Do you have to pay an annual fee for a credit card every year?

Every credit card has to pay an annual fee, but there is a free policy. Each bank's annual fee policy is also different. For example, Bank of Communications' current annual fee-free policy is to waive annual fees in the first year, and to waive annual fees for the next year if you make 6 purchases within a year (no limit on amount).

In addition, each bank has different annual fee-free periods. Some are calculated from the card opening date to the same period in the following year, while others are calculated from the card verification date. If the cardholder does not open a card within the first year after applying for a credit card, and waits until the second year to open the card, the annual fee may be charged directly, because according to the bank's timing rules, the cardholder has not reached the required threshold in the first year. The number of card swipes or the amount swiped.

The annual credit card fee is to apply for a credit card at a bank. The service fee charged by the bank for providing credit card services to cardholders. Simply put, it is the usage fee of the credit card. Each credit card annual fee charges different standards, but they are all the same. It is open and transparent and can be queried on the official website.

Generally speaking, regular credit cards and gold cards are free of annual fees in the first year. If you swipe the card a certain number of times in the year you open the card, you can be exempted from annual fees in the following year. The number of card swipes required to waive the annual fee varies from bank to bank. For details, please refer to the standards announced by your credit card issuer.

There are also some high-end platinum cards and unlimited cards that do not have an annual fee exemption policy for the first year. Even if they are not activated, they will still be charged an annual fee. As long as they are approved, the annual fee will be credited immediately, and they need to be repaid in time; Even if this type of credit card product has provisions such as no annual fee for accumulated consumption amount and no annual fee for accumulated points, the requirements are relatively high and difficult to meet. In order to encourage consumption, banks have given various annual fee reduction and exemption policies. The most common one is: the credit card is free of annual fees in the first year of opening the card, and then there is no annual fee if you use it a certain number of times. This is a commonly used annual fee-free policy for credit cards; annual fees are waived after a certain number of uses: For example, China CITIC Bank UnionPay standard credit card: one payment in the first month is free of the first-year annual fee, and five subsequent payments per year are free of annual fees for the next year. Annual fees are waived when the cumulative consumption reaches the limit; annual fees are waived for life: This type of annual fee waiver policy is rare, but it is not unheard of.

The annual fee will be waived if the credit card is swiped a certain number of times. For example, if you swipe the CITIC Bank UnionPay Standard Credit Card once in the first month, the first year's annual fee will be waived, and then five swipes a year will waive the second year's annual fee; Guangfa Credit Card Gold or regular cards, the new card is free of annual fees in the first year of activation. Any amount of consumption or cash withdrawals that have been accounted for 6 times during the annual fee cycle can automatically reduce the annual fee for the next year.

Do credit cards charge annual fees?

Credit cards do charge annual fees, but each bank and different credit cards have different annual fee standards. However, various banks also have annual fee-free policies.

1. Bank annual fee charging standards:

According to the annual fee policy of each bank, the annual fee for a standard credit card is generally around 100 yuan, while the annual fee for a gold card is generally 200 yuan. yuan or 300 yuan. In addition, the annual fee of a single-currency card is lower than that of a dual-currency card, and the annual fee of an additional card is generally half the annual fee of the main card. Of course, some banks also implement a policy of 80 yuan for regular cards and 160 yuan for gold cards, such as the Bank of Communications credit card. The annual fee for the Bank of Communications credit card RMB single-currency card is 80 yuan, and the gold card is 160 yuan; the annual fee for the dual-currency card is 140 yuan, and the gold card is 200 yuan.

However, the annual fee standards for credit cards of various banks will vary depending on the card. For example, the annual fee for Shanghai Pudong Development Bank's standard credit card is 180 yuan for the main card and 90 yuan for the supplementary card; the annual fee for the gold card is 360 yuan for the main card and 180 yuan for the supplementary card; and the annual fee for the Pudong Development Bank Shanghai Airlines co-branded card is 360 yuan; as for the Pudong Development McDull series The credit card also displays the sign of “no annual fee for life”. Therefore, even if credit cards are issued by the same credit card center, the annual fee standards will be very different. Cardholders should first ask how high this "potential cost" is when applying for a card.

Extended answer:

Annual fee exemption policies of various banks:

Postal Savings Bank: No annual fee for regular business cards; transportation co-branded card principal card 50 yuan/ If you spend 6 times in a year, the annual fee for the next year will be waived, and it will be valid until December 31, 2016. For details of other card types, please see the official website, or contact the bank customer service 95580.

CITIC: If you swipe or withdraw cash once within 30 days of card approval, you can enjoy the first-year annual fee waived. If you swipe or withdraw cash a total of 5 times within a year, you will be exempted from the annual fee for the next year. For details of other card types, please see the official website, or contact the bank customer service 95558.

