According to research carried out by research and advisory firm Lafferty Group, Ireland is third of the top 25 countries in the profit-percard table, just behind Mexico and New Zealand.

The study's authors also say that the Euro40 annual credit card stamp duty in Ireland is unsustainable and prevents competition in the sector.

"Stamp duty on financial cards limits competition. Yet the tax has failed to dampen profitability among Irish issuers, " the release read.

However, future developments at EU level, such as the creation of a Single Euro Payment Area, mean it will be easier for foreign banks to issue credit cards in Ireland.

Olann Kerrison, senior researcher at Lafferty group, says that the issue could be a hot topic in the years ahead.

"In this case credit cards offered by non-Irish issuers would become a very interesting proposition to Irish consumers who would most certainly balk at the Euro40 per year for the privilege of an Irish credit card, " he said.

He predicts that the government will abolish the stamp duty, a tax he feels is unsustainable.

"The erosion of the ability of Irish issuers to compete in their domestic market would no doubt force the government to reconsider its view on this increasingly untenable tax."