Ireland is the only country that has a credit card stamp duty. A stamp duty is a tax the government imposes on certain legal documents. The word “stamp” is a holdover from the days when an actual physical stamp was attached to a document to prove that the duty had been paid. The stamp duty on Irish credit cards and charge cards is for €30 per year per account. Charge cards are like credit cards except there is no interest because you pay it off at the end of the month.
It is important to note that multiple cards attached to one account, such as an account where both spouses have a copy of the credit card, only one duty is imposed. If you transfer a credit card account from one issuer to another, you can avoid paying the stamp duty again as long as you close the old account and have documentation from the account you’re closing saying so.
In 2007, Ireland had more than 2.3 million credit cards in circulation, more than double what it was in 1997. Even if only a quarter of those were attached to unique accounts, it would add up to over €20 million in credit card stamp duty income per year.
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It is absolutely necessary to have a bank account in today’s fast paced world. For many people however, bad credit keeps this necessity out of reach and their finances at risk. In just a moment however; you’ll learn how to get bad credit bank account and how to get your credit back on track.
A bad credit bank account is an account offered to customers who don’t qualify for a traditional account because of either bad credit or a negative chexsystems history. In many ways this type of account is just like a traditional bank account; you can use ATM’s, you can make purchases online, over the phone, and at various department stores using your debit card.
Most banks offer these types of accounts to customers who don’t qualify for their other products, but before you go and sprint to your local bank and ask for one of these accounts there are some things you should know.
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So you’ve been told to get a copy of your credit report. Where should you get a copy? The answer is, you must get one copy from each of three major credit bureaus in the country – (Equifax, Experian, TransUnion). Why should you obtain a copy from each? Some people think that all three credit reporting agencies are the same. On the contrary, each one of these three agencies performs their jobs separately. Thus, the report you’ll get from one bureau may have some discrepancies or differences with the other. To be sure, it’s best to get a copy from all three credit reporting agencies. Now that you have a copy of your credit report in your hands, what’s next? How can you examine your credit report correctly to make sure that it is accurate and error-free? This credit report guide will focus on how to read and understand all information contained in your report.
Your Credit Report:
Your credit report is divided into four categories – your personal information, credit history, public records and inquiries. Don’t overlook checking if all details listed under your personal information are correct. For example, is your name displayed correctly? Is your Social Security Number correct? What about your address? Driver’s license number? Employer? Date of birth? Contact numbers? Double-check if all the information are correct about you.
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Chances are if you’re reading this your credit score is not what you want it to be. Poor credit is a very common problem. Millions of individuals are affected, especially in the current economic times. If you’re willing to take the time you can make a difference in your scores. They’re constantly changing and ultimately you are the one that determines your score.
Far too often people speak of their credit score as if they have been marked. It’s as if they feel the credit bureaus just assign them a low number to make things difficult. This is anything but true. The credit reporting agencies simply look at the information that has been reported and calculate a score using their methods. They are not biased nor do they hold any kind of vendetta against you personally.
So above all else you need to begin reporting positive information. Add items that can’t help but bring up your score. Promptly paying your bills, paying down credit cards, and paying off debts early as possible will all bring your score up. Your creditors are required to report your information accurately, they must report the good and the bad. Once again you are in control of what gets reported.
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Credit cards can be a good source of cash especially during emergency. There are several ways it can be used as a source of cash like below.
Counter cash advance
By presenting the credit card over the counter of a bank, you can draw cash up to the cash limit designated by the card issuer. Such transaction is called the counter cash advance transaction. In the process, the bank swipes your card on the Electronic Data Capture (EDC) terminal with would automatically dials up to seek an approval code from the bank for the transaction. The bank would also records your personal details from your identity card, make a copy of your identity card and obtain your signature on both the transaction and withdrawal slips. Upon approval of your transaction by the bank, the teller will dispense the cash to you. The whole process should takes less than 20 minutes depending on the bank procedures.
ATM cash advance
You can also perform cash advance with your credit card through a bank automatic teller machine (ATM). This transaction is much simpler than the earlier counter cash advance transaction.
To do this, insert your card into the card slot in the ATM, key in your pin number and key in the amount that you want to draw out. In the process, the ATM will automatically dial up to seek an approval code from the bank for the transaction. One the transaction is approved the ATM will dispense the cash equivalent to the amount that you keyed in earlier. The whole process usually takes less than 2 minutes.
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