Schumer's box

Definition

Box of text included on credit card applications or disclosure paperwork that outlines important information about the account such as the annual percentage rate (APR), overdraft fee, late payment fee, and rate calculation methods. The box is named after Senator Charles Schumer that assisted with passing the landmark consumer protection legislation.

Use Schumer's box in a sentence

The consumer admitted to not reading the information contained in Schumer's box so naturally he was shocked at the terms.

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I saw that schumer's box was on it and I felt like that was good because I needed that important information for later use.

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The text in the Schumer's box on the credit card application was so small many customers complained they were unaware or the APR and other fees they encountered once the card was used.

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