Cancel membership fee after receiving credit (5)
I believe the answer is:
scrub
'cancel' is the definition.
(scrub can mean to cancel or erase)
'membership fee after receiving credit' is the wordplay.
'membership fee' becomes 'sub' (I've seen this before).
'after receiving' indicates putting letters inside.
'credit' becomes 'cr' (abbreviation).
'sub' placed around 'cr' is 'SCRUB'.
(Other definitions for scrub that I've seen before include "poor growth" , "clean-up" , "Rough country area" , "plants" , "Eradicate" .)