Do you have an Ulster Bank credit card? Now is the time to close it!

March 22, 2023

If you have an Ulster Bank Credit Card you must take action now, as from 22 March 2023 Ulster Bank credit cards will no longer work.

Credit cards can be a very expensive form of credit if you’re not paying your balance off in full every month, so you may decide to just close your Ulster Bank account without opening a new credit card account elsewhere. Skip to step 4 for more – and don’t forget you’ll need to pay your stamp duty before you can close your account!

If you do want to get a new credit card but are feeling daunted at the thought of finding a new provider, don’t fret: we have some top tips to get you started.

1. Pick a new provider

The first thing you need to do is pick your new credit card provider. Each provider will have different interest rate charges, late-payment fees etc. Some credit card providers offer a 0% interest rate for a specified period of time for customers who transfer their outstanding credit card balance from their old card to their new card. You can compare credit cards using our credit card Money Tool.

2. Applying for your new credit card

Once you decide who you would like your new credit card provider to be you will need to complete a credit card application. If you are not an existing customer of the new provider, you’ll need to satisfy their identification requirement by submitting proof of identity and proof of address along with your application.

A credit check will also be carried out as part of the application to ensure that you have a track record of meeting previous loan/credit card repayments. Missed payments can happen from time to time, so if you know of any that will appear on your credit report it is important to be honest with the new provider to avoid delays in your application. If payments were missed and you have a valid reason as to why, then this can be considered in your application.

You can transfer the balance of your old card to your new provider if they have approved this as part of your application. If the new interest rate is lower than your previous rate, a balance transfer is a good way to save money on existing credit card debt. Some credit card providers will offer new customers an introductory interest rate, for a period of time, which can be considerably lower than the average rate. As you are paying less money on interest you can pay more off your outstanding balance, so where possible make use of this lower rate. You may need to complete a form to facilitate the transfer or the new credit card provider may do it as part of your application and liaise with Ulster Bank.

3. Ensure recurring payments are set up on the new credit card.

Now that you are up and running with your new credit card don’t forget to amend your card details for any recurring payments you may have. A recurring payment is similar to a direct debit, but instead of using your bank account details to take payment you provide your card details. You may be able to do this online or by phone depending on the payment. Examples of recurring payments would be streaming sites, waste collection services, gym memberships etc.

4. Closing your old credit card account

After your balance is transferred or cleared, you will need to close your old credit card. You can do this in person, over the phone by calling 0818 210 261, or +44 1702 275 524 if calling from abroad, or in writing to Ulster Bank Cards, PO Box 4015, Dublin 2.

You should download any documents you may need such as statements and information on fees and charges before closing your Ulster Bank card.

Once your Ulster Bank card is closed you should destroy the credit card securely by cutting up the card several times to ensure that the chip and black strip are destroyed.

5. Avoid paying double stamp duty

Government stamp duty of €30 is payable on credit cards each year, typically on 1 April, for the previous year. If closing your credit card after 1 April in any calendar year you may also be liable for the current year’s stamp duty. Be sure to check if this fee is outstanding as your credit card will not close until this is paid and interest will continue to be applied to the balance on your card.

Once you have paid the outstanding stamp duty you will be issued with a Stamp Duty Letter of Closure which can be provided to your new credit card provider to avoid paying the stamp duty again for the previous year.

6. Additional support

If you need further information or advice from Ulster Bank, you can call their Credit Card Team on 0818 210 261 (lines open 24 hours a day including Bank Holidays).

If you are in financial difficulty, their Financial Health and Support Team are also available 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) you can visit your nearest branch or call Ulster Bank’s dedicated helpline on 1800 656 001 (lines open 8am – 8pm, 7 days a week).

What if I don’t close my account?

If you clear your balance, leave €30 credit on your card for stamp duty and don’t close your account, it will automatically close after 22 March.

If you don’t address any outstanding balance on your card before 22 March, your account may go into arrears. This may have an impact on your credit history, and it may negatively impact your ability to borrow money in the future from other financial institutions.

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