Thinking of changing to a low-cost Credit Card, but don't want to get into the situation of paying €40 for two different cards for the overlapping period. I understand that the Charge is levied retrospectively on any card that is held on a certain date - End of March??
Would this mean cancelling one card and waiting until into the new period to take out the new card.
Yes - you are correct. End the current one before March 31st and you'll be deducted €40. Open a new one after April 1st and you will not be liable till March 31st 2005. Be aware that it could take about 4 weeks to successfully be accepted and get a new one. Also there's a chance that they may not approve . Make sure you have no liabilities which may show in the ICB.
just a follow-up.... How does it work if you try to do this (close one in March and open the other in April) and benefit from the low interest rate for transfers. Surely, you need to clear the balance to close the amount, preventing you from having a Transferring Balance...
hi all
I have just rang my credit card company to cancel one of my cards as i dont want to have to pay 2 X €40...and have just been told that they brought in new legislation last july (03) that you have to pay the stamp duty, if you have the card within the 12mths leading up to the april??? I find this a bit iffy and said this to the girl on the phone...also i presume if there had've been a change it would have been mentioned on this website!
can some one put me straight.....as i want to get rid of my card asap
As far as I know that is correct. If you haven't already paid the stamp duty in respect of the current April-March year then it will be levied when you get rid of the card.
I paid my stamp duty for this card last april....thats what i was trying to tell the girl on the phone....and she said you had to pay a yr in arrears?????
meaning when i paid last april it was for 2002-03...which is definitely a bit suspect if not a total rip off....and if i close my account now i will have to pay 2003/04
I looked up the revenue.ie site and there is no amendment to the charges that where changed in dec 2002
thanks for all the replies...just wondering rainyday is there any site with this info on it....as a lot of my friends did not know about this new law!!!
surely the bank should have sent out a letter last july or whenever the new law came in