October Term 2003 · Docket 02-857
Does a credit limit fee count as a finance charge?
Credit card issuers and consumers dispute how to classify limit-exceedance fees under federal law.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Seth Waxman argued the fee is not a finance charge.
Ms. Goldsmith argued the fee is a finance charge.
Ms. McDowell argued the regulation is a valid exercise of authority.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 3, lines 5-15 — Transcript, file page 3, lines 5-15
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
- Official Supreme Court Transcript — file page 52, lines 41-41 — Transcript, file page 52, lines 41-41
A citizen's guide to the whole case
What this case is about
This case tests the Federal Reserve's rule on fee disclosure. It defines what counts as a finance charge.
Official sources for this section
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
How the case got here
The Supreme Court heard oral argument in this case on February 23, 2004.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 5-15 — Transcript, file page 3, lines 5-15
- Official Supreme Court Transcript — file page 52, lines 41-41 — Transcript, file page 52, lines 41-41
What each side wants
the sides that brought the case want the fee excluded from finance charge calculations.
the opposing sides want the fee included in finance charge calculations.
Official sources for this section
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
What each side says
the sides that brought the case argue the fee is not a finance charge.
the opposing sides argue the regulation validly defines the fee.
Official sources for this section
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
What the justices asked
Chief Justice Rehnquist asked if the case was submitted.
Official sources for this section
- Official Supreme Court Transcript — file page 52, lines 41-41 — Transcript, file page 52, lines 41-41
Why it matters
This defines how lenders calculate interest costs. It affects consumer borrowing costs nationwide.
Official sources for this section
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 5-15 — Transcript, file page 3, lines 5-15
- Official Supreme Court Transcript — file page 52, lines 41-41 — Transcript, file page 52, lines 41-41
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Title and summary sources
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
- Official Supreme Court Transcript — file page 17, lines 29-60 — Transcript, file page 17, lines 29-60
- Official Supreme Court Transcript — file page 25, lines 1-29 — Transcript, file page 25, lines 1-29
- Official Supreme Court Transcript — file page 3, lines 17-45 — Transcript, file page 3, lines 17-45
- Official Supreme Court Transcript — file page 50, lines 39-43 — Transcript, file page 50, lines 39-43
- Official Supreme Court Transcript — file page 50, lines 45-37 — Transcript, file page 50, lines 45-37
Revision history
- Revision 1 · Official Transcript ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Official Transcript ·
Correction: Migrated to the dated official Court activity contract without model use.