Schumer Box

The Schumer Box is the standardised, uniform disclosure table required on all credit card solicitations, applications, and agreements under Regulation Z (12 CFR 1026.60 for applications and solicitations, 12 CFR 1026.6(b) for account-opening disclosures). It is named after Senator Charles Schumer (D-NY), who championed the disclosure requirement in the early 1990s.

Regulation Z mandates that specific credit card cost information be presented in a tabular format with minimum type sizes and a standardised layout. The required disclosures include:

- Annual Percentage Rate (APR) for purchases, balance transfers, and cash advances - Penalty APR and the circumstances that trigger it - Annual fee (if any) and when it is charged - Minimum interest charge - Fees for balance transfers, cash advances, late payments, and returned payments - How the due date and grace period are calculated

The Schumer Box applies only to credit cards and open-end credit, not to debit cards. Debit cards have no equivalent mandatory disclosure format. Checking account fee disclosures are governed by different rules (primarily the Expedited Funds Availability Act and FDIC model account disclosure requirements), but there is no Schumer Box equivalent for debit.

Practical use: When comparing credit cards, the Schumer Box lets you compare APRs and fees on a standardised basis. The box must be on the same page as (or clearly referenced by) credit card offers, making it the first place to check when evaluating whether a card's rewards offset its annual fee and interest costs.

Regulation Z 12 CFR 1026.60 specifies the exact format, required disclosures, type size, and placement for applications and solicitations. The CFPB updates these rules periodically; the most recent significant update was the CARD Act regulations effective 2010.