Sounds like something a subprime lender like Credit One would do. They'll maximize fees any way that they can and continue beating a horse even after it's dead (as in collecting fees on a closed account with a balance).
To further answer your question, most lenders do not collect AF on a monthly basis, and some will even refund or pro-rate if you close your account.
@Anonymous wrote:
I see. Thank you for answering. I am going through this with Credit One now, is why I asked. I'm considering requesting they waive the fee but not sure if I have a leg to stand on considering I am past due on payments and not in good standing with them
Credit One is a "predatory" lender and I've never heard of them waiving anything...so IMO I think you'll be wasting your time even asking. You need to focus on getting caught up and paying them off as quickly as possible to lessen the blow with the fees. They will just keep piling up, that's how they operate. Then as another poster mentioned, sit down and really examine what is going on that causes you to be late and fix it. Are you forgetting the due date? No steady income to afford a credit card? Good luck! Lots of good ppl on here and a wealth of knowledge if you take the time 
