I won't get in to the particulars of why management is seeking to do what follows in the example, but just need to know if there is any compliance issue in doing so as long as it is clearly disclosed.
The annual fee charged for the credit card is $25. The annual fee is charged at the time the credit card is opened by prorating the cost through November. Then the annual fee is always assessed in December of each year for the life of the card.
So if I get the card in November, I will pay $2.08 prorated annual fee, then in the next month I will pay $25, then $25 annually in December thereafter.
Is it ok to do this?
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