Closing an MBNA Credit Card Account.

D

dublincelt

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I have just recently opened up a new Bank of Ireland clear credit card account. I have had an MBNA credit card for the last six years. I have a good relationship with MBNA and have always paid back any outstanding debt. The reason I am looking to close this account is because it is a pain having to pay off the card through the Post Office. With the BOI Card I can pay any outstanding money off on Online Banking.

If I were to cancel my MBNA Credit Card, how does it effect the Government stamp duty charge due on April1st? Am I liable to stamp duty at €60 for the two cards if I dont cancel the card? Or will I still have to pay to cancel the MBNA Card anyway?

Any advice would be appreciated...
 
I also have an MBNA CC and I make payment through online banking to them. I rang them and got their account number and sort code and set it up with my online banking.
I dont know about the gov stamp duty
sorry
 
From: http://www.citizensinformation.ie/c...s-and-vat/stamp-duty-on-financial-cards#rules



''The duty is payable on April 1 for the preceding year. The tax year for the stamp duty begins on April 2.


If the credit card account is closed never having been used, no stamp duty is payable provided that you close the account in the same period as it was opened. If you have used your card and you close y our account during the year, you will be charged.


If you are changing to a different credit card account you don’t have to pay the duty more than once. When you are closing the account your card issuer will give you a letter of closure stating that you have paid your stamp duty for the year. If you give this letter to your new card issuer, you will not be charged stamp duty by them for that year. It is important not to lose the letter. Only one original letter of closure can be issued. A duplicate can be obtained if it is lost. You can change account as often as you like during the year without paying extra duty, as long as you transfer a letter of closure between the card issuers each time.''
 
dublincelt said:
I have just recently opened up a new Bank of Ireland clear credit card account. I have had an MBNA credit card for the last six years. I have a good relationship with MBNA and have always paid back any outstanding debt. The reason I am looking to close this account is because it is a pain having to pay off the card through the Post Office. With the BOI Card I can pay any outstanding money off on Online Banking.

If I were to cancel my MBNA Credit Card, how does it effect the Government stamp duty charge due on April1st? Am I liable to stamp duty at €60 for the two cards if I dont cancel the card? Or will I still have to pay to cancel the MBNA Card anyway?

Any advice would be appreciated...
Click to expand...

Looking to do the same. Rang MBNA, advised that I must close the account by March 19th to avoid running over the April 1st start of the new stamp duty period.
BTW you will be liable for 30€ per active card.
 
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