Understanding the Schumer Box Via ForbesAdvisor
, which means your interest is compounded and accumulates every day, based on a daily rate. Whichever method your card uses, it must be clearly stated.The purpose of a Schumer box is to provide consumers an easy-to-understand way to review what the rates and fees are on a particular credit card so they can make an informed decision about which card to choose.
For example, someone trying to decide between two cash back cards should look beyond just the cash back to determine if one card is a better fit than another. If both cards earn rewards at the same rate, but one charges an annual fee, the no-annual-fee card is likely a better option. Similarly, someone who typically carries a balance may find that a card with an annual fee but a low-ongoing interest rate may be a less expensive choice than a card with no annual fee but a higher interest rate.
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.The Schumer box is the legally required table of rates and fees that must be disclosed to prospective cardholders and provided to existing cardholders in their cardmember agreement.
Beyond the rates and fees table, the text of the card agreement will show any additional relevant details regarding your particular card including the terms of any welcome bonuses, the terms of any rewards programs associated with the card and any additional cardholder benefits like a free checked bag perk on an airline card or extended warranty protections.
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