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Annual fees are a separate charge from any interest payments you might incur on your account. They are charged whether or not you carry a balance on your card. Credit card issuers are legally required to disclose all annual fees when you apply to open an account.
An annual fee is a cost you pay credit card issuers for having certain cards. It’s normally due once a year, but some issuers ask for monthly installments. Annual fee amounts can vary. You might see some annual fees as low as $35 and others as high as $500 or more.
Annual fees on credit cards can range from very low to hundreds of dollars. There are a few credit cards – the elite of the elite – that have annual fees in the thousands.
Credit card annual fees have been standard for over 60 years, but be sure to ask yourself what you’ll get for your money if you opt for a card with one.
Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. A credit card annual fee is what you pay for certain cards – usually to enjoy special features and perks.
Learn what a credit card's annual fee offers and compare the pros and cons of annual fee credit cards, including whether more rewards are worth the yearly cost.
Credit card annual fees do take cash out of your pocket, but paying the annual fee on a card can unlock higher earnings, better benefits and other perks.