How to Read a Schumer Box

What is the purpose of the Schumer Box in credit card offers that was created by Chuck Schumer?

• To outline all terms and conditions (the rates and fees as well)

• To show the credit card's design

• To list all the rewards available

• To display the credit card's color options

How can one avoid paying fees and interest on a credit card?

• By keeping the credit card inactive

• By using the credit card frequently

• By paying the minimum amount due

• By paying the full amount on time every month

What does a variable APR mean?

• The APR can change based on the market

• The APR is fixed and does not change

• The APR will decrease over time

• The APR will increase over time

What influences the APR on a credit card?

• The cardholder's favorite shopping categories

• The cardholder's choice of credit card design

• The number of purchases made with the credit card

• The Federal Reserve's interest rate decisions

Look at the top of your Student Notes Copy of "The Schumer Box" notes, and complete the paragraph. The Schumer Box is a summary of a credit card's ​ (a)   & other terms that are prominently displayed when you ​ (b)   for a card. It is named for the lawmaker responsible for it. ​ (c)   , a congressman and later senator from ​ (d)   . The legislation passed in 1988, and the standard disclosure came to be known as the Schumer Box.

• rates, fees
• apply
• Chuck Schumer
• New York