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What is a Schumer Box?

A Schumer Box is an easy-to-read table or "box" that discloses the rates, fees, terms and conditions of a credit card agreement as required under the Federal Truth in Lending Act (TILA). It requires that all credit card companies use the same standardized format so that consumers can easily understand and compare rates and fees associated with a credit card. The Schumer Box requires that credit card companies print long-term rate information in 18-point type or greater, and remaining terms in at least 12-point type.

Brief history and how/why it came to be

The Schumer Box is named after Charles Schumer, the New York Congressman responsible for the legislation requiring credit card terms to be presented in a standardized, easy-to-read format for consumers. Although the Schumer Box legislation was enacted in 1988, it did not take effect until 12 years later in 2000. The main reason the Schumer Box was created was to simplify credit card terms and help consumers easily understand and compare rates and fees associated with credit card offers across the board.

Tips on what to look for

Before applying for a credit card, make sure you read the Schumer Box carefully. Pay close attention to promotional and regular APRs, finance charges, minimum payments, annual fees, and how your outstanding balance will be calculated. When shopping for a credit card, it pays to know all of the facts up front — before you apply.


Key information in a Schumer Box

CARD DISCLOSURES
Annual Percentage Rate (APR) for purchases 0.00% for 7 months from date of account opening. After that, 17.24% variable.

Other APRs
Cash advance APR: 25.24% variable.
Default APR: 29.99% variable. See explanation below.*
Variable rate information Your APRs may vary each billing period.**
  The purchase APR equals the Prime Rate plus 13.99%.
The cash advance APR equals the Prime Rate plus 21.99%.
The default APR equals the greater of (1) the U.S. Prime Rate** plus up to 23.99% or (2) up to 29.99%.
Grace period for repayment of the balance for purchases At least 20 days if you pay the total balance in full by the due date every billing period. If you do not, you will not get a grace period.
Method of computing the balance for purchases Average daily balance. This includes new purchases.
Minimum finance charge 50 cents.
Annual fees None.
Fee for foreign purchases 3% of the U.S. dollar amount of each purchase made outside the U.S. whether made in U.S. dollars or in a foreign currency.
Other fees
Balance transfer fee:   3% of each balance transfer; $5 minimum.
Cash advance fee:   3% of each cash advance; $5 minimum.
Late fee:   • $15 on balances up to $100
• $29 on balances of $100 up to $250
• $39 on balances of $250 and over
Over-the-credit-line fee:   $39
  * How can your actions trigger the default APR? If you default under any card agreement you have with us because you
• do not make the minimum payment when due,
• go over the credit line, or
• make a payment to us that is not honored,
all your APRs may increase to the default APR as permitted by law. We set your default APR by reviewing (1) the seriousness of your default with us and (2) your credit history.
  ** How do we calculate variable rates? For each billing period we use the Prime Rate published in The Wall Street Journal two business days before the Statement/Closing Date.
    When can we change the rates, fees, and terms of your card agreement? We may change the rates, fees, and terms of your card agreement from time to time as permitted by law. We will give you advance notice of the changes and a right to opt out to the extent required by law.


View the Schumer Box for any of our offers:

24k Prepaid Visa® RushCard
AARP® Foundation Prepaid MasterCard® From Green Dot
AccountNow® Gold Visa® Prepaid Card
AccountNow® Prepaid MasterCard®
AccountNow® Prepaid Visa® Card
Ace Rewards® Visa Card
Barclaycard Arrival™ World MasterCard® - Earn 1x on All Purchases
Barclaycard Arrival™ World MasterCard® - Earn 2x on All Purchases
Barclaycard® Rewards MasterCard® - Average Credit
Barclaycard® Ring MasterCard®
Carbon Prepaid Visa® RushCard
Citi Simplicity® Card
Citi Simplicity® Card
Citi ThankYou® Preferred Card for College Students - Earn 2,500 Bonus Points
Citi ThankYou® Preferred Card-Earn up to 20,000 Bonus Points
Citi ThankYou® Preferred Card-Low Intro APRs
Citi ThankYou® Premier Card
CitiBusiness ThankYou® Card
CitiBusiness®/ AAdvantage® World MasterCard®
Citi® Diamond Preferred® Card
Citi® Dividend Platinum Select® Visa® Card
Citi® Dividend® Card for College Students
Citi® Hilton HHonors™ Reserve Card
Citi® Hilton HHonors™ Visa Signature® Card
Citi® Platinum Select® / AAdvantage® World MasterCard®
Club Carlsonsm Premier Rewards Visa Signature® Card
Discover it®
Discover it®
Discover it® for Students
Discover it® for Students with $20 Cashback Bonus
Edge Prepaid Visa® RushCard
First PREMIER® Bank Classic Credit Card
First Progress Platinum Prestige MasterCard® Secured Credit Card
First Progress Platinum Select MasterCard® Secured Credit Card
Gloss Prepaid Visa® RushCard
Green Dot® Gold Prepaid Visa® Card
Green Dot® Prepaid MasterCard®
Harley-Davidson® Visa® Credit Card
L.L.Bean® Visa® Card
Midnight Prepaid Visa® RushCard
NASCAR® Reloadable Prepaid Visa® Debit card
NFL Extra Points Credit Card
OpenSky® Secured Visa® Credit Card
READYdebit® Platinum Visa® Prepaid Card
READYdebit® Prepaid Visa® Card
READYdebit® Visa Latte Control Prepaid Card
READYdebit® Visa Mint Control Prepaid Card
Sequin KLS Prepaid Visa® RushCard
Simmons First Visa® Platinum
Simmons First Visa® Platinum Rewards
Suede KLS Prepaid Visa® RushCard
The First Progress Platinum Elite MasterCard® Secured Credit Card
The US Airways Premier World MasterCard®
U.S. Bank Business Platinum Visa® Card
U.S. Bank FlexPerks Business Travel Rewards Visa® card - 20,000 Bonus FlexPoints
U.S. Bank FlexPerks Cash Rewards Visa®
US Bank Visa® Platinum Card
USAA Rewards™ American Express®
USAA Secured Platinum American Express® Card
USAA Secured Platinum MasterCard® Secured Card
USAA World MasterCard®
Visa® Black Card™
Williams-Sonoma Visa Signature® Card