Ongoing Fee

An ongoing fee is any fee that is paid throughout the duration of a loan, credit card, or other financial contract. In Australia, this can refer specifically to the maintenance fee or annual fee. It is usually paid yearly in credit cards, but may be paid monthly or yearly in home and personal loans. The purpose of the ongoing fee is to cover the costs of keeping your account active. Not all lenders charge an ongoing fee, but those that do are required by law to disclose the amount to keep from misleading consumers.