Issuer, who will not bill you for stamp duty for that period.

So, be prepared to pay €40 on closing present CC, and nothing to pay to new provider until April 2008. Make sure you get the Letter of Closure, sometimes difficult.

 

[snoop1]

Just to confirm. If I wish to change my credit card provider, I can apply and get a new credit card (i.e. temporarily have 2 credit cards). Then close the old one, getting a letter of closure, send to my new provider etc and pay the 40 bucks only once. Essentially the 40bucks is not paid in advance, but at the end of the year, or on closure of the account.

thanks