What is Membership Fee?
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It is the fee that customer has to pay when he exceeds the credit limit
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It is the fee that the customer has to pay before getting the card
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It is nothing but the Annual Fee
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None of these
Membership fee and annual fee are synonymous in credit card terminology - it's the recurring fee cardholders pay for card ownership each year. Options A and B describe different concepts: exceeding credit limit triggers over-limit fees, and fees before getting a card are typically joining or enrollment fees, not membership fees.
A Membership Fee is simply another name for the Annual Fee charged by a card issuer for maintaining the account, typically billed once a year regardless of usage. It isn't a penalty for exceeding a credit limit, nor a one-time fee paid before receiving the card — those describe different, unrelated charges.