Summary Box

What is a Summary Box?

A Summary Box (sometimes known as a Schumer Box) is a box containing information that appears prominently on credit application forms that shows clearly the costs of credit and in particular, any fees charged for late payments, bounced cheques, duplicate statements and other aspects.

They are most commonly known as summary boxes, but have also been called transparency boxes, consumer boxes, clarity boxes and honesty boxes.

Summary Boxes have been compulsory in the US since 1989 but they weren’t made a requirement in the UK until 2004.

In March 2005, the APACS Summary Box guidelines were incorporated into the latest version of the Banking Code, ensuring continued use of the Summary Box across all marketing materials by every card issuer. The industry has also committed to display a version of the Summary Box on all monthly credit card statements and designed a version specifically for use with credit card cheque offers.


Q: What information is included?

A: Any information that discloses how much you may liable for when taking out the credit agreement is included in the box. This includes the representative APR, any annual fees, grace periods and other relevant fees.

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