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Switching visa debit for visa credit card without additional stamp duty?

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  • 27-11-2014 3:07pm
    #1
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭


    If I want to switch from visa debit to visa credit card - what date should I do this so that I'm not paying 2x sets of stamp duty?

    i.e. when is annual stamp duty applied? Want to cancel the visa debit on that date and switch to visa credit - so as I just pay the one instance of stamp duty.


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    #2
    Spocker
    Moderators Posts: 6,860 ✭✭✭Spocker


    You'll pay the stamp duty on both cards regardless of when you switch, as they are different types of cards that attract different rates of duty

    http://www.citizensinformation.ie/en/money_and_tax/tax/duties_and_vat/stamp_duty_on_financial_cards.html

    [Edit] Actually, if you close the account with the debit card before the end of the year, it looks like you won't be charged the duty on that card. Duty for Credit Cards is applied in April, for the previous year


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    #3
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    They're also different charges applied on different dates. Visa debit is €5 on first use and then annually in January. Credit is €30 annually in April and on closure.


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    #4
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    makeorbrake wrote: »
    If I want to switch from visa debit to visa credit card - what date should I do this so that I'm not paying 2x sets of stamp duty?

    i.e. when is annual stamp duty applied? Want to cancel the visa debit on that date and switch to visa credit - so as I just pay the one instance of stamp duty.

    Is there a specific reason you want to rid of the debit card?


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