Hua Xia: The annual fee is waived in the first year, and the annual fee is waived for the next year if you use it 5 times. For details on other card types, please see the official website, or contact the bank’s customer service 95577.

BoCom: The annual fee is waived in the first year, and the annual fee for the next year is waived after 6 purchases. The Bank of Communications Platinum Credit Card does not have an annual fee waiver policy. For details on other card types, please see the official website.

Ping An: The annual fee for the first year is waived, and the annual fee for the next year is waived after 6 purchases (excluding platinum cards and car owner cards) for standard credit cards and insurance credit cards. For details on other card types, please see the official website, or contact the bank’s customer service at 95511 to 3.

Agricultural Bank of China: The annual fee is waived for the first year, and the annual fee for the following year is waived after 5 purchases. For details of other card types, please see the official website, or contact the bank’s customer service at 95599.

ICBC: Regular and gold cards are exempted from annual fees if they are swiped a total of 5 times a year; platinum cards are swiped up to 200,000 yuan or equivalent in a year; UnionPay premium platinum card and dual-core combination platinum card , UnionPay Standard Platinum Card, except UnionPay Multi-Currency Platinum Card, is charged a 10% discount on the annual fee. For details of other card types, please see the official website, or contact the bank’s customer service 95588.

CCB: Regular card swiping three times a year is free of annual fees; standard platinum card swiping 10 times is free of annual fees; Red Cross member dragon card and provident fund credit card are free of annual fees within the validity period; for other card types, please see the official website. Or consult bank customer service 95533.

Bank of China: If you swipe the Gold Card 5 times, the annual fee for the following year will be waived. For details of other card types, please see the official website, or contact the bank’s customer service 95566.

Does a credit card require an annual fee?

Credit cards charge an annual fee. Credit cards have card levels such as regular card, gold card, and platinum card. Different card levels have different annual fee standards. Although it is said that the annual fee for regular cards and gold cards can be reduced as long as the number of card swipes or the amount of swipes is reached. However, the annual fees of most platinum cards are rigid charges, and users cannot reduce them by swiping the card.

In short, if users do not want to pay the annual credit card fee, it is best to apply for a regular card or a gold card. Although the platinum card has a higher annual fee, its benefits are much better than those of the regular and gold cards.

Main features of credit card:

1. Credit card is one of the fastest growing financial services today. It is an electronic currency that can replace traditional cash circulation within a certain range. ;

2. Credit cards have both payment and credit functions. Cardholders can use it to purchase goods or enjoy services, and can also obtain certain loans from card issuers by using credit cards;

3. Credit cards are high-tech products that integrate financial services and computer technology.

4. Credit cards can reduce the use of cash;

5. Credit cards can provide settlement services, facilitate shopping and consumption, and enhance a sense of security;

6. Credit cards It can simplify the collection procedures and save social labor;

7. Credit cards can promote product sales and meet social needs.

Main types

According to different card issuers, they can be divided into bank cards and non-bank cards

Bank cards. This is a credit card issued by a bank. Cardholders can shop at the card-issuing bank's special merchants, and can also withdraw cash at any time at any branch of the card-issuing bank or at places with ATMs.

Non-bank card. Such cards can be specifically divided into retail credit cards and travel and entertainment cards. Retail credit cards are credit cards issued by commercial institutions, such as department stores, petroleum companies, etc., which are specially used for shopping in designated stores or refueling at gasoline stations, etc., and are settled regularly. Travel and entertainment cards are credit cards issued by the service industry, such as airlines, travel companies, etc., and are used for purchasing tickets, meals, accommodation, entertainment, etc.

According to the different objects of card issuance, it can be divided into corporate cards and personal cards

Corporate cards. Company cards are issued to various industrial and commercial enterprises, scientific research and education institutions, national party and government agencies, military units, groups and other legal organizations.

Personal card.

Personal cards are issued to urban and rural residents, including workers, cadres, teachers, scientific and technological workers, self-employed households and other adult urban and rural residents with stable sources of income. A personal card is applied for in the name of an individual and he/she bears all responsibilities for using the card.

According to the credit status, status and other credit conditions of the cardholder, it can be divided into ordinary cards and gold cards

Ordinary cards. Ordinary cards are issued to cardholders with average financial strength, credibility and status, and their various requirements are not high.

Gold Card. A gold card is a high-end credit card that pays high membership fees and enjoys special benefits. Cards are issued to those with higher credit standing, stronger repayment ability and credit, or those with a certain social status. The authorization limit of the gold card starts from a higher level, and the additional service items and scope are much wider, so the requirements for relevant service fees and security deposits are also relatively high.

That’s it for the introduction of whether to pay an annual fee with a credit card.