What Are Application Disclosures?

These are legally required documents and descriptions that clearly explain all the costs, terms and conditions of a credit card before a cardholder signs up. Application disclosures should cover details like annual percentage rates (APRs), fees (including annual, late, balance transfer and cash advance fees), grace periods, credit limits, and balance calculation methods. For all consumer credit cards, important disclosures about rates and fees need to be prominently displayed in the Schumer box.