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Tax deductions for credit cards in Switzerland

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Forum Personal Finance Forum Taxes Tax deductions for credit cards in Switzerland

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BenutzernameMoneyland User Questions
Status Member
Registriert seit1/27/17
Beiträge2142

March 9, 2017, 10:28:27 AM

Can I deduct my credit card fees and charges from my taxable income in Switzerland?

BenutzernameMoneyguru von moneyland.ch
OrtSchweiz
Status Expert
Registriert seit8/4/15
Beiträge4072

March 9, 2017, 4:50:45 PM

Hi there,

You cannot deduct your credit cards fees (the annual fee or foreign transaction fees, for example) from your taxable income.

However, you can deduct the interest you pay on credit card debt. The debt itself cannot be deducted.

For example, if you carry an average credit card debt of 20,000 francs with a 10% annual interest rate, the 2,000 francs (give or take) which you pay in interest charges over the year can be deducted from your taxable income. The 20,000-franc debt, on the other hand, cannot be added as a deduction.

Best regards from Moneyguru

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