Schumer Box Quiz

What is the purpose of a Schumer Box?

• To show the credit score required for the credit card

• To display the credit limit of the cardholder

• To disclose rates and fees of a credit card in a standardized format

• To list the rewards available with a credit card

Who sponsored the legislation that led to the creation of the Schumer Box?

• Senator Elizabeth Warren

• Representative Nancy Pelosi

• Senator Chuck Schumer

• Representative Paul Ryan

In what year was the Fair Credit and Charge Card Disclosure Act, which required the Schumer Box, passed?

• 1988

• 1990

• 2001

• 1995

What must be disclosed in a Schumer Box?

• Credit card color options

• Rates, fees, and other key financial information

• Cardholder's personal information

• List of authorized users

How are purchase APRs required to be disclosed in the Schumer Box?

• In at least an 18-point size font

• In a hidden section of the credit card agreement

• Only upon request by the cardholder

• Via email after the account is opened

What does APR stand for?

• Annual Percentage Rate

• Annual Payback Ratio

• Automated Payment Requirement

• Adjusted Payment Rate

What is a grace period as mentioned in the Schumer Box?

• Duration of the credit card's validity

• Time to report a lost or stolen card

• Time allowed for disputing a transaction

• Time period to repay balance before interest is charged

Where can existing cardholders find the Schumer Box?

• Embedded within the monthly statement

• Only online on the issuer's website

• On the back of the credit card

• In the cardholder agreement mailed with the card

What type of fees must be clearly shown in the Schumer Box?

• Fees for changing the card design

• Charity donation fees

• Annual or periodic fees

• Application processing fees

What does the Schumer Box help consumers compare?

• Rewards programs

• Credit card issuers' customer service

• Credit card designs

• Rates and fees between credit cards