The stamp duty on credit cards is charged annually in respect of the previous year.
Generally, financial institutions collect the €30 duty from credit card accounts on the 1st of April each year.
In 2020, the collection of Government Stamp duty on credit cards was deferred until July 2020 due to COVID19. However, for 2021, the Government Stamp duty was collected in early April 2021.
If you are wondering how to reduce your bank charges – take a look at our comparison of current account charges in Ireland
If you want to avoid the stamp duty on credit cards, you might be interested in the Bunq Easy Bank Card. It is a prepaid card but retailers/hotels etc. payment machines class it as a credit card. No credit checks required – but there is a €2.99 monthly fee .
The bunq easy bank card is not liable to stamp duty and you can’t spend more than your balance. It’s covered by the Duch bank guarantee – so all funds up to €100,000 are safe. More about Bunq here.
Changing Credit Cards
If you are changing to a different credit card if you close the old credit card you don’t have to pay the stamp duty again for that year. When you close one account your card issuer should issue a letter of closure stating that you have paid your stamp duty for the year. When you give this letter to your new card issuer, they should ensure that you are not charged stamp duty again for that year.
If you close a credit card account mid-year and don’t open another one – you will still be liable for the full €30 stamp duty.