WordsAnnual fee
AF
Short for annual fee: what a card charges for each year you keep it, plus GST. Banks don’t all name it the same way; SBI Card’s MITC, for example, calls a one-time fee at the start its annual fee and the yearly charge its renewal fee.
Many cards waive it if you spent a set amount in the year before; HDFC Bank’s fee page, for example, bills it at the start of each card year unless your retail spends over the preceding 12 months reached the card’s amount. RBI’s rules make the MITC list it, and a bank has to give a month’s notice before changing it.
Where this comes from
- SBI Card, Most Important Terms and ConditionsCorrect as on 25 September 2026: 1. A, annual fees and renewal fees
- HDFC Bank, Fee Waiver ConditionSeptember 2026 pricing: fee table and important term 5
- RBI, Credit Cards and Debit Cards: Issuance and Conduct Directions, 2025Paragraphs 23(7) and 91(1)(ii), as updated 1 October 2026
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More words like it
Fee waiver
No annual fee this year
The annual fee cancelled for a year, because you spent a set amount or because you asked and the bank agreed.
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Lifetime free
No joining fee and no annual fee. Banks can change a card's terms later, and people here write about when they did.
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First year free
No fee for the card's first year. The annual fee starts from the second, unless the card's spend condition waives it.
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Goods and services tax
18 per cent, added on top of a card's fees, interest and markups. The bank doesn't add it to what you spend.
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What happened to members, not financial advice. Offers change, so check with the bank. Terms of use