Prime Rate
The prime rate is the interest rate banks charge their most creditworthy customers, and it moves with the Federal Reserve's benchmark rate. It's the anchor for variable-rate products — credit cards, HELOCs, and many personal loans are priced as 'prime plus' a margin.
When the Fed raises or cuts rates, prime follows, and your variable-rate debt gets more or less expensive within a billing cycle or two. It's why credit-card APRs climb during rate-hiking cycles even if you did nothing.
Put it to work
Credit Card Payoff Calculator
How long to pay off your credit card at your current payment — and the exact monthly amount to be debt-free in 12, 24, or 36 months.
Auto Loan Calculator
Car payment with the real numbers: sales tax, fees, trade-in credit — even negative equity. See the monthly payment and the true total cost.