How to Read The Schumer Box

nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Payment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 ....... nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Рayment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 ....... nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Рayment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 ....... nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Рayment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 ....... nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Рayment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 ....... nerdwallet HOW TO READ THE SCHUMER BOX What is a Schumer Box? It's a cheat sheet for your credit card, an at-a-glance reference for fees, interest rates and other key points. But when it comes to personal finance, you sometimes need a cheat sheet on reading cheat sheets. NerdWallet did the homework for you: here's our guide to reading and understanding the inscrutable Schumer Box. COPYRIGHT NERDWALLET ALL RIGHTS RESERVED 2012 THIS S THE SCHUMER BOX THE INTEREST YOU'LL PAY ON YOUR DEBT. THIS IS A VARIABLE APR. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Your interest The better your credit, the lower your APR. .11.9%, 15.9% or 19.9%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.,.. rate may change based on a national standard. Purchases 11.9%, 15.9% or 19,9%. based on your creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Transfers GETTING CASH FROM A BANK OR ATM COSTS A LOT. You usually pay a higher interest rate for cash advances. CREDIT APR APR for Cash 24.9% --.. Advances This APR will vary with the market based on the Prime Rate. MISS A PAYMENT, PAY HIGHER INTEREST. Penalty APR . 24.9% and When It Applies This APR will vary with the market based on the Prime Rate. This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply?: If APRs are increased for a payment that is more than 60 days late, the Penalty APR will apply indefinitely unless you make the next six consecutive minimum payment on time following the rate increase Your interest rate could be more than double for 6+ months. JAN FEB MAR Your due date is at least 25 days..... after the close of each billing cycle. We will not charge you interest on new purchases, provided you have paid your previous balance in full by the due date each month. PURCHASES GET A GRACE PERIOD. Paying Interest You have at least 25 days to pay off your debt. .BUT CASH ADVANCES DON'T. You start accruing interest the day you get We will begin charging interest cash advances on the transaction date Minimum If you are charged interest, the charge will be no less than $0.50. Interest the advance. Charge For Credit To learn more about factors to YOU CAN'T GET OUT OF ANNUAL FEE. Card Tips consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://federalreserve.gov/creditcard. from the Federal Reserve Board But most student cards don't have one. Fees CASH ADVANCES COST MORE THAN INTEREST. Annual Fee $59. Transaction Fees You pay a fee, usually 4% of the advance, in addition to the IF YOU MOVE YOUR OLD CREDIT CARDS' DEBT. • Transfer 5% • Cash Advance Either $10 or 3% of the amount of each cash advances, whichever is greater. ...you usually pay 3-5% of the transfer. higher APR. Penalty Fees • Late Payment Up to $35. Another reason to avoid debt in the • Over-The- Credit-Limit None. first place. • Returned Рayment Up to $35... YOUR CREDIT LIMIT ISN'T SET IN STONE DON'T MISS PAYMENTS! IF YOU WRITE A BAD CHECK. The late fee is The issuer may decide to let you go over, but you'll pay for the privilege. You'll pay this fee, plus your checking account's bounced separate from the penalty APR: you'll pay both if you miss a payment. 500- OOPS! 6000- check fees. $I000 .......