Switching Your Credit Card
Step 1: Check out the competition
Shop around and see what other credit card providers would do to win you away. Compare what’s on offer before you decide which one is right for you.
|Provider & Product||Introductory rate on balance transferred||Interest rate charged on purchases (APR)||Interest rate charged on cash withdrawals|
|Chill Money Credit Card||0% for 9 months||22.9%||18.9%||BANK WEBSITE|
|Avantcard Credit Card||0% for 8 months valid for 3 months from account opening||22.9%||19.9%||BANK WEBSITE|
|Bank of Ireland Platinum Advantage Credit Card||0% for 7 months||19.6%||19.89%||BANK WEBSITE|
|Bank of Ireland Classic Credit Card||0% for 7 months||22.1%||21.36%||BANK WEBSITE|
|KBC Credit Card||0% for 6 months||18.25%||20.0%||BANK WEBSITE|
|Permanent TSB ICE Visa Credit Card||0% for 6 months||20.7%||20.96%||BANK WEBSITE|
|AIB Platinum Visa Card||3.83% for 12 months from account opening||17.0%||19.68%||BANK WEBSITE|
|AIB be Visa Card||3.83% for 12 months from account opening||22.9%||19.68%||BANK WEBSITE|
|AIB be MasterCard||3.83% for 12 months from account opening||22.9%||19.68%||BANK WEBSITE|
|Ulster Bank Gold MasterCard||3.9% for 12 months||19.2%||19.3%||BANK WEBSITE|
|Ulster Bank Classic MasterCard||3.9% for 12 months||22.7%||19.3%||BANK WEBSITE|
|AIB CLICK Visa Credit Card||–||13.8%||19.68%||BANK WEBSITE|
Credit card comparison information provided by Competition and Consumer Protection Commission. Please visit the CCPC Credit Card Comparison Tool for further detail and additional terms and conditions. Information updated 6 March 2018.
Step 2: Apply for your new credit card
Fill in an application form online or in a branch. Make sure you have the following information handy: your bank details; current credit card, loans and savings accounts; mortgage if any; current account; and income. You must be over 18 to apply and have an annual income over a certain amount, sometimes set at €16,000 a year.
Step 3: Close your old credit card account
Don’t forget to cancel in writing any direct debits you have on your old credit card account. Clear the balance and write to your old credit card company asking them to close your account and cancel your card. If you’ve already paid stamp duty in the current tax year, then they will send you confirmation that your account is now closed. Send this to your new credit card provider so you are not charged stamp duty twice in the same year.
Step 4: Wait for card approval
Once you get card approval you can activate your new credit card. Be sure to set up any previous direct debits from your old card on your new card to cover things like gym membership or subscription payments.
Once you’ve applied for a new credit card, close your old credit card account to stay in control of your finances. That way you won’t be tempted to use both cards and you’ll save yourself stamp duty.
Pay the stamp duty
Once you write to your old credit card company asking them to close your account and cancel your card, make sure to pay the stamp duty. Get a Letter of Closure from your old credit card provider to prove that you’ve paid the stamp duty for this year.
Never make assumptions
A credit card account will remain open even if you stop using your credit card. You need to inform your old company in writing to close the account and pass the Letter of Closure to your new credit card company so you’re not charged stamp duty twice. This also applies to direct debits on your old credit card – if you don’t cancel them they won’t cancel themselves so make sure you contact the company being paid.
Activate your new credit card
Once you get approval you can activate your new credit card and set up any direct debits that you wish.