Schumer Box

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

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

What does the Schumer Box help consumers compare?

• Rewards programs

• Credit card issuers' customer service

• Credit card designs

• Rates and fees between credit cards

What legislation introduced the requirement for the Schumer Box?

• The Credit Card Accountability Act

• The Consumer Credit Protection Act

• The Fair Credit Reporting Act

• The Fair Credit and Charge Card Disclosure Act of 1988

The Schumer box discloses the terms of your credit card. It details interest rates, interest charges and fees. Choose all examples of terms you would expect to see in a Schumer Box

• Credit score

• Penalty fees (late payments, returned payments)

• Penalty APR when it applies

• Annual Percentage Rate for Purchases

• Credit history

What is the primary function of a Schumer Box in credit card agreements?

• To provide a summary of rewards points

• To disclose rates and fees in a standardized format

• To list customer service contact information

• To show the credit card's expiration date

Who is credited with the creation of the Schumer Box?

• Senator Chuck Schumer

• Senator Bernie Sanders

• Representative Alexandria Ocasio-Cortez

• Senator Elizabeth Warren

What type of information is NOT typically found in a Schumer Box?

• Annual Percentage Rate (APR)

• Credit card color options

• Penalty fees

• Grace period

How does the Schumer Box benefit consumers?

• By offering discounts on purchases

• By simplifying the comparison of credit card terms

• By providing free credit scores

• By listing all credit card issuers