An annual fee is a cost charged each year by a lender for providing credit. Annual fees are mostly seen in commercial finance and trading loans, but also crop up in the consumer world, where annual fees might well be charged for bank overdrafts, and sometimes, for charge cards such as American Express and Diners Card, and for a small number of credit cards.
Annual Percentage Rates will always include annual fees as part of the overall cost of credit.
Annual fees are often not given much prominence when selling credit. The best place to check to see if an annual fee applies is in the Summary Box, which is often in the terms and conditions.
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