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Schumer Box

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Question: 
If my CU is offering a credit card at a rate of PRIME + 3.9%, what is required to be in the Schumer box?
Answer: 

You would disclose what the rate (prime + 3.9, currently 12.15) would be at the time the disclosure was prepared. You would then have to give an explanation of how the rate is calculated and that it is a variable rate.

First published on BankersOnline.com 4/23/07

First published on 04/23/2007

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