The Summary Box: credit cards explained

December 10, 2003

R.I.P. Small Print

SMALL PRINT has been erased, rubbed out, deleted. As singer Tom Waits said nearly 30 years ago, in a phrase that has become a fitting epitaph: "The large print giveth and the small print taketh away."

For Small Print is dead.

It is being carried off not in a wooden box, rather a "Schumer box". That is the name of the panel that, in future, will gather together all the key disclosures spread throughout credit agreements, into one clearly highlighted place.

It is named after Senator Charles Schumer, the man behind the US Truth in Lending Act. The new proviso is part of the Consumer Credit White Paper.

Big time

In life, Small Print was much misunderstood and often overlooked. As a result, much about its life was shrouded in mystery. On its rare forays into the world of big print it was usually subjected to ridicule and abuse.

THE SMALLEST EVER

The smallest small print ever was on an Alliance and Leicester bank credit card agreement

Its 10,000 words on one side of A4 would have taken more than an hour to read aloud

Source: The Plain English Society

What are Schumer boxes?

Small Print first gained a toe-hold in polite society in the 14th Century, when legal documents were often written in Latin and French. That is how phrases such "last will and testament" - the words mean essentially the same thing - made their way into the language. And stayed there.

Legal drafters were paid by the word in those days and their verbose language - the "party of the first part" and so on - has survived to the present day.

But Small Print did not hit the big time until late in life, in the litigation-happy 20th Century, finding its metier in financial advertising. All those awkward little phrases; words required by law, but not good for business.

But not any more. Because although small print - in terms of diminutive font sizes - will live on, Small Print, weasel words specifically designed to help you sign your life away, is dead.

No flowers.

Some of your tributes

We will miss you small print notwithstanding that the tribute contained herein is given without prejudice and without any admission of liability should the said tribute be in a font not large enough to be read by a reasonable man lacking a magnifying glass and whom is likely to have his statutory rights affected if he does not read the aforementioned tribute within the time stipulated in Annex A (attached in even smaller print) before the small print for whom the tribute is intentioned is finally laid to rest.
Dee Cavanagh, UK

So long small print. I will make sure your details are passed onto other organisations who may contact you with details of other products you may be interested in.
Ronnie, UK

Vacancy: Small print re-draughters required. Only terms and conditions apply need apply.
Paul Villa, Wales, UK

Not gone - merely enlarged
James Bridgland, UK

Please use an electron tunnling microscope to read the tribute enclosed on the fullstop.
Richard Dzien, UK

I don't remember signing up for this.
R.Hay, UK

Good night, sweet prints.
Adam Christmas, London, UK

It was, but won't be, sorely missed.
Mick Moilon, UK