What is a Schumer Box? It's a cheat sheet about a credit card — an at-a-glance reference for fees, interest rates and other key points that must be shown to card applicants. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. Here's our guide to reading and understanding the Schumer Box.
Why's it called the Schumer box?
The Schumer box is named for the lawmaker responsible for it. Chuck Schumer, a congressman and later senator from New York, pushed for legislation requiring that rates, fees and other terms on a credit card be prominently displayed to people when they apply for the card. The legislation passed in 1988, and the standardized disclosure came to be dubbed the Schumer box.