Final answer:
An annual fee is a charge that credit card issuers impose on cardholders for the privilege of using the credit card for a year. The responsibility for paying the annual fee of a credit card falls on the cardholder.
Step-by-step explanation:
An annual fee is a charge that credit card issuers impose on cardholders for the privilege of using the credit card for a year. It is an upfront cost that is typically billed once a year. The annual fee can vary depending on the type of credit card, with some cards offering benefits or rewards that may justify the fee.
The responsibility for paying the annual fee of a credit card falls on the cardholder. When a person applies for a credit card, they agree to the terms and conditions set by the credit card issuer, which includes the obligation to pay the annual fee if applicable. The fee is usually automatically charged to the cardholder's account each year.