Every US credit card offer must include a standardized rate-and-fee table — the Schumer box, required by the Truth in Lending Act. The CFPB collects these same terms in its Terms of Credit Card Plans survey. Here’s how to read yours.
The APRs
| Term | What it is | Watch out for |
|---|---|---|
| Purchase APR | Rate on everyday spending you carry past the due date | This is the one that matters most if you revolve a balance |
| Intro / promo APR | A temporary low (often 0%) rate for a set number of months | Reverts to the standard purchase APR after the promo ends |
| Balance transfer APR | Rate on debt moved from another card | Usually a transfer fee of 3-5% applies |
| Cash advance APR | Rate on ATM/cash withdrawals | Often the highest APR, with no grace period - interest starts immediately |
| Penalty APR | A higher rate triggered by a late payment | Can apply for months; avoid by never paying late |
Most cards are variable: the APR equals an index (typically the Prime Rate) plus a margin, so it moves when the Fed moves rates.
The fees
- Annual fee — $0 on many everyday cards; premium and some store cards charge more.
- Late fee — charged for a missed minimum payment.
- Foreign transaction fee — usually about 3% on purchases abroad (many travel cards waive it).
- Cash advance / balance transfer fee — a percentage of the amount, on top of the APR.
Use the surveyed data to sanity-check an offer
Before you apply, look up the issuer on CardTerms to see the surveyed purchase APR range and fees it reported to the CFPB. If an offer’s rate is at the very top of that range, your credit tier or the specific card is on the expensive end. Compare issuer types on the average-APR hub, and remember credit unions are capped at 18%.
Sources
CFPB Terms of Credit Card Plans data dictionary and survey. General information, not financial advice.