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Do I need to cancel Credit Card if balance is 0?

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  • 06-07-2007 12:59pm
    #1
    babs007
    Closed Accounts Posts: 18 ✭


    Do I need to cancel Credit Card if balance is zero? Not using it anymore as I am switiching. Will there still be charges or no?


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  • Options
    #2
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    Yes , government tax of €40 a year


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    #3
    Sangre
    Registered Users Posts: 12,167 ✭✭✭✭Sangre


    If you're cancelling the card you'll need to leave it 40e in credit for stamp duty next year. Thats unless you do a balance transfer.

    However, when you do close it the old card will send you a letter of closure and you can usually pass this onto the new CC company who might waive GSD next year unless you were using both cards simultaneously.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    If you are switching to another provider you should not be paying stamp duty twice. AFAIK you should only be paying stamp duty once a year.


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