Which statement best describes a Schumer box?

The outstanding balance on your credit card once you've made your recent payment

A legal document stating that you're behind on your credit card payments

The final calculation of how much you owe on your credit card bill each month

A standardized way of presenting the key terms of your credit card agreement

Question

Business

Jazlyn Frost

29 September, 10:20

Which statement best describes a Schumer box?

The outstanding balance on your credit card once you've made your recent payment

A legal document stating that you're behind on your credit card payments

The final calculation of how much you owe on your credit card bill each month

A standardized way of presenting the key terms of your credit card agreement

+4

Answers (1)

Know the Answer?

Mira Alvarado · Answer 1

The correct answer is letter "D": A standardized way of presenting the key terms of your credit card agreement.

Explanation:

Named after Senator Charles Schumer (born in 1950), the Schumer box is part of the disclosure information financial institutions must provide to debtors so they can be aware of what is the interest and fees subject to the use of credit cards. It is a box mostly present in credit card statements but must be included in any credit card solicitation.