Credit Cards

Credit Card Stamp Duty (€30) is a tax charged by the Government on credit cards issued in the Republic of Ireland each year. It is charged on the 1st of April each year for the preceding year or when an account is closed. Therefore as your account has been closed stamp duty has been applied.  You are charged stamp duty for each credit card account you hold.

If you open an account with a new provider, there is a process in place to help you make sure that you do not pay the tax twice in one year. We will send you a Stamp Duty Letter of Closure confirming that Government Stamp Duty has been paid for the current charging period.  This will be issued after you have paid the outstanding balance including Government Stamp Duty. You should then submit this letter to your new credit card provider so that you are not charged the duty twice. If you require this letter urgently please call the Card Centre on 0818 210 261 (lines open 24 hours a day including Bank Holidays). If you don’t pay the stamp duty which is due on your Credit Card the balance will remain outstanding on your account and will be subject to interest and fees in line with the terms and conditions of your Credit Card agreement. Failure to pay could have consequences for you, for example it could cause a negative impact on your credit rating.

If you need additional support please call our Credit Card Team  on 0818 210 261 (lines open 24 hours a day including Bank Holidays).  If you are in financial difficulty our Financial Health and Support Team are available also on 0818 210 261, Monday to Friday 8am – 8pm and Saturdays 8am – 1pm. If you need extra support to close your account, e.g. due to a disability, health condition or because your circumstances have changed please visit your nearest branch or call our dedicated helpline on 1800 656 001 (lines open 8am – 8pm, 7 days a week).

Your Credit Card no longer works. You need to continue to make repayments in line with the terms and conditions of your Credit Card agreement, otherwise your account will go into arrears which may affect your credit rating and your ability to borrow in the future.  This means paying at least the minimum amount as outlined on your monthly statement, which you will continue to receive until your balance is cleared.

However, if you only make the minimum payment each month, it will take you longer and cost you more to clear your balance. There are a wide range of methods available to pay including bank transfer, direct debit and posting a cheque.  Click here for more information on payments.

An alternative option to repaying the outstanding balance is to transfer the balance to a new credit card provider.  The Competition and Consumer Protection Commission (CCPC) have a calculator you may find useful to calculate how long it will take you to clear your debt in comparison with how long it would take if you transferred your balance to a new provider, visit https://www.ccpc.ie/consumers/money-tools/credit-card-comparisons/ * and select ‘Clearing your Credit Card Calculator’.

If you don’t make the required payment your account will go into arrears. If this happens our Financial Health and Support Team will contact, you to discuss the options available. This may have an impact on your credit rating, and it may negatively impact your ability to borrow money in the future from other financial institutions.

If you need additional support please call our Credit Card Team on 0818 210 261 (lines open 24 hours a day including Bank Holidays).  If you are in financial difficulty our Financial Health and Support Team are available also on 0818 210 261, Monday to Friday 8am - 8pm and Saturdays 8am - 1pm. If you need extra support to close your account (e.g. due to a disability, health condition or because your circumstances have changed) please visit your nearest branch or call our dedicated helpline on 1800 656 001 (lines open 8am – 8pm, 7 days a week).

*The link is attached for guidance purposes. Ulster Bank is not responsible for the content of third-party websites.

Stamp Duty will be deducted and we will post you a cheque for the remaining credit balance.

You will need to enquire with your new provider if they offer a Balance Transfer facility and if you are eligible. The Competition and Consumer Protection Commission (CCPC) provides independent information including product comparison tools to help you find providers who offer Balance Transfers:

 www.ccpc.ie/consumers/money-tools/credit-card-comparisons *

*The link is attached for guidance purposes. Ulster Bank is not responsible for the content of third-party websites.

The Competition and Consumer Protection Commission (CCPC) provides independent information including product comparison tools to help you find another provider, visit: www.ccpc.ie/consumers/money-tools/credit-card-comparisons *

If you can’t get a credit card with another provider, you will need to use alternative methods to meet your banking needs, e.g. if you are using your credit card as a payment method a debit card is an alternative; if you are using your credit card for borrowing an alternative may be an overdraft/personal loan with another provider.

*The link is attached for guidance purposes. Ulster Bank is not responsible for the content of third-party websites.