Irish Credit Card

The Irish use credit cards to make regular transactions. Technological infrastructure and high purchasing power have popularized Irish credit card usage. In 2007, there were almost 2.3 million credit cards in operation, according to the Irish Banking Federation. Online and mobile banking services are further promoting credit card usage.[br]  

The Irish use credit cards to make regular transactions. Technological infrastructure and high purchasing power have popularized Irish credit card usage. In 2007, there were almost 2.3 million credit cards in operation, according to the Irish Banking Federation. Online and mobile banking services are further promoting credit card usage.[br]  

Irish Credit Card: Major Types

Irish credit cards are available in association with MasterCard, Visa, American Express and Diners Club. Major banking institutions that offer Irish credit cards are:

 

• Bank of Ireland

• Barclaycard

• Capital One

• Citibank

• Lloyds TSB

• MBNA

• Nationwide

• Royal Bank of Scotland

• The Co-operative Bank

• Ulster Bank

• Yorkshire Bank

 

Most financial institutions offer classic, gold and platinum credit cards to individuals based on their credit ratings. Credit cards are easily available to salaried employees and corporate clients. Banks offer different reward programs to promote credit card usage, such as air miles, cash back and travel rewards.

 

Online banking services also promote credit card usage. It allows individuals to make payments for utility bills, online shopping, hotel bookings, reservations and movies. Irish banks employ chip and PIN technology to secure online payments. They also have developed secured platforms to avoid credit card fraud. Mobile banking services are also on the rise in Ireland.[br]

 

Irish Credit Card: Government Duty

The government places an annual stamp duty for enjoying credit card privilege. As of 2009, the stamp duty stands at €30. This duty has to be paid individually for each credit card account. Once the duty is paid, an individual can shift from one credit card product to another without paying it again. However, to avoid paying the duty again, one has to receive a closing letter for the previous account. This letter clearly states that the accountholder has paid the stamp duty for the running year. On producing this letter to any other credit card issuer, one can avoid repayment.

 

Foreign experts consider placing stamp duty as a move to discourage credit card usage. However, the government defends it as a means to fortify modern banking infrastructure in the interest of Irish citizens.