Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Annual Fee

What is an Annual Fee?

An Annual Fee is a yearly charge some lenders levy for use of their products. Annual Fees are a flat amount, charged once a year, usually on the anniversary of the account opening.

Annual Fees are common in commercial finance, but they are present among the consumer finance world too. Bank overdrafts, credit cards, and charge cards might be subject to Annual Fees, depending on the specific product. Often, the more ‘exclusive’ a credit card is, the higher the Annual Fee will be.

Usually cards that require an Annual Fee will offer their customers some kind of additional benefit to entice people to join such as cashback or rewards. Annual Percentage Rates include Annual Fees within the calculation of the overall cost of credit.

Q: How can I find out if something charges an Annual Fee?

A: Annual Fees must be disclosed by law before credit can be taken out, but that doesn't mean they're necessarily easy to find in the marketing that promotes the offer. If you're in any doubt about whether a credit card or other form of credit charges an Annual Fee, check the Schumer Box for more information before applying.

Q: Are Annual Fees worth it?

A: Whether a product with an Annual Fee is suitable for you depends on how much usage you expect to gain from it. For example, credit cards with generous cashback and rewards, which are gained through spending, often charge a high Annual Fee. A credit card with an Annual Fee would only be appropriate if you spend enough to earn cashback and rewards that exceed the cost of the Annual Fee, thereby making a gain.

If you are unsure whether a financial product is suitable for your circumstances, you may wish to consult an independent financial adviser.


Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.