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Annual Fee

Definition of 'Annual Fee'

An administration charge levied by a lender – typically by a credit card company. Annual fees occur typically when a card is not used much, but are also often used for more premium and exclusive cards. This is a separate fee from the interest rate on purchases but will be one of the costs used in calculating the cost of credit, also know as the APR.

Any information relating to an annual fee is typically displayed in the summary box, which can be viewed upon making an application for credit.

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