Which of the Following is Not Included in a Schumer Box?
In a Schumer Box, which provides credit card details, the items listed include APR, minimum interest charge, and fees, but not credit score.
by Sai V
Updated Oct 26, 2023
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Which of the Following is Not Included in a Schumer Box?
A) APR
B) Minimum Interest charge
C) Fees
D) Credit score
The Item Not Included in a Schumer Box is D) Credit Score
The Schumer Box, a mandated summary of a credit card's financial details, does not include individual credit scores (Option D). This omission is purposeful, as the Schumer Box primarily focuses on providing consumers with clear and concise information regarding the costs and terms associated with the credit card. It includes vital data such as Annual Percentage Rates (APRs), fees for balance transfers, cash advances, late payments, and penalty APRs. By excluding credit scores, the Schumer Box emphasizes transparency in essential financial information, ensuring consumers can make informed decisions about their credit card choices without delving into complex credit scoring systems.
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