The Schumer box is a summary of the costs of a credit card in the United States. It is named after Chuck Schumer, then New York congressman (United States senator since 1999) who was responsible for the legislation[1] requiring that terms of credit cards be clearly outlined in any promotional material. The law was enacted in 1988 and took effect in 1989 in the United States.[2]
Similar legislation was enacted in the United Kingdom and took effect in March 2004. Credit card companies are required to list long-term rates in at least 18-point type and other key disclosures in 12-point type.
The Schumer box includes:
Annual fee if applicable
Annual percentage rate for purchases (APR)
Other APRs (balance transfer, cash advances, default APRs)
Grace period
Finance calculation method
Other transaction fees (balance transfers, late payments, exceeding credit limit fee, cash advances)
All credit card companies use the same format, making comparison shopping for credit cards easy.
The Schumer box is also known as the summary box, transparency box, clarity box, consumer box and honesty box.
^Schumer, Charles (2000-09-28). "Federal Reserve Board Approves "Schumer Box" Truth In Lending Regulations". Office of Senator Chuck Schumer. Archived from the original on 2009-02-08. Retrieved 2022-03-16.
^"Final Rule: Truth in Lending; Credit and Charge Card Disclosures (12 CFR Part 226)". Docket No. R-0654, Board of Governors of the Federal Reserve System, April 6, 1989, p. 1.
The Schumerbox is a summary of the costs of a credit card in the United States. It is named after Chuck Schumer, then New York congressman (United States...
Democratic politician Fern Schumer Chapman, American author Schumerbox, the summary of the costs of a credit card, named after Chuck Schumer This page lists people...
Charles Ellis Schumer (/ˈʃuːmər/ SHOO-mər; born November 23, 1950) is an American politician serving as Senate Majority Leader since 2021 and the senior...
of this are the Truth in Lending Act in the USA, which introduced the Schumerbox (a concise summary of charges for people applying for a credit card)...
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member on the ABC show American Housewife and appeared on Inside Amy Schumer, Black Box, and Are You There, Chelsea? She was a writer for the first three...
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Washington, Busy Philipps, David Foster April 12 Kelly Ripa & Ryan Seacrest Amy Schumer, Aisha Tyler April 13 Kelly Ripa & Ryan Seacrest Emily Blunt, January Jones...
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is sufficiently transparent to be fair. This is typically done in the Schumerbox, which lists rates and terms in writing to the cardholder applicant in...
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domestic box office gross revenue, are as follows: † Indicates films playing in theaters in the week commencing 3 May 2024. List of 2024 box office number-one...
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