A Schumer box is a standardized disclosure table that credit card issuers must legally provide to applicants, showing key information about rates and fees at a glance.

The box contains two main sections:

Interest Rates (APRs):

• Purchase APR: The rate charged on regular purchases when carrying a balance
• Balance Transfer APR: The rate for moving debt from other cards
• Cash Advance APR: The rate for withdrawing cash (typically higher than purchase APR)
• Penalty APR: The increased rate charged after serious payment delays
• Introductory APRs: Any temporary 0% or reduced rates offered

Common Fees:

• Annual Fee: Yearly cost of card ownership
• Balance Transfer Fee: Usually 3-5% of transferred amount
• Cash Advance Fee: Cost for withdrawing cash
• Foreign Transaction Fee: Typically 3% on international purchases
• Late Payment Fee: Penalty for missed payments

Finding the Schumer Box:

• On physical card agreements: First page of mailed documents
• Online applications: Look for "Rates & Fees," "Terms & Conditions," or "Pricing & Terms" links
• Usually located in website footers or during the application process

The name "Schumer box" comes from Chuck Schumer, who introduced legislation in 1988 requiring clear disclosure of credit card terms to applicants.

Important Notes:

• APRs are usually variable, changing with the prime rate
• Better credit scores qualify for lower APRs
• Cash advance interest begins immediately with no grace period
• Penalty APRs typically activate after 60+ days of late payment
• Some cards offer 0% intro APR periods on purchases or balance transfers

